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You're struggling to manage your inventory. How can you make it easier?

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Inventory management is a crucial skill for any business that deals with physical goods. It involves tracking, ordering, storing, and distributing your products to meet customer demand and avoid waste. However, inventory management can also be challenging, especially if you have multiple locations, suppliers, and channels. How can you make it easier? Here are some tips to help you improve your inventory management skills and efficiency.

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Arthur van Stiphout

Head of Supply Chain - Procurement at Tronox The Netherlands

1 Assess your current situation

The first step to improve your inventory management is to understand your current situation. You need to know how much inventory you have, where it is, how fast it moves, and what are the costs and risks associated with it. You can use various tools and methods to assess your inventory, such as inventory audits, cycle counts, ABC analysis, and inventory turnover ratio. These will help you identify your inventory levels, accuracy, value, and performance.

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Arthur van Stiphout

Head of Supply Chain - Procurement at Tronox The Netherlands
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To improve inventory management, here are the analyses you should consider performing first: Inventory Turnover Analysis ABC Analysis Safety Stock Analysis Demand Forecasting Lead Time Analysis Stock Out Analysis Gross Margin Return on Investment (GMROI) Supplier Performance Evaluation

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2 Set your inventory goals

The next step is to set your inventory goals based on your business objectives and customer expectations. Your inventory goals should be SMART: specific, measurable, achievable, relevant, and time-bound. For example, you might want to reduce your inventory carrying costs by 10% in the next quarter, or increase your fill rate by 5% in the next month. Your inventory goals should also align with your demand forecasting, which is the process of estimating how much inventory you need to meet customer demand.

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3 Choose your inventory method

The third step is to choose your inventory method, which is the system you use to record and value your inventory. There are two main types of inventory methods: periodic and perpetual. Periodic inventory method means that you update your inventory records at the end of a period, such as a month or a year, based on a physical count. Perpetual inventory method means that you update your inventory records continuously, based on transactions, such as purchases, sales, or transfers. Each method has its pros and cons, depending on your business size, complexity, and accuracy needs.

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Dennis Crawford

District General Manager/Accounting
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Perpetual inventory systems integration with POS systems and bar code systems do provide a daily view of inventory levels. This especially is helpful monitoring key promotional items tied in with auto reorder mechanisms ( max and min inventory levels are determined and set). Utilizing periodic inventory methods ( monthly/quarterly/annual) will confirm actual inventory levels (solid backup system) which we implemented via a third party vendor for a physical count particularly for high value merchandise. Both systems working hand in hand provided a detailed and accurate view of inventory levels.

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4 Implement your inventory policies

The fourth step is to implement your inventory policies, which are the rules and procedures you follow to manage your inventory. Your inventory policies should cover aspects such as ordering, receiving, storing, picking, packing, shipping, and returning your inventory. You should also define your inventory metrics, such as service level, stockout rate, safety stock, reorder point, and economic order quantity. These will help you measure and monitor your inventory performance and efficiency.

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5 Use your inventory software

The fifth step is to use your inventory software, which is the tool you use to automate and optimize your inventory management. Your inventory software should integrate with your other business systems, such as accounting, sales, and logistics. It should also provide you with features such as barcode scanning, inventory tracking, inventory reporting, inventory optimization, and inventory alerts. These will help you save time, reduce errors, improve visibility, and enhance decision making.

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6 Review and improve your inventory management

The last step is to review and improve your inventory management on a regular basis. You should check your inventory data, reports, and feedback to evaluate your inventory performance and identify any issues or opportunities. You should also compare your actual results with your inventory goals and adjust your inventory plans and actions accordingly. You should also seek to learn from your inventory best practices and mistakes and implement continuous improvement strategies.

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Rosenildo Ribeiro dos Santos Ribeiro

Chefe de cozinha experiência em industrial e hotelaria e comercial.
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Quando eu estava no Atacad?o Atakarejo, como eu executava minhas atividades,no inventário sempre deixava um dia antes com a equipe, o que ia usar na loja e o pulm?o. E fazia o Inventário sem dor de cabe?a, após contávamos os que tava , na área de vendas .

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Dennis Crawford

District General Manager/Accounting
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Other considerations for maintaining accurate inventory levels: *utilizing secure locked areas for high value merchandise with limited access to designated personnel *secure merchandise with cabling *implementing ticket system with designated pick up areas *review store/department/warehouse layouts for optimal placement of merchandise to allow visibility for customers yet providing improved merchandise security.

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Manoj Jha

Internal Auditor | COSO Analysis | SOX Audit | ERM- Risk Assessment | IFC & Fraud Control | Tax & Compliance Audit | Power BI Data Analyst | Lean Six Sigma Yellow Belt
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One of the Practicle Steps to manage Inventory is 1) Classification 2) Grading 3) software uses 4) consumption pattern identification 5) supply chain management 6) yeild ratio

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You're struggling to manage your inventory. How can you make it easier?

1

2

3

4

5

6

7

1 Assess your current situation

2 Set your inventory goals

3 Choose your inventory method

4 Implement your inventory policies

5 Use your inventory software

6 Review and improve your inventory management

7 Here’s what else to consider

Inventory Management

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You're struggling to manage your inventory. How can you make it easier?

1

2

3

4

5

6

7

1 Assess your current situation

2 Set your inventory goals

3 Choose your inventory method

4 Implement your inventory policies

5 Use your inventory software

6 Review and improve your inventory management

7 Here’s what else to consider

Inventory Management

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