8 10 99

One of the most important part of any business is inventory management. It is also the most common problem as it can either make or break the bottom line. The best way to minimize residual inventory is to tackle the warehouse shrinkage immediately before it ultimately becomes a headache.

What is inventory management?
Inventory management means keeping track and managing the inventory present in the warehouse to ensure that there is proper stock control.  The inventory management  includes activities such as ordering products, storing the inventory properly, counting the inventory properly and forecasting the demand of the inventory.

Why is inventory management important?
Electronics industry is extremely competitive which means that for any business having right parts at right time is extremely important. Without proper inventory management practices for inventory management, the business quickly becomes susceptible to the huge losses and costly stockouts.

Methods to minimize residual inventory
To tackle the problem of residual inventory, paper, pen or any kinds of list won't do. There are
comprehensive residual inventory programs that help the businesses to navigate the challenges that come with the inventory problem. Basic features that are part of the inventory management programs are:

Product catalog
Product catalog is often considered the lead of any inventory. The product catalog contains product name, SKU, product description, major key attributes, and amount of each unit in stock, along with other things. When running multiple warehouses, a centralized product catalog helps to sync the inventory from all places.

Variant capabilities
Product variants is essential to the business when the product they sell comes in variety of shapes and sizes. An excellent residual inventory management program helps the business to create a system that create variations for different product differences in one place.

Stock ordering
Another way the residual inventory management program helps is by streamlining the stock ordering process. With an excellent inventory management program, the process of ordering new products is easy and can be easily completed through a simple email.

Stock counts
Proper stock counts helps to keep the present inventory accurate so that counts regarding the inventory are accurate and true.

Are you looking to change the way your inventory works? Do you want to put in place a proper program to tackle residual inventory? Contact Resion. They are one of the leading supply-chain solution provider companies in the US.