Keeping a well-organized stock is crucial, as it not only gives you an idea of the amount of goods available in stock, but the costs of each item, as this directly influences the pricing, offer and sale process.
What is Inventory Management?
Inventory is considered one of the main assets of a company, especially when working with inputs and products that need to be organized to avoid confusion.
Thus, working with inventory management is essential, as it brings together techniques capable of organizing and controlling the quantity of each product, raw material or input available.
These techniques help your team to understand not only the amount of items available in stock, but which items are out of stock for a longer time or which usually go out frequently and which have a lower or higher cost to produce, stock and sell. .
Why is inventory management important?
Having a company with a stock full of products or other materials necessary for its operation is not synonymous with success. On the contrary, it can demonstrate a failure in the sales process and organization, in addition to being a stalled investment.
To prevent this from happening, inventory management becomes essential, as it helps you understand the amount of products, inputs, and other items available in your company, preventing the lack of items or their excess, because in both cases it could be a loss.
Some advantages of inventory management are:
- Control cash flow;
- Boost sales ;
- Reduce costs;
- Avoid stagnant products and materials;
- Define replacements, promotions and the like;
- Offer better customer service.
How to manage your physical store inventory?
There are different ways to adopt inventory management in your physical store and currently, there are systems developed with different functionalities to favor the management of your company or more traditional methods, such as spreadsheets that require manual storage control.
Anyway, these are processes that require not only the categorization and organization of the products and materials used in your company but daily monitoring to have an efficient perspective of internal sales and logistics processes.
Here is what you will need to put this into practice:
- Select the physical environment in which the stock will be organized: determine a physical location where the products, raw materials, inputs, among other items used in the routine of your physical store should be stored. Choose safe, ventilated and spacious places.
- Survey all items present in stock: identify which items are available in stock and note information related to quantities, in addition to manufacturing date, expiration date and other important details for categorization.
- Use a tool that assists in the management process: to facilitate the inventory management process, it is possible to use systems / tools that integrate all your company’s information, facilitating both inventory control and sales.
- Register all products / materials in the tool: when choosing the tool that will help your company in the control and organization of stock, register all products and materials, as well as the information related to them.
- Count the stock periodically (stock turnover ): after organizing your stock, it is important to keep track of it, so make a record of the entries and exits of goods. It is important to do an item count and record this daily.
Start managing your store’s inventory and avoid headaches!
Managing the stock of your physical store can help you organize your processes, improve sales, as well as avoid confusion that harms the company’s relationship with the customer. Find a tool that helps you in this process and keep your stock organized.