7 ways to streamline inventory management
Smart inventory management can help you to improve your revenue potential. You can do this by monitoring your inventory data regularly with the theses 7 ways to simplify and streamline your biggest asset:
Monitor Low Inventory
Check for items with the risk of stock-outs. Have a clear view of your Quantity on hand (QOH) of your most popular items.
Watch for Excess of Inventory
Review QOH against order points. If your QOH is higher than your order points it is likely that you have an excess of product.
Value your inventory daily
Run a report that allows you to value your inventory by department, location, or vendor on a daily basis to have a clear perspective of how much cash is tied up in your inventory.
Know your top sellers and bottom dwellers
Run a report at least once a week that ranks inventory items by popularity and profitability.
Re-merchandize sellers and dwellers
Make sure re-merchandizing reflects what you get from your reports. Re-locate and change up displays for dwellers to improve "rediscovery" potential.
Use promotional pricing to move inventory
Attract buyers for slow-moving or non-selling items with special pricing or discounts when bought with popular products.
Donate Non-selling items
Donate non-selling items and keep records of these donations for potential tax deduction value.
To find out more about how to improve your inventory management processes with Epicor ERP click on the below image: