Retailers have about 33 days of inventory available. That’s down from 43 days prior to the pandemic.
This indicates that supply chains are getting tighter, which makes product storage and warehouse management more important than ever.
If you can’t manage warehouse space and your inventory, you will lose customers. You’re in luck because this article shows you how to take control of product storage and inventory.
Read on to learn the top tips for running a warehouse.
When was the last time you conducted a full business inventory? Take stock of the products that you do have on the shelves. Note when they were received, the SKU, and the quantity.
You’ll decide if it’s time to replenish your inventory or not.
When you store products on your shelves, store them using the last in, first out method. This ensures your oldest products on the shelves go first.
The shipment you just received is the last to get sent to clients. You’ll have a balanced rotation of products.
The inventory management system you choose depends on your type of business.
Ecommerce businesses tend to rely on periodic inventory management. That’s when you count inventory between one and four times a year.
That leaves a lot of room for mistakes if your business grows. It’s fine as a small business with limited product storage needs and turnover.
A perpetual inventory system lets you manage each part of your supply chain, from raw materials to finished products on the shelves.
Large businesses that handle manufacturing use a method that lets them manage the maintenance and operations. This helps manage equipment and running a warehouse at the same time.
How does your warehouse look? If you just pile boxes on top of each other, you don’t have much organization in place.
You need to keep the area clean and organized, not just for your customers, but for your employees. You’re probably violating OSHA standards and don’t know it.
Pick an inventory storage method and implement structural racking. You can get structural racks at konstant.com and other industrial companies.
Be sure to communicate how the warehouse gets organized to your employees. They might have input that helps them do their jobs faster.
Manual inventory receiving and picking means your employees lift and carry objects from one place to the next. This increases the level of injury risk.
You can reduce that risk by using machinery and automation for some of these tasks.
It’s necessary to streamline your warehouse management to deal with these uncertain times. Product shortages and supply chain issues will continue to happen for the time being.
Getting a handle on product storage makes running a business much easier. You will always have the right products in stock for your customers when they want them.
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