Common Mistakes In Inventory Tracking
For an asset-primary business, tracking and managing inventory are critical to maintaining a healthy cycle. The accuracy when overseeing the entire operation tracking inventory inbound and outbound is the key to be able to control the quantities in possession.
Product or manufactured goods are what make the business runs and generate profits. However, when there is too much retention, you have no profit coming in. When there is a shortage, you are missing the opportunity to make sales. Let’s see what the common mistakes are when a business often makes in inventory control.
- Inventory management is still relying on human hands. It is 2021, and everyone has a computer and a cell phone. The cooperation with the computing system may enable smoother processes and accurate information within the team.
- Inventory management is a standalone process. Without taking the manufacturing and the operating processes into consideration, the entire line of business will not be smooth as a single line. Connecting through departments is important for reviewing and improving.
- Presume customer demand is the same all year round. Proactive customer inquiry is essential in modern commerce. Continuous follow-ups can be surprisingly effective to obtain new business.
- All TMS & WMS are the same. You cannot buy a cloth without trying it on. Investing in managing software is a big step and it is important to find the one fitting your business needs. Technology can be intricated and underperformed if it is not the right one.
The goal is to get a better understanding of what is going on for the entire operation and better managing it with efficiency and resilience. Without the proper data, it will not be easy to oversee and adapt.