Blog · Business · November 9, 2011

Inventory Management Tips

When was the last time your business audited its inventory management system? Chances are it’s been way too long. It’s estimated that in the retail industry alone, inventory inaccuracies due to bad systems in place account for nearly 15% or more than $5.59 billion in losses, according to the 2008 National Retail Security Survey Final Report.

Here are some tips to make sure your business is abreast of new trends in inventory management:

1) Using barcodes is a pretty popular method of inventory management, and is especially useful when dealing with reverse logistics (like returns).

2) The SBA has a nifty pdf that gives many tips for inventory management ranging from the purchasing plan to developing a strategy for controlling inventory.

3) There are many POS (point of sale) options which include inventory management systems. Using a POS can streamline the process and make your life easier by having everything in one place. Check out some options here.

Image thanks to Matthew C Wright

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