Business Management, Inventory

3 Ways to Handle Large Inventory in Businesses

Inventory management starts with a defined process that revolves around ordering and stocking raw materials, unfinished products, in-transit goods, and finished products.

Inventory management starts with a defined process that revolves around ordering and stocking raw materials, unfinished products, in-transit goods, and finished products. An effective inventory management strategy increases cash flow as well as profitability. Here’s how to handle large inventory in businesses:

1. Track Product Information

First things first, you must categorize the inventory into groups to understand which products to order frequently or which items are slow-moving, contributing to an overstocked inventory.

The record of each of these items in the groups must be updated in the inventory register timely — this may include the lot number, barcode, country of origin, and other product-related information. Doing so contributes to the annual inventory audit for meeting consumer demands.

2. Analyze Supplier Performance

An unreliable supplier is a troublemaker for the inventory; if a supplier is always late with deliveries or short on orders, it’s best to get to the root of the problem before consumers begin giving negative feedback. It’s also a good idea to order restocks yourself rather than allowing the vendor to handle them for you.

3. Remain Consistent in Receiving Stocks and Tracking Sales

The smallest bit of discrepancies in new stock will have you wondering why the numbers don’t align with purchase orders at the end of the cycle. For this reason, it’s important to diligently inspect the order when unpacking the received stock.

Although it seems like a no-brainer following what has been mentioned earlier, you need to regularly analyze the number of items sold to keep up with the inventory levels. This not only gives you an idea of how an item sells but also keeps the inventory under control.

Handle Large Inventories with Ease

AltheaSuite is the ultimate all-in-one manufacturing and inventory cloud based inventory management system solution that enables growth for industries of all kinds. Be it furniture and home decor, wholesale and distribution, apparel and textile, industrial machinery, retail store, wire and cable, construction, electronics, salon and spa, or eCommerce, we’re here for you. This is the best ERP (Enterprise Resource Planning software) for inventory management with features like custom alerts, live reports, real-time analytics, simplified workflow, shipping labels, purchase orders, vendor lists, product lists, point-of-sale, eCommerce compatible, and inventory levels.

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Innovative, modular, cloud-based ERP solution that will work on your PC/MAC and smartphone with all its features. It includes inventory management, POS, purchase management, and much more.