Your inventory is a business asset that deserves careful consideration and planning to maximize its value. Good inventory management allows you to maximize your warehouse operations and helps to facilitate customer care. Implementing smart inventory measures will allow your operation to function more smoothly and help you to preserve your capital for more immediate business needs.
An Efficient Inventory Control System
Managing your inventory volume can be one of the smartest ways to help your business succeed on a monthly, quarterly and yearly basis. Keeping sufficient quantities of goods on hand can provide the advantage over your competitors. However, excess materials can be a drag on your profit margins. Bar coding has made inventory activities faster and easier for many companies. Doing inventory counts on a regular schedule can help you to determine problems quickly so that they can be resolved immediately.
Proper Security Measures
Preventing loss from both internal and external theft is an important consideration in managing your inventory. Losses from theft can impact your profits significantly. Caged shelf systems with locking mechanisms can prevent loss of valuable inventory from theft. Surveillance cameras can ensure that both interior and exterior areas are secure. Alarm systems can help to notify law enforcement in case of breaches in security.
Safe, Efficient Retrieval Systems
One of the most critical facets of inventory management is proper storing and retrieval methods for day-to-day operations. These methods often include pallet-stacking mechanisms, multi-level shelving, mezzanines, catwalks, lift equipment, dock levelers and high-speed doors. Implementing the most efficient material handling equipment can save time and money for your business. Safe management of your inventory also saves money on insurance and worker’s compensation costs.
Protecting your inventory should also include advance preparations for any disaster that might occur. These measures should include proper fire protection, such as an automatic sprinkler system and fire alarm. Procedures for protecting inventory from wind damage and flooding should be in place and should be able to be implemented by all key warehouse personnel. Hazardous materials should be well marked, and all personnel should be trained in safe handling and storage procedures. Local fire departments should be informed of hazardous chemicals stored on the property, according to EPA requirements.
These four measures will ensure that your inventory is managed efficiently and protected from a variety of unexpected actions. Good inventory management can make doing business easier on your employees and can help to improve your bottom line.
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