Prioritize your inventory. Track all product information. Audit your inventory. Analyze supplier performance. Practice the 80/20 inventory rule. Be consistent in how you receive stock. Track sales. Order restocks yourself. Use technology that integrates well.

1. For Managing
Your Inventory
TIPS

2. Prioritize your
Prioritize your
inventory.
inventory.
You can better identify which things you
need to order more frequently and in larger
quantities, as well as which items are crucial
to your company's operations but may be
more expensive and move more slowly, by
classifying your inventory into priority groups.
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1

3. Track all product
Track all product
information.
information.
Keep track of the product details for the
items in your inventory. SKUs, barcode data,
suppliers, countries of origin, and lot
numbers should all be included in this data.
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2

4. Audit your inventory.
Audit your inventory.
Some companies conduct a thorough
count once a year. Others perform spot
inspections on their popular items on a
monthly, weekly, or even daily basis.
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3

5. Analyze supplier
Analyze supplier
performance.
performance.
It's time to take action if you have
a supplier who consistently makes
deliveries late or consistently
underdelivers an order. Find out
what the issue is by talking about
it with your supplier.
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4

6. Give the handling of this 20% of items top
priority. You should be well aware of these
products' whole sales lifetime, including
how many you sell in a week or a month.
Practice the 80/20
Practice the 80/20
inventory rule.
inventory rule.
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5

7. Be consistent in how
Be consistent in how
you receive stock.
you receive stock.
Assure that every employee who receives stock
follows the same procedures and that all
boxes are confirmed, received, and unpacked
simultaneously, precisely counted, and
checked for accuracy.
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6

8. Track sales.
Track sales.
You should be aware of what and
how many items you sold each
day, and you should update your
inventory counts. However, you'll
also need to analyze this data.
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7

9. Order restocks
Order restocks
yourself.
yourself.
Some suppliers offer to handle
your inventory reorders. Spend
some time examining the inventory
and ordering replacements for all
of your products.
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8

10. Invest in inventory
Invest in inventory
management technology.
management technology.
It is possible to manage the items on this list
manually using spreadsheets and notebooks if your
company is small enough. However, if your business
expands, you'll have to spend more time managing
inventory than running it, or you run the risk of
having stock out of control. All of these chores are
made simpler by effective inventory management
software.
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9

11. Use technology that
Use technology that
integrates well.
integrates well.
Technology can assist you to manage stock in addition to inventory
management software. You can stay on track with the aid of tools
like POS systems and mobile scanners. Systems that cooperate
should be given priority when making technology investments.
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10

12. Thank You
Email Id
office@eracom.in
Telephone
(+91) 98125-47758
Website
www.eracom.in