PowerPoint Presentation

%FEMALE%% I am Melody I am here to report number 6-10.

%FEMALE%% Sell older inventory first.

%FEMALE%% the last thing you want is to be always using the newest stock to fufill orders. This leaves older inventory sitting in the warehouse and susceptible to damage, decay or passing best before dates, so it’s worth making a rule to store new inventory from the back of shelves and then take from the front - automatically enforcing a first-in-first-out (FIFO) system.

%FEMALE%% Prioritize with ABC analysis.

%FEMALE%% ABC analysis is a very common inventory management technique that helps to identify your most valuable inventory. This means retailers can prioritize inventory better, allowing them to place greater focus on the particular items and products that bring in the most revenue and the whole process is about sorting inventory into three buckets..

%FEMALE%% A Inventory with the highest value – These are usually items with the best profit margins and/or most sales revenue. B Inventory that sells regularly, but doesn’t have quite as much value as A – often due to having slimmer margins or higher carrying costs and C inventory the remainder of inventory that doesn’t sell as much as A or B, generates the least revenue and is generally least valuable..

%FEMALE%% It might not make sense to prioritize like this at first. Surely all inventory is important - otherwise you wouldn’t have it, right?.

%FEMALE%% Always track your metrics.

%FEMALE%% Tracking simple metrics and KPIs is one of the inventory management techniques that often gets lost amongst other fancy ideas. But it can still be one of the most powerful..

%FEMALE%% Verify accuracy with regular counts.

%FEMALE%% Unfortunately, errors are inevitable when it comes to your stock. Even with all the inventory management techniques..

%FEMALE%% So taking a physical count of inventory with regular stock takes is critical,the traditional way of doing this is to shut the warehouse down for a night (or longer) and complete a big count once or twice a year. But this can be an extremely time-consuming and complex task, especially for large inventories or facilities..

%FEMALE%% Instead, try spreading it out through the year: cycle counting and spot checking..

%FEMALE%% Cycle counting. This is where team members would be given ‘counting tasks’ of a small number of items to do each week..

%FEMALE%% Spot checking. This isn’t done with any specific regularity. It can simply be done if a product is proving particularly problematic or if a team member finds they have some spare time and needs something to do..

%FEMALE%% Automate as much as possible.

%FEMALE%% Inventory management is a complex job. And it becomes even more complex the more you grow and the more products that get added into your catalogue..

%FEMALE%% This means utilizing quality inventory management software to do most of the heavy lifting for you. Helping take care of tasks like:.

%FEMALE%% Tracking. So you can sync inventory in real-time across multiple channels without overselling and back orders..

%FEMALE%% Forecasting. To remove the guesswork and never have too much or too little inventory on-hand..

%FEMALE%% Purchasing. So you can handle all suppliers and create and manage POs in one place..

%FEMALE%% Counts. To keep inventory numbers accurate by automatically assigning weekly cycle counting tasks to your team.

%FEMALE%% Organization. Recording exact bin locations for variants so you can find and pick inventory quickly and accurately..