Inventory Management’s Post

When creating a sales document for multiple products, you usually fill in the lines with inventory and enter the quantities requested by the customer. 🛒 Then you post the document or generate a warehouse release. 📤 But suddenly, a problem arises: the system displays an error indicating that the stock quantity is insufficient to fulfill the order...📉 Does this sound familiar? Luckily, we have a solution! Find out how to avoid inventory issues ⤵️

AVOID LOSING A CUSTOMER WITH A SIMPLE TIP Every customer is important; whether a big or small buyer! Have you ever walked into a business area or shop to get something and upon request for a product, the attendant will give you a reply such as “I’m not sure it’s available, but let me check"? Not everyone has the patience to wait. Have you bothered to imagine; what if it was an emergency? You’ll just lose a customer while you’re going to check. Some will even walk away because you’re taking too much time to check for that particular product. But when you have proper inventory management, you know what you have and what you don’t have. You know when you run out of a particular supply and what needs to be replaced. Even if you don’t have them offhand, you can quickly run a check-in, in your system or your record-keeping book. This will only take seconds to flip through, unlike when you have to sometimes “scatter” the place to check if that product is in stock. Invest in Inventory Management today! Time is Money.

An inventory audit is a systematic process of verifying the physical quantity and condition of your inventory against the amounts recorded in your inventory records and financial statements. https://hubs.li/Q02v6jkC0

CONGRATULATIONS ON YOUR RECENT PURCHASE. CONTAINER HAS LANDED. You just made a huge order right and it seems your package has arrived. Wow! What a big container of goods. Bravo! The calls start pouring in. Madam Nkechi: Sis, please kindly package my order for me. Angela: Madam, I’ve been calling you since yesterday to place an order but you ain’t picking up. Mummy Charis: I don’t want to hear story with my order. Send it before people will pick it up. YOU: haaaaaaa! You people will not kill me o. My goods just arrived and I haven’t even checked them. I’ve not even updated my purchase and everyone is making orders. Las las, because you need money, you’ll start sending orders out, left right and center. At the end of the day, you’re confused. You’re overwhelmed! Seems there’s a mix-up somewhere. You can’t even tally what you had left and what came in. You’re selling but you are not seeing anything. Calm down, don’t panic, please. All you need is simple Inventory Management! But, you need an external hand to help you do this. You need to pick mama Nkechi’s call and reply to Angela’s chat before they eat you up. Focus on your customers, calm them down while an Inventory Manager updates your recent purchases. PS: there are various aspects of your business that require your attention. In order not to burn out, Outsource! #inventorymanagement #dataentryspecialist #Data

#Accurately tracking #inventory is essential for maintaining control over your #business's #stock #levels, managing costs, and improving your sales strategy. Whether you operate a small business or a large enterprise, precise inventory tracking can help you avoid overstocking or running out of products, directly impacting #profitability and customer #satisfaction. Here’s a detailed overview of the importance of inventory management: #1. #Cost Control:** By keeping #accurate records of inventory, you can easily spot inefficiencies, avoid unnecessary spending, and better manage costs related to storage and procurement. #2. Better Sales Strategy:** #Tracking which items are selling well and which are not allows you to adjust your sales strategies and stock levels accordingly. #3. Real-Time Insights:** #Up-to-date records provide you with a clear view of your current stock and help identify potential issues like theft, loss, or waste. #4. Compliance and Tax Preparation:** #Accurate inventory tracking ensures compliance with regulations and simplifies the process of tax reporting. #5. Enhanced Customer Satisfaction:** With reliable data on inventory, you can fulfill customer orders promptly, avoiding delays and backorders. #InventoryManagement #AccurateInventory #CostControl #SalesStrategy #StockControl #SmallBusinessTips #EfficientBookkeeping #TaxCompliance #CustomerSatisfaction

Inventory discrepancies can be a nightmare for businesses, leading to lost profits and wasted time.twice in my career I have encountered an interesting situation dealing with lost inventory and for me it shed some light on a critically weak link in most inventory systems -that is overlooked In this particular case, receiving and shipping staff completed their duties diligently, with no discrepancies reported from customers or delivery. However, at the start of the week, there was a significant discrepancy in the inventory that warranted attention. In both instances I was asked to evaluate and determine where the error occurred they wanted me to examine the entire process, personnel and all other aspects of see if could spot the issue well in both instances i found what i think causes a lot of inventory system discrepancies in both instances the inventory systems.showed the discrepancy but not the how also the cause seemed to be overlooked.by the company staff as well Do you know what caused this issue let me know what you think and how you would find the cause of this issue

Take care of your people. Create systems. You know you need better systems when a key team member's vacation is a massive disruption. And its a super bad look your staff hate. Its a long term grind. I've seen this a lot with the purchaser and planner role... Some companies have all of this in a single human being's brain: 1. What has been ordered and when its coming 2. Who the contacts are to place new POs 3. The inventory demands for upcoming orders 4. Which inventory stock levels are accurate in the google/excel sheet and which ones need to be checked with a count rather than trusted 5. What to do in scenarios a-b-c-d and e when stuff goes sideways (as it always does) Versus if this is all in a single source of truth system, with a documented planning, purchasing, and adjustment process... Its a really bad look to be in a situation where you land a big new customer order, and then need to scramble and call someone on the beach because you need to order some raw materials to fulfill on time but don't know what or how. Now this is NOT to say you don't need a purchaser... having good systmes and processes frees your purchaser to next-level their value and take on more tasks: 1. Handle way more volume and complexity of orders 2. Negotiations 3. Alternate sources 4. Vendor scorecards 5. Work with Production and Quality to provide Vendor feedback 6. GO ON VACATION ONCE IN A WHILE #systemsthinking #wms #mrp #singlesourceoftruth

Effective inventory management is crucial for businesses to meet customer demand, reduce costs and optimize operations. Below strategies can help businesses streamline processes, minimize stockouts and maximize profitability: - Predict future demand using historical data and market trends. - Determine the right amount of inventory to order to minimize costs. - Negotiate favorable terms with suppliers to reduce costs. - Calculate Inventory Turnover Ratio to measure how efficiently inventory is used and replenished. - Maintain a buffer of extra inventory to prevent stockouts and maintain customer satisfaction. - Balance current assets and liabilities for efficient operations. - Choose the appropriate method (Weighted Average, FIFO, LIFO, etc.) to accurately value inventory for financial reporting. - Receive inventory only when needed to minimize storage costs and improve efficiency. - Monitor age of inventory to identify slow-moving items. - Conduct frequent audits to ensure accuracy and identify discrepancies early. - Implement measures to reduce losses from theft or damage. - Evaluate profitability of inventory sales. #inventorymanagement #costreduction #financialreporting

How To Manage Inventory Effectively (2024) Effective inventory management is the backbone of any successful business that sells physical goods. It's the process of overseeing and controlling the flow of goods from receipt to sale, ensuring that the right products are in stock, in the right quantities, and at the right time. By doing so, businesses can reduce the risk of stockouts, overstocking, and inaccurate records, ultimately leading to improved customer satisfaction, reduced costs, and increased profitability. In this post, we'll explore the 7 essential steps to managing inventory effectively, https://lnkd.in/dGM6BG_B

Effective inventory management is essential for managing stock levels on a daily basis and preventing availability concerns from stressing out your staff or customers. Sales can never be lost attributed to lack of stock variables with careful planning and forecasting based on accurate demand trend analysis. The following are the three key takeaways from this reading: inventory management is advantageous to any firm... 1. It boosts profitability and cash flow. 2. It lessens issues with overstock and stockouts. 3. It raises client satisfaction. #operationsmanagement #businessanalytics #suplychain #customersatisfaction For a full read click link to article below.