Wholesale buying

Tips and Tools to Manage Your Wholesale Inventory

Oct 11, 2021

Wholesale inventory management can be a complicated process. If you do it right, it can be your company’s best friend but, if you are unorganized, it can be a downright disaster. So, here is an article loaded with inventory management tips and tools. Let us look at what it is and why it is so essential and some tips to manage them properly. Wholesale inventory management is a system you use to purchase stock, store them till the products are sold and delivered to the customers. The efficient systems are reliable and accurate in predictions of the store’s demand. This means that you don’t have an excess of stock that ends up losing value or getting wasted. Here are four tips for smooth inventory management. Avoid traditional tracking: back in the old days keeping an excel spreadsheet or physical document was the most popular wholesale inventory managing system. It did work but only for a short time because of the fast industrial growth. Manual inventory become harder to maintain to the point where it was impossible to keep up. That’s why it's best to ditch manual tracking and go straight for software to keep a track of your inventory. Automation: as you grow, there are chances that a lot of things might fall through the cracks and to avoid this from happening automation is the number one key. When your wholesale inventory system is built on automation, there is no room for mistakes, human error, or oversights. You don’t have to remember to add every small detail into your inventory counts every day or update every field of a spreadsheet that changes with each new transaction. This all can be done with the help of automation without wasting your time. Remember the Aim: in a model world, you have the exact right amount to everything but, that’s not the case in the real world. We might have accomplished many things but, we still can’t predict the future. It’s a loss if you run out of stock but, at the same time, it’s also a loss if you have too much of it. The longer you hold onto an item, the more its value goes down. So always remember to figure out what is ideal for your business smaller amount or larger. Optimize the space: when it comes to effective inventory management, the warehouse layout is often overlooked. But it can make a big difference for your ability to pick and pack as efficiently as possible. For example, consider the top layout designs and how they can help with your inventory management- U shape, I shape, and L shape layouts.