5 Inventory Management Techniques to Help Improve Business Efficiency
Thanks to strides made through cloud based POS, inventory management is getting easier to control. That, of course, is for a good reason. You need to ensure that your customers have access to a wide variety of products. You also have to make sure you lower their chances of disappointment by keeping stock up to date through inventory control software.
Are you doing enough to keep your inventory checks up to speed? Here are five general management practices we think all furniture retail businesses should adopt to help improve their efficiency.
Use More Than One Mode of Forecasting
Plenty of businesses use quantitative forecasting. This means that you look back on how sales have performed in the past to make future predictions. It’s an excellent way to help keep your sales strategising efficient.
However, are you using qualitative forecasting? Using inventory control, you could try and predict potential demand. Are you noticing shortages in specific furniture or accessories? Are there movements in the industry you should be taking advantage of?
Control Your Spending
Smart inventory management revolves around curbing expenses. If you fail to keep your inventory topped up, you could face spending more to fill urgent gaps.
Using POS software, you can set up inventory alerts. These will tell you when you need to restock specific items. You can also use a similar system to measure which products are likely to need restocking in the seasons to come. This means less running around when stocks deplete.
Inventory Control Software Automation
Inventory control software will also help you to automate your processes. The key to true efficiency, of course, is to reduce a need for physical intervention. You could set up a POS or delegate stock refill orders to a specific team.
This way, you can reduce the need for warehouse managers to keep constant tabs on stock. You could set up a system to replenish and contact suppliers as soon as a need arises.
Collating Data Through Inventory Management
Fantastic cloud based POS software will also help you to build future data. You could set up inventory software to measure when stock depletes, to what extent, and why.
Your POS software could then generate automated reports. This will allow you to track sales behaviours and stock patterns with minimal intervention.
Combat Theft Through Cloud Based POS
Combining POS software and smart product tagging, you can ensure that your inventory is free from the threat of theft. Tagging will prevent people from stealing items outright.
However, automated inventory management will save you the hassle of having to account for missing items. You could set up alerts to track odd levels and behaviour in inventory control. This helps to reduce the need for investigation.
Effective inventory control will only enhance your furniture store’s efficiency. It’ll help to make your team’s lives easier and will even improve your customer experience. Ordorite’s leading POS software will help you to monitor and manage stock on an automated basis. Take a look at setting up a free live demo today.