4 Inventory Management Solutions for Warehouse Managers
Posted by Kevin Reynolds on September 18, 2013
Even though inventory management takes place largely behind the scenes, it’s one of the most important factors influencing how your business is perceived. Especially for small businesses experiencing high levels of growth, developing a strong system of inventory management solutions is essential for maintaining organization and fostering success. The following solutions can help you build a more effective management system.
Software like QuickBooks and Peachtree are essential for inventory management. Both tools include inventory features that help you pinpoint an exact dollar value for your inventory. Having a central database to access general information also keeps your company more organized, with necessary information easily accessible.
2. Audit Reports
Maintaining absolute accuracy of data is crucial for decision-making. Conducting regular audit reports helps to flag missing data, so you can maintain the utmost accuracy in your overall inventory evaluations. Apply item master data to your reports, such as cost, price, status code, and lead times. Aim to complete audit reports every week, so missing data can be quickly corrected without negatively influencing your buying decisions.
3. Inventory Hot Lists
Industry leaders recommend preparing inventory hot lists to maximize inventory management efficiency. Examine inventory forecasts and create a hot list for those items that have too much or too little inventory. The list should include vendor lead times, which allow control buyers to determine both the size of the inventory need and when exactly action is required.
4. Inventory Tracking
Where QuickBooks falls short, Rapid Inventory picks up the slack. This comprehensive, web-based software is made for warehouse employees. The software tracks your inventory by monitoring details like warehouse location, receive date, expiration date, lot number, barcodes, and hold reasons. This ensures proper recording of your transactions without the need for additional spreadsheets.