What Is Inventory Management?
What Are The Types Of Inventory?
- Product refers to products that the business creates and has sorted, ready to be shipped or delivered.
- Raw Materials include materials that are primarily used for manufacturing the end product.
- MRO includes all items and materials kept for repair and maintenance in the business.
- In-Transit Goods include materials shipped and delivered to those who bought them.
What Should You Do To Better Manage Inventory?
The size of a business has an impact on the inventory. Small inventories would have lower storage spaces, which would be manageable through simple tools. However, business growth affects the inventory and its management process. Its management becomes more complex with the increasing inventory size.
The business has to use different tools and adapt processes to keep the inventory in check. Let’s take a look at the different ways through which large-scale businesses can better manage their inventories.
1. Consider Inventory Prioritization
2. Store And Track All Information Of Products
Inventory management shouldn’t only focus on a product made and kept, but it should also consider in-transit products. The business should record and store sold item information using information handling systems like barcode technology.
Product information tracking is an efficient way to measure trends for different sold products as it helps in understanding what factors play towards changes in cost. It also helps in pricing strategies and to determine the prices of new products.
3. Have A Routine Audit Of Your Inventory
A regular checkup system is required to ensure that the business has the same number of products and items as it had estimated. Routine audits can also help find weakness or flaw in the business that requires a fix.
4. Optimize Inventory Management Through Software Solution
As there is no control over complexity, an inventory management software solution can help perform these tasks. You can find different types of software solutions that specialize in inventory management for different niches. You should focus on what you need to manage when investing in software solutions.
Get Inventory managing Software Solution From AltheaSuite
AltheaSuite is an all-purpose solution software offering services for POS, order and delivery management software, CRM, cloud based inventory management system, etc. We offer our services to leading clients in industries such as furniture, manufacturing, machinery textiles, and e-commerce. Contact us today and book a demo to see how our innovative solutions support your business processes.