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3 Ways to Avoid Inventory Mismanagement


3 Ways to Avoid Inventory Mismanagement 

Is your business losing money because of inventory mismanagement? If so, you may not realize how much money you’re losing due to breakage, theft, waste, and loss. Improving inventory management leads to better reporting and lower inventory costs. And, it can turn struggling businesses around and help profitable businesses thrive. To improve inventory management in your organization, consider these three tips.

Embrace Technology

First, figure out what stock you actually have on hand. If you’re using a manual system, this task may prove daunting. However, if you use barcodes to automate inventory management, you will reduce errors and improve efficiency. You’ll also identify problems of which you may not be aware. So, how do you automate data capture to avoid inventory mismanagement? By implementing affordable barcode labeling software, barcode printers, and mobile computers that allow you to rapidly and efficiently catalog and manage inventory. Now, you can instantly account for your stock, while identifying where it came from and where it's going.

iStock_000013346702Train Employees

Most inventory control solutions are intuitive, making them easy-to-use. However, they only work as well as the person interacting with them. New technology and changes to routines can cause employees to become fearful of losing their jobs. As a manager, you must help employees overcome their fears and master your automated inventory management system so they are more productive and profitable. To achieve this goal, you should train every employee who handles inventory so they understand the importance of this critical function and the valuable skills they are gaining.

Reduce the Amount of Inventory You have On-Hand

When stock sits on shelves, it takes up space and costs money. By automatically tracking labeled materials and products, you will enjoy leaner operations and a prosperous, competitive edge. How? Reporting features in inventory management software display item quantities in real-time and analyze historical data so you can make informed purchasing decisions and prevent mismanagement. For example, you might discover that your company moves more blue widgets than red widgets in October. Therefore, you can reduce the number of red widgets in stock during that time. Not only will you save money, you’ll free up precious storage space. You can also improve your cash flow by implementing this just-in-time ordering strategy that prevents costly overages. Are you ready to avoid inventory mismanagement and increase productivity and profitability? Contact Wasp Barcode Technologies to learn more.