Tips On Reducing Shrinkage Using Inventory Management Solutions

In order to maintain  the stocks one can practice effective inventory management solutions. Inventory management helps in keeping a tab on the available stocks. Stocks have a direct impact on the sale and purchase of goods, thus, it is essential to build such strategies that focus on keeping the inventory stocked and avoid any wastages. Inventory generally comprises of raw materials, component parts, work in progress equipment, or particular merchandise. This is wholly dependent on  the type of industry that you are working in.

1. Categorize the products: It is ideal to categorize the products based on their type to avoid mixing up the items and selling the wrong article to the customers. This is one of the most looked upon steps as the time is not flexible when it comes to operations being performed in the business houses. Generating product categories can help improve business operations manifolds.

2. Adopt RFID: RFID, commonly known as Radio Frequency Identification is a comprehensive and innovative method of maintaining stocks. It helps in customer experiences and also get accurate stock notations. The RFID software is very affordable and every vendor can easily purchase it to practice effective inventory management control. The RFID equipment comprises of a chip that helps track and monitor the stock availability.

3. Avoid using miscellaneous articles: Often, Salesmen resort to offer free gifts ads a marketing tactic to promote their sales. But it should not be forgotten that there is some cost associated with these goods which the supplier has to bear. Thus, it is important to maintain a separate record of these articles.