Owning a business means attending to a lot of responsibilities. One of these responsibilities is inventory control. If your inventory is neglected, it could have a substantial negative effect on your ability to generate a profit. Proper inventory control requires some work, but it’s absolutely essential to most businesses being functional. Below are a few tips that can help you maintain your inventory and product lines.
Install Surveillance Cameras
Your inventory is actually a sizable investment. If you want to protect that asset, you must take steps to prevent inventory shrinkage. One of the major causes of inventory shrinkage is theft. As the LA Times reported, the cost of theft to retailers was $44 billion in 2014. Some of this is from shoplifting. However, internal theft is a big factor too. After taking all these things into consideration, installing security camera surveillance will help prevent inventory theft.
Refrigerate Your Inventory
Another huge source of inventory shrinkage is spoilage due to lack of temperature control. If you have products or supplies that could spoil if they aren’t kept at a specific temperature, you must install the necessary temperature controls to protect those items. Some companies, like Retracom, know that this often involves installing refrigeration in the room where these items are stored. You should also consider installing a backup generator for the room in case the power goes out temporarily. Losing precious inventory to power outages is no laughing matter.
Invest in Inventory Control Software
If you must maintain a lot of inventory in a facility like a warehouse, it’s probably a good idea to invest in inventory control software. This type of software has great benefits. As inventory enters and leaves the warehouse, the software can be updated via bar code scanners. That way, you’ll always know exactly what you have in your inventory at any given time. The software can even be programmed to automate the process of ordering new stock.
Map Out Inventory
The inventory management software you purchase should also come with mapping software. Sometimes, stock is lost simply because it cannot be located in the warehouse. It’s still there, but it just can’t be located in a timely manner. If your inventory control system is designed to tell warehouse employees where that stock is located in the warehouse, this will not be a problem. Including RFID chips with stock can make losing things even less likely.
Overall, you need to protect your inventory. Without it, you will lose revenue and your company could be on the path towards insolvency. Proper inventory management requires some work, but it is certainly worth the effort for any business to pursue.