Inventory Best Practices
The business saying if we can’t measure it, we can’t
manage it applies to inventory management and best practices. While the first
best practice is keeping track of your inventory, others include:
Carry Safety Stock:
Also known as buffer stock, these products help keep companies from running out
of materials or high-demand items. Once companies deplete their calculated
supply, safety stock serves as a backup should the level of demand increase
unexpectedly.
Start a Cycle Count Program:
Cycle counting benefits extend well past the warehouse by keeping stock
reconciled and customers happy while also saving businesses time and money.
Use Batch/ Lot Tracking:
Record information associated with each batch or lot of a product. While some
businesses log precise details, such as expiration dates that provide information
about their products sellable dates, companies that do not have perishable
goods use batch/lot tracking to understand their products’ landing costs or
shelf lives.
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