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
3. Remain Consistent in Receiving Stocks and Tracking Sales
Handle Large Inventories with Ease
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