For retailers and suppliers, inventory shrinkage is a problem that happens from time to time. When shrinkage is inadequately handled, the problem becomes unmanageable and difficult to deal with. Implementing an inventory management system is the perfect way to avoid the headache of inventory shrinkage.
The Culprit: Where has my Inventory Gone?
What’s behind warehouse shrinkage? Causes can range anywhere from theft, damage to human error. With a management system in place, it can be easy to find out if anyone in the company is stealing or limit access to the warehouse inventory.
Sending out wrong shipping information, improper tracking, damaging goods or poor warehouse maintenance can all result in shrinkage. When inventory tracked adequately and recorded, shrinkage is less likely to occur, even when items are damaged.
The Solution: Inventory Management Systems
The answer is simple, invest in a quality inventory management system. With a system in place, you’ll notice less error and flaws in the way your business runs. As inventory becomes, more streamlined security goes up in the warehouse which eliminates any gaps for theft and loss of products to fall through.
Reviewing transaction history and cross-checking said history with physical inventory becomes more accessible than ever with an inventory management system such as Fishbowl. This cross-referencing reduces the likelihood of inventory to fall through the cracks.
Along with a management system, it is a good idea to implement routine inventory inspections. Inspections will help reduce damaged inventory and ensure the warehouse is holding up.
An inventory management system can help you or your managers gain access to and control over warehouse transactions, which helps in overall organization and efficiency. This organization is critical in preventing any form of warehouse shrinkage, improve employee efficiency, maintain accurate inventory tracking, create more frequent cycle counts.
As an inventory management system provider, Fishbowl, will help execute your warehouse goals and reduce the likelihood of warehouse or inventory shrinkage.
