As you set your business goals for 2019, make an immediate impact on your business by focusing on inventory management. Although good inventory management results in significant cost savings and increased profitability, many businesses fail to integrate it. As a result, they suffer from negative repercussions when it comes to long-term growth since poor inventory management adversely affects the customer experience, leading to decreased sales and customer retention.
Here are seven tips for better inventory management in 2019:
- Outsource – The days of tracking inventory in Excel spreadsheets are long gone, so outsource this process to an inventory management system, such as TRXio, which can easily integrate with your existing business processes.
- Accountability – An effective inventory management system will increase accountability within your company. TRXio offers traceability, which tracks which tracks individual inventory items, allowing managers to know where each item is at all times, along with who is handling it. This ultimately reduces loss by increasing accountability among your employees.
- Regular Cycle Counts – Regular cycle counts help businesses avoid deficiencies that may be sneaking up on them. A manual inventory count should be done at least once or twice a month to mitigate errors.
- Real-time Reporting – Real time reporting allows managers to access updated, accurate information on their inventory, projects and product items. Real time reporting allows employees to be notified of low stock levels so they know when to order new stock from suppliers.
- Integration -TRXio is an inventory tracking system that can be integrated with your other business software, including QuickBooks or D-Tools, to streamline the inventory ordering process and eliminate the need for manual updates.
- Barcode System – A barcode system can help track inventory more easily and efficiently. TRXio is a cloud-based inventory management and asset-tracking software solution that features the latest QR code scanning technology.
- Purchase Order Workflows – An inventory management system that offers purchase order workflows will close the financial loop on purchasing to save time and reduce headaches associated with procurement. TRXio allows you to view items needed for multiple orders or projects, select items needed by vendor and convert them to purchase orders.
For more tips on improving your inventory management in 2019, please contact TRXio at 844-868-7225. TRXio offers many of the features and benefits explained in this article, including a purchase order workflow, an integration with QuickBooks and D-Tools, barcode scanning technology, traceability, and much more!