Is Your Inventory Controlling You?
Supply chain management for retailers is a topic that deserves more than a single blog post, but it does bearing mentioning that you should be controlling your inventory rather than your inventory controlling you.
So how do you know if your inventory is controlling you?
You can start by asking yourself these 10 questions:
- Do you know where every product is located every minute of the day?
- Does your warehouse team spend too much time looking for products because your warehouse isn’t laid out efficiently?
- Is there confusion about which products to process first when they arrive from your vendors?
- Can you drill down your metrics to the SKU level at teach store within your retail chain?
- Do you know how productive your employees are?
- Are you juggling bins without knowing for sure which bins are assigned to which merchandise or which merchandise is assigned to which bins?
- Can your chain make warehouse-to-warehouse transfers seamlessly?
- Does your warehouse team struggle to jump back and forth between bulk orders, prepacks, and kits?
- Do you have trouble matching invoices to purchase orders?
- Are products arriving at your stores on time for promotions?
How to Fix Your Inventory Control Issues
If you’re going to be a profitable retailer, your warehouses need to be managed efficiently. There is no excuse for not knowing where your products are at any given time, and there is no reason why your retail management team cannot process orders, redistribute merchandise, and understand how productivity affects your revenues.
If you want to get a better handle on your inventory status, then you need the right tools for managing your warehouse, processing your orders, distributing your merchandise, and monitoring your productivity. That’s why ChainDrive has a warehouse management module designed for any type of retailer o any size.
Start with the layout and design of your warehouse. If it isn’t efficient, fix it.
Next, work on your workflows and real-time inventory management. Knowing where each product is at all times is key to profitability and efficiency. Supply chain management is essential to productive and healthy retailing.