Inventory management includes factors such as controlling fixed assets, the amount of products for sale, storing and controlling buying orders. Today, we will simply focus on controlling fixed assets and the amount of products for sale.
How do companies control their inventory?
There are different ways to control the inventory, depending on the company and inventory type, and its size as well. Many companies make their inventory in an automatized way, performing controlled management, others, simply carry their inventory in spreadsheets. In these spreadsheets name, reference and stock amount columns are created.
Some companies have these sheets centralized, where one person changes it, others have them in a shared folder, where many can access and update the information. Be that as it may, no matter how you work, the sheet becomes outdated, and reliability on the amount of things to control is lost. The trust in the information is lost and you resort to counting manually to know exactly what’s the company’s inventory once again.
A business valued solution
Obviously there are safer ways to perform controlling than using a spreadsheet. Automatizing is a safe, reliable, trusted and strategic solution.
Automation can be a complex process, if you intend to do it all at once. But it can be simplified if you start one process at a time.
Concerning the process of counting parts, there are many kinds of solution. To encode our items we can:
- Choose the encoding type: barcode, QRcode, or RFID (short for “radio-frequency identification”) where the code is read by a radio wave scanner. The first ones are known as passive codes, whereas the second ones are active codes.
- Choosing the best code depending on inventory type (textile, footwear, furniture, etc.)
- Choosing code type depending on the goal and counting frequency.
Inventory control is fundamental for your business. It allows adequate strategies for assets, products, and to carry performance monitoring for your company. It’s an added value in the competitive market of today.
Don’t allow the lack of control, excess or inventory flaw interfere on your company’s good performance.