The inventory management process involves a variety of complex steps in order to keep track of stock. The goal of inventory management is to properly control your company’s inventory, while also giving you a clear overview of where your stock is at all times.
Today we will be taking a look at how to streamline your inventory management process. Even though this is a complex task, it is essential for any business that keeps an inventory to properly manage their stock. By implementing a couple of techniques, you will be able to streamline the entire process to make things easier, faster and much more convenient to manage.
Step 1: Use A Professional System That Integrates With Your Accounting
Many accounting software suits feature an additional inventory management add-on that allows users to keep track of their inventory. Using such a system is the first step to streamlining your inventory management process. This will also allow you to have everything in one place – your accounting, payroll, orders and inventory.
Xero is an example of this type of system. The platform is cloud-based and allows you to complete your accounting, invoicing, payroll and, of course, inventory management. The system also allows users to go mobile and manage all their departments from their mobile phone or tablet device.
Xero offers a convenient cloud-based online account suite with built-in inventory management
Step 2: Hire A Professional Inventory Manager With Prior Experience
The best way to get things going smoothly is to use someone with prior experience with managing inventory and controlling stock. Inventory management is a series process that can cause a business to lose a lot of money, sales and loyal customers if not done right. You need to be in control and on top of things when it comes to your stock and inventory – and this is why it’s important to pull out a few extra bucks in order to hire a professional that’s an expert in this field.
Even when using a software suite that helps you with managing inventory, it is still important to use an employee that will be able to do things the right way. This will also give you an insight into where all your stock is at all times, which will make it easier to give an estimate time of delivery to your clients.
Step 3: Always Keep A Backup
When it comes to inventory management, it is vital that you always have a backup of your files. Technology is buggy and can crash at any time – unexpectedly. This results in lost files that could cost you thousands of dollars and many hours of work to recover, if recovery is even possible at all.
By implementing a backup strategy with the help of a backup software suite that’s connected to a cloud-service, you will be able to always have the latest version of your files safely on a secure server online. Should your computer crash or you lose some of your important files at any point, you will be able to retrieve them from your backup software’s server.
An alternative to using a backup management program is to take advantage of an inventory management system that’s based on cloud-technology – these programs can be accessed from within your web browser and stores everything in an online database for maximum security.
Google Drive offers a free cloud-based backup solution
While different types of inventory control and management software aims to ease the inventory management process, it is important to realize that these programs still require human input. By utilizing a combination of a professional software solution, an employee with prior experience in inventory management and a backup solution that will keep your files safe; you will be able to streamline the process of managing your inventory.