Avoid these five inventory management mistakes

How well do you track your inventory? In order to have high sales, you need to pay attention to inventory-cost reduction, and more importantly, you need to be doing it right.

Today is the day to make sure you are not making any of these five inventory management mistakes.

Number one: your performance measurements are lacking. It’s critical to make sure you initiate mandatory tracking of fill rate and inventory turns for all products, every day.

Two: your employees aren’t qualified to manage inventory. Make sure you hire the right people and hold inventory managers accountable.

Three: you can’t plan due to lack of forecasting. 56 percent of businesses desire to improve customer service levels. If you don’t know the stock you have in place, it will frustrate your employees. If your team cannot meet customers’ needs, they will do business elsewhere.

Four: you aren’t automated.

Five: your inventory counts don’t really happen. You will be better off checking inventory levels in one section per day, and with a barcode inventory management system, it’s easier than ever.

Source: Entrepreneur