While excellent customer service and easy-to-use user interfaces are part of the key to developing a great relationship with your customers, ultimately you need to deliver an excellent product to keep the relationship going. Damaged, late, or missing inventory are costly issues that can ultimately send the customer away to a fellow competitor. If you overstock on inventory, you can quickly tie up your cash on hand. If you understock on inventory, you could be missing out on potential sales and then having to deal with angry customers. If you are having inventory problems, you should treat it as a priority and resolve it as soon as possible.
Change Your Layout
Sometimes changing your warehouse layout can fix your inventory issues. Proper warehouse management is essential so that your employees do not have to waste time walking up and down the storage racks. Having a larger receiving area at the front of the warehouse can help you avoid congestion at the entrance in case your employees are in a hurry to retrieve a merchandise for the customer. Organizing your warehouse so that your fast selling products are at the front will help ease up stocking delays. And, of course, having aisle signs indicating the merchandise stored in that aisle will help facilitate order fulfillment.
Consider Technology Solutions
Dealing with your physical stock management can be difficult if you have a lot of different types of merchandise. POS software can help some inventory problems, though not all of them. POS software allows most businesses to reconcile their inventory by using the invoices and the sales that were recorded into the system. There are many POS software choices available to cater to different business types; however, most POS software serve the same purpose – to record sales and to deduct sold inventory from the ledger. You will be able to keep a running report of the amount of cash tied up in your inventory at any time.
Develop Audit Procedures
With any software inventory system, it is important to develop an effective audit procedure to gauge the overall health of your business and to verify that the inventory count recorded in the software matches the physical count of the inventory you actually on hand. If the two numbers do not match, you may need to dig deeper on why and where the discrepancy happened.
Inventory is the life and blood of your company. It is the product that you are presenting to the customer and where your cash on hand is tied up. So make sure you have proper inventory management, because it’s essential to the success and growth of your company.