Keeping track of inventory is a crucial part of your business. Having an inventory management system in place can streamline your business and prevent you losing money. Here we are going to talk you through some of them and how our storage Huntingdon UK will help.
There are different types of methods by which you can keep track of your inventory:
ABC analysis works by identifying the most and least popular types of stock. The stock which is most popular, based on sales or profitably, is placed in “Class A”. Then the next most popular “Class B” and the least popular “Class C”.
How many classes you break your stock down into is entirely dependent on your business and the amounts of varying stock.
Using this method along with our storage Huntingdon UK will allow you to store your stock in an extremely organised way. You will be able to place your “Class A” stock at the front of your unit and “Class C” (or whatever is your final class) at the back.
Batch tracking is, in simple terms, a traceability system in which stock is grouped together via expiration dates and trace defective items.
This is a method that is perfect if you work with any kind of food or drink items, cosmetics, electronics or anything else which is considered a perishable item. It helps you to be organised and maintain a high level of quality control.
You can adopt different strategies within your batch tracking such as “First In, First Out” (FIFO) or “First Expired, First Out” (FEFO).
Our storage Huntingdon UK once again would be a great partner for this method as you could organise your stock by expiration date on shelves within your units.
Just-in-time inventory (JIT) is fairly self-explanatory as it is where business owners only order and receive goods from suppliers as they need them.
This method does require extremely careful planning as you will need to know as soon as possible when an item is in need of reordering. You do not want to be allowing things to go completely out of stock as this will prevent you from getting sales.
These are just three methods of inventory management that you could try with your business. There are many more to look into as you try and find the right fit for your business.
Our storage Huntingdon UK is a great way in which to get your inventory management plan underway. It will give you a secure place in which to arrange your stock via whichever method you choose.