5. Set Up or Optimize Automated Replenishment Systems
Automated replenishment is an efficient way to keep stock levels optimal. When stock drops below a certain threshold, automated systems can place orders with suppliers, ensuring you never run out of your best-sellers.
This system is especially valuable for high-turnover products. Using inventory management systems that track your sales in real time can trigger automatic reorder requests, reducing the need for constant manual oversight.
6. Streamline Stock Audits and Cycle Counts
Regular stock audits and cycle counts are essential to ensure the accuracy of your inventory records. While traditional annual audits can be time-consuming, more frequent, smaller cycle counts can help you stay on top of discrepancies throughout the year.
With inventory management software, keeping track of stock discrepancies becomes easier. These systems can provide a detailed log of inventory movements, making it simple to catch mistakes early and ensure accurate records without the hassle of manual tracking.
7. Diversify Your Inventory Sources and Suppliers
Supply chain disruptions are an unfortunate reality, so diversifying your supplier base can reduce risks. It’s wise to have multiple reliable sources for your products to ensure a steady supply and reduce the impact of any single supplier’s delay.
With integrated inventory planning and analytics, it’s easier to compare supplier performance, lead times, and pricing to ensure you’re getting the best possible terms for your business.
