Managing inventory is an important subject for most businesses. If you sell a physical product to someone, then you’ll have inventory. Some business has only one or just a few products, while other business may have thousands. But no matter how many products you sell, managing your inventory correctly can be the difference between making and losing money.
If you use a perpetual inventory system – one that counts inventory in and out and assigns bins for your products – it’s critical to visually verify each bin that has gone to zero in the computer. If you don’t do this, you run the risk of putting new inventory into an occupied bin.
If you don’t use a perpetual inventory system, you can eliminate errors through good organization and placement. First, make sure there is enough room to store each item. Second, label each bin clearly with both product name and bar code number. And third, store inventory at a height where pickers don’t have to climb or stoop.
Getting the inventory piece right can make a huge difference to your bottom line. So take the time to make sure you have the best inventory system that works for your business.
President, Business 360 Northwest