Key to proper inventory control is a deeper understanding of customer demand for your products.
One basic way is to create a spreadsheet with various columns for product name, item number, and quantity.
You can have a column to deduct what you sell and ship.
Some refer to it as “internal control” or even as an accounting system set up to safeguard assets.
Let’s take a look at why inventory control is so important as well as what’s involved in developing an effective system.
Constant inventory issues (frequent backorders, etc.) can drive customers to other suppliers entirely. When you have control over your inventory, you’re able to provide better customer service.
It will also help you get a better, more real-time understanding of what’s selling and what isn’t.There is a whole host of inventory management software options out there.These software systems may offer integration with your enterprise resource planning systems, or multichannel integrations.Understanding what you have, where it is in your warehouse, and when stock is going in and out can help lower costs, speed up fulfillment, and prevent fraud.Your company may also rely on inventory control systems to assess your current assets, balance your accounts, and provide financial reporting.It requires continuous manual monitoring to ensure every transaction is accounted for.