Consumer Returns Management 2019

October 21 - 23, 2019

Hyatt Regency Austin, TX

Inventory Management Techniques

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Inventory shrinkage is a massive problem. Some of the biggest box retailers in the nation suffer millions of dollars of lost revenue from shrinkage alone. If you aren’t one of the huge hardware stores or clothing boutiques with a nationwide presence, you can count on the effects of shrinkage to be even worse.

Changing your inventory management techniques to reduce loss is important. Without open source inventory management software, however, your adjustments will be extremely imprecise. Generic tools fail to provide specific solutions that work in your situation. If you’re to modify your business’s faulty operating procedures successfully, the program you use to do so must be adaptable.

In most cases, one cannot even measure data without affecting the measurement. When you increase the number of bar-code scans that occur as your product passes through manufacturing stages so that you can optimize how long the process takes, your changes may actually raise process time. Even if they don’t, the fact that you still have to organize and make sense of all that new data will increase the amount of time it takes to find a solution.

One of the most valuable part of inventory management is that computer-aided assessments and tracking generate data that automatically makes sense. Information from different areas can automatically be formatted for maximum readability, even including intelligent suggestions about potential corrections. When you change conditions to discover new methodology, you can instantly set your programs up to include the fresh info.

Expanding your horizons beyond the inventory issues you’re well aware of and observing the other problems lurking in your supply chain requires intelligent data tracking. Open source inventory management gives you the opportunity to target inventory shrinkage easily. By letting you make changes to which notifications you receive as you track assets through select stages in the shipping process, inventory management programs customize your business worldview.

There’s no way to figure out which new management techniques will be the best if you can’t see your stock as it travels. You may have an idea about employing more advanced measures in the warehouse to prevent shrink, but if you haven’t got asset management data telling you exactly where the most items go missing, you’ll just be firing in the dark. Take more careful aim by using scalable cloud asset applications that tell you how to apply and monitor the efficacy of new inventory management techniques.