![]() Here are some strategies they would use.The key elements of inventory management are as follows: Maintaining enough stock – your stock should be maintained at a reasonable enough level to provide your customers with the products that they need while not spending too long in storage. In the event that the company is left with obsolete stock, a good inventory manager will consider all the avenues for earning back some of the capital lost in holding these items to begin with. Lastly, a good inventory manager will avoid over-ordering so that the company doesn’t end up with obsolete or excess stock which is no longer in demand. Ordering new inventory will require using inventory software to track sales history and sales trends, predicting peaks in demand (during the holiday season, for example) and timing your orders effectively. However, this doesn’t simply mean ordering a bulk lot of stock when inventory runs out. Ordering new inventory as required is another crucial part of the role as an inventory manager. As inventory manager, this means working with other staff members to ensure inventory storerooms are well-maintained. This may mean labelling stock according to their type and ensuring the stock rooms are clean and tidy at all times. Maintaining accessibility of stockĪnother key task of an inventory manager is to ensure that stock is accessible and easy to find so that when it comes to fulfilling orders there are no delays. Furthermore, having an inventory manager who has full oversight of stock means customers can get information about the status of their purchase in real time. Inventory management software will allow managers to efficiently track stock levels and whereabouts, which in turn will allow them to proactively predict any delays along the supply chain. A good inventory manager will always be on top of inventory records, and one of the easiest ways to do this is to invest in inventory management software, especially those that are compatible with barcodes and barcode scanners. Keeping accurate stock records is crucial to ensuring the company can forecast, track sales and ultimately meet customer demand. Inventory managers are responsible for recording details about the company stock, including quantities, quality, style, type and any other relevant information. Lastly, a good inventory manager will always keep an eye out for other potential partners who could offer better services. Part of this task also means that a good inventory manager will have strong people skills and be able to establish and maintain good working relationships with said suppliers. Choosing the right suppliersĪ good inventory manager will take their time in selecting suppliers for the business, which requires doing thorough research and identifying which suppliers will be most profitable and reliable. In this article, we explore the key attributes and tasks required of a good inventory manager. As your business grows, good inventory management will become even more crucial, and you may need to hire an inventory manager who can dedicate their time to ensuring it all runs smoothly.īeing a successful inventory manager requires a broad range of skills and know-how. ![]() It encompasses a wide range of tasks, all of which should streamline your supply chain and ensure the utmost productivity. Inventory management is key to the success of any business, big or small. UK Manufacturing Report Sector Performance 2020-2021.Manufacturing Productivity Guide Learn About Productivity in Manufacturing and How Gains Are Unlocked.Supply Chain Management Guide Learn about supply chain management for modern SMEs.The Modern Manufacturing Guide NEW Practical advice for small & medium enterprises.Inventory Accounting Guide NEW A video series for advisors and accountants.Inventory Management Guide Understand the basic concepts behind inventory management. ![]()
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