5 Answers to Important Inventory Management Questions
The ancient Greek philosopher Socrates once said:
“I ask to learn; I learn to prosper; and as I prosper I ask even more questions.”
In warehouse inventory management you need to constantly be asking questions about inventory management and inventory control, if you want to stay efficient and ahead of the competition.
So what inventory management questions should you be asking?
Here are five important queries that should always be in the back of your mind, and the succinct answers:
How can I manage my warehouse?
Always have a close eye on lead times. Make picking more efficient by optimizing your warehouse layout. Make sure to train your workforce on the proper procedures and the correct software. And always keep the right tools handy for the job at hand.
When inventory is located in multiple locations, how do I track it?
Your software is very important. An inventory tracking system that fits your budget is essential, especially when monitoring inventory levels. Fishbowl Inventory software can help you reorder parts and products by warehouse, and keep a lid on inventory backlogs, overstocks, and shortages.
When it comes to inventory control software, how do I get the best system for my money?
A cheap software system in not really cheap if you have to switch to new inventory software in a few years because your current system can’t keep up. You need software that can integrate smoothly with your accounting system and support and extend your QuickBooks and other accounting software already in use.
What way is best to manage inventory?
This depends on a number of things. For instance, a grocery chain has different inventory priorities than an electronics chain.
First consider your most important warehouse factors; that should give you a solid idea of the most efficient way to manage your inventory. This involves deciding what your budget will allow and firm knowledge of your customer’s expectations.
Also consider the size of your business inventory — do you have one warehouse location or several? A complicated and diverse warehouse inventory needs more sophisticated inventory tracking and warehouse management software than a simple mom-and-pop operation.
What results from using inventory management software?
Its use will make warehouse management employees feel empowered; it lowers costs automatically; response time to customer orders quickens; and warehouse layout becomes optimized.
There’s no reason why your inventory and warehouse management has to eat up too much time or remain a worrisome priority. With the proper software and help from a Fishbowl inventory expert, you’ll notice immediate improvements in tracking and delivery.
Have more questions? We would love to see what setup you have and talk through questions and solutions we have found from other warehouse leaders.