With supply chain disruptions and low profit margins, numerous firms realize the importance of enhancing inventory management. For some, doing that may determine whether they even survive.
Think about this, If a company miscounts its inventory, losses may accrue. For example, supermarkets have very low profit margins. Should they undercount the amount of fresh produce on the selling floor, they will overorder. And consequently, lose money in the process.
Doing Better: The Importance of Enhancing Inventory Management
Inventory Management and COVID-19
Having a clear picture of your inventory is helpful at any moment. During the COVID-19 outbreak, knowing what you have in stock is more important than ever. In a pandemic with shipping delays and material shortages, you want to clearly track what you order versus what you receive. You also want to keep in close contact with suppliers. Thus, you know which materials you will be able to replenish and which items you might not be able to purchase for a while.
The better you track your inventory during this time, the more strategic you can be about the inventory you assign to jobs. Proper inventory tracking processes also help as you stagger the field staff entering the warehouse to grab materials while maintaining social distancing guidelines. Whether you want to manage your inventory more effectively or want a better grasp on how inventory management works in the cloud, out these tips:.Run a remote inventory count. Easily access supplier catalogs to compare prices. Use mobile inventory management to keep field staff safe. Report on inventory value for a better picture of your profitability.
Conducting a Physical Inventory
Now, check out this informative infographic from Oracle NetSuite. [Click the image for a larger version.]