Inventory Gone Wild? Keep Everything in Check with These Tips, from Independent Retailer.
Inventory management has come a long way since the days of clipboards or spreadsheets. Between barcode scanners, RFID tags, and demand forecasting software, retailers can eliminate much of the manual work and data entry that come with adding and tracking merchandise in their stores. Despite these innovations, managing inventory continues to be a time-consuming process. Yes, certain tools can make it easier, but you need to remember that staying on top of stock levels requires a bit of legwork.
In the succeeding paragraphs, we’ll talk about some of the manual (but critical) tasks that come with inventory management, and offer pointers so you can get them done as efficiently as possible.
1. Do physical inventory counts regularly
Conducting a physical inventory count (i.e., “stocktaking”) on store merchandise allows you to reconcile your records and get an accurate understanding of your inventory levels—knowledge that’s critical when making decisions around pricing, merchandising, sales, and more.