Facing Inventory Control Challenges? Devise a business strategy to address inefficacies
Majority of companies have a clearly defined inventory control mechanism in place for their daily operations. But are they getting the desired business outcomes? The most important part of any management process is to utilize the current assets to their maximum potential to achieve higher targets every day. If you are struggling with doing so, you need to identify the main loopholes which slow down work operations.
Some of the main inventory control challenges faced by firms are listed as follows:
- Untimely stock outs resulting in poor sales
- Overstock of a product leading to wastage and expensive storage costs
- Inaccurate database of your inventory assets
- Lack of technology to track warehouse locations for inventory items
- Decentralized management design
Poor execution of tasks at any stage of the inventory supply chain can lead to distorted production and lowered revenues. In order to ensure that your company doesn’t fall victim to dilapidated practices, it is recommended to invest in a cloud based inventory control software.
Did you know? 88% of the organizations are using public cloud while 63% choose to opt for private cloud services.
In the recent years, there has been a rapid rise in the adoption of web-based management programs due to improved asset visibility statistics.
Use the following features of a cloud computing software to boost inventory performance:
One: Categorize your inventory for optimized utilization
An organized way to handle your inventory is to divide it into various categories. Doing this helps to allocate resources efficiently for everyday tasks. Not all assets have the same usage frequency, hence, they need to be stored in a specific manner. In order to help you do this, a cloud based inventory control software lets you design customized barcode labels for all your assets. 2D barcode tags allow you to store detailed data about your tools for easier access. You can then use these labels to enter specific information into your database.
Also, you can create multi-format templates in your system for different types of inventory. Such practices enable employees to retrieve the required assets quickly without wasting time. Create a wide-ranging inventory information system with tailor-made tags for all your assets.
Organize inventory placement for easy access
Two: Automate stock replenishment by setting minimum thresholds
Most companies have a hard time carrying out stock management to ensure a continuous supply of inventory items. While oftentimes, firms stock up on various products due to wholesale buying habits, this might not necessarily be the best practice. So, what happens when organizations over stock? The extra amount of inventory tends to take up extra space and incurs negative externalities instead of giving you increasing economies of scale. Take the case of perishable items! Overstocking would be more harmful than beneficial. So to help you maintain optimal quantities of stock, a cloud inventory control program lets you prepare timely purchase orders.
You can set minimum asset threshold levels in a cloud based inventory control system for every item in your inventory. This allows you to buy new assets before expiration and dispose of those which can no longer be used. Generate purchase orders to replenish inventory stock for seamless work operations.
Three: Execute streamlined warehouse management with RFID tracking
A useful feature which makes a cloud-based inventory software stand apart from manual or on-premise programs is RFID tracking. Due to this reason, automated systems are increasingly taking over the human controlled programs to give improved results. RFID works best for warehouse inventory tracking in the following ways:
- Allows mass actions to check-in large shipments
- Increased security through non-replicable barcodes for verification and authentication
- Faster operations and accurate data logging without human error
Using RFID also lets you implement a sophisticated placement strategy for all your assets. This updated information can then be shared with everyone in the office. A centralized database allows room for collaboration with well-informed strategic decision-making as well.
Did you know? Passive RFID tags can be read as far as 300 feet away.
Four: Review usage history to forecast demands
Inventory control practices focus highly on your ability to forecast future trends. Since you invest a substantial part of your budget in your inventory, you should only buy what you need. To make this process easier, an inventory control web based program comes with the potential to prepare performance reports.
Business analysis becomes much more precise with usage history data already stored in your system. By using this data, the software lets you formulate actionable reports on inventory utilization. Studying these documents allows you to come up with stock consumption patterns for the next season. Equip yourself with the best tools to predict business demands.
Analyse reports to predict future trends in consumption
Facilitate inventory control with EZOfficeInventory to bolster growth
As per an article on Forbes, 68% or the organizations use the cloud to run less than a fifth of their applications. This attitude is expected to change in favor of the cloud in the coming years. Increasing competition in the market doesn’t leave room for cost-ineffective practices. For this reason, companies opt for programs to implement robust inventory control strategies for higher probability and productivity. EZOfficeInventory is one such type of a software which offers a variety of features to cater to the business requirements.
You can simplify inventory control by maintaining accurate asset databases. With the barcode technology, it becomes easier to update stock levels. Such practices allow you to forecast consumption and order new inventory accordingly. EZOfficeInventory also lets you book and reserve any tool or machine you want for a certain task. Avoid last minute inconveniences due to cancellations and unavailability of products.
Apart from inventory focused modules, EZOfficeInventory’s cloud based inventory control app also comes equipped with a user management feature. By using this, you can define the audience for all your assets and restrict unauthorized access to eliminate malpractices. Doing this makes it easier to control different departments – as employees can access only the specific designated tools. Make the most of your inventory for value-added outcomes through EZOfficeInventory.
Want to upgrade performance through our cloud based inventory control system?
EZOfficeInventory is a robust cloud-based inventory control software endorsed by various organizations and small businesses around the globe. It allows firms to improve inventory utilization to attain a higher rate of turnover.