Companies in the automotive, pharmaceutical, and medical industries use specific tools to help them manage their inventory. Without these tools, things can get hectic and disrupt the supply chain. If you want better control of your inventory, here are some steps you can take to identify weaknesses in your process and find the right solutions for your company so you can improve your supply chain.
1. Use Inventory Management Software
It’s time to ditch spreadsheets and start using inventory management software. This tool can help you track, monitor, and re-order what you need quickly and easily. It can also help you process your entire inventory from within a single platform. With inventory management software, you’ll cut costs, save time and have a better understanding of your sales lifecycle. In order to run your business more efficiently, you’ll need to know how much of a product you need at a given time so you can meet customer demands. It can also help you anticipate peaks and valleys.
2. Audit Your Inventory Regularly
Regularly auditing your inventory isn’t ideal, but if you want to avoid or catch any discrepancies early on, it’s necessary. Your inventory management software should make it easier to audit your inventory at least once quarterly. By doing this regularly, you’ll know your stock is accurate and you won’t have to waste valuable company time searching through records to find a mistake. Inventory management software can help with this, too.
3. Buy Small Parts in Bulk
It’s highly recommended that you buy small parts (like o-rings) in bulk and keep a variety of sizes on hand. Doing this can be beneficial for a growing auto shop or a medical device warehouse because it helps cut costs in your supply chain. Sourcing with the right company can save lead time and reduce costs. Your supply chain could suffer without the right tools for streamlining inventory. To keep track of small parts like these, implement a barcode system and use an organization system that everyone can work with. Using bins with labels and keeping a clean work area can help you better manage these small parts.
4. Use a SKU System
If you’re not already using a SKU system for your inventory management, you might want to start. Make sure each item you sell has a SKU assigned to it so that you can easily keep track of products, especially if you use 3PL (third-party logistics). By implementing a SKU system, you’ll be able to facilitate new channel expansions, because whatever system you’re using can track your stock on multiple channels. It’ll also likely collect and analyze data to help you better understand what products are the most profitable.
Finding the Right Solutions for Your Inventory
A streamlined supply chain is essential if you want your business to run effectively and efficiently says Wheeler Bio, who offer Cell banking services to solve the inventory management of Pharmaceutical companies. If you don’t have the tools in place, now’s the time to start thinking about it. Whether you’re in the automotive, pharmaceutical, medical or another industry, you can certainly benefit from improving your supply chain and inventory management process by using one (or more) of the above methods.