Have you experienced extreme inconvenience while tracking your items? Managing inventory can be a nightmare if it’s done accurately. You may experience huge inventory shrinkage that effectively can rob your business with billions each year. It’s dreadful when your inventory disappears if it’s stolen by your customers, employees, or suppliers. However, it’s even more frustrating when your inventory shrinks through preventable mistakes and poor inventory management procedures.
We have come up with a classic inventory tracking challenges that most businesses are facing and a few tips to prevent them at the same time.
The legacy of computer systems, procedures, and equipment are still being utilized ,even if they are no longer required. It is not justified to stick to a paper-based systems and manual counting even if you have a small scale business. These outdated systems are notoriously slow, inefficient, and prone to error.
You can also face problems if you are using an old computer application that hasn’t been updated yet. Some businesses have lost their source code to their ancient systems, because of making changes where fixing the problem is impossible.
Struggling with creaky software and dilapidated barcode scanners? Figure out how much time and money you are losing due to counting and recording mistakes. Possibilities of saving a bundle increases if you replace the whole system with modern inventory management and tracking solutions.
Stores stock inventories of attractive toys near cash registers to encourage users to buy them. The items, however, are too expensive to attract that spur of the moment purchase. The toys deteriorate, forlorn and get unloved for months at a time. A plush bear might have possibilities of not going out of style, but it also gets soiled and shop-worn by people who can’t resist handling the toy.
Obsolescence can also be reflected from inefficient inventory accounting as businesses overstock inventories out of fear of losing sales due to stockouts. However, how can you trust them if your counts are always wrong? You will end up buying more items than you ever required. These items are going to be placed in the warehouses even after the models come out in the market. The prices fall of the current product eventually falls, and the public’s taste changes.
Consider a barcode scanner that controls your inventory system to resolve this issue. A scanner can give you timely information on inventory levels and automatically reorder items when it’s required.
Failure to Return
Never stock items that aren’t selling or are defective, return them to the vendor and will not be charged a restocking fee. You must know the frequency at which your items are selling and the rate at which your customers are returning certain products.
A real-time inventory tracking system offers you information about the number of products sold that eventually helps you in returning the unsold or defected products. If you are considering a manual periodic inventory system, you may not be able to accurately count the dates that the vendor sets for returning the products.
Victim of the Fickle Public
Your inventories are losing their value as public taste changes rapidly. Businesses dealing with fashion, toys, and electronics are more vulnerable, unlike others. Retailers individually face losses through markdowns and wholesaling as people choices keep on changing whenever something new emerges in the market.
This issue can partly occur through lousy judgment. In addition, your inventory tracking system can be the reason that is not working well enough to let you know about stocking level of your inventories. Its known to be as mismanagement. Just replace your inventory procedures and systems if they aren’t giving you the information needed.
Inventory shrinkage costs billions of dollars each year. To cut it down to zero, take hold of Linea Pro Barcode Scanner and avoid inventory tracking nightmares. These scanner will certainly help you manage your inventories and procedures of monitoring items in place and up-to-date.