Inventory Management Tips 

Although every business is different, there are a few general tips that all companies can use to improve their inventory management. In this blog post, we’ll discuss a few of those tips and provide examples of how they can be implemented. We hope you find this information helpful!

With no further ado, here are five inventory management tips:

Have a plan and watch the supply chain

It is no secret that the supply chain has been affected since COVID paralyzed the world. Focusing and understanding what’s happening on the supply chain will help you anticipate a delayed order. Plan ahead and find alternative suppliers or keep a reasonable amount of “safety stock.”

Don’t keep inventory lying around.

It is never wrong to have extra inventory, especially if it’s part of the “safety stock” mentioned previously; however, you do not want to keep that part lying around forever. This cost money! Find out which parts can stay and which ones are not really needed. Once you figure out which ones are not needed, find a supplier that can respond and deliver if it’s needed in the future. 

Create relationships with your supplier 

Having a good relationship with your suppliers can help you stay on top of the game for any supply chain disruptions and demand and supply trends. It might also give you priority whenever you need a part quickly. So make sure you are following your suppliers on social media, and you interact with them. 

Invest in a warehouse management system

Keep track of everything from sales to re-stock with a solid warehouse management system. It will help you prioritize when it comes to re-stocking and identifying which parts you can get rid of. 

Find the right suppliers.

This is probably the most important tip on this list. Having the right suppliers can save you a lot of time and money. To help you find the right suppliers, we have outlined our top five questions to ask when outsourcing your parts department. 

If you are looking for a supplier to assist you right now, contact us today at 937-346-0800. We manufacture OEM and aftermarket parts, more specifically window components for the RV, boat, specialty vehicles, and heavy trucks industry, so you know that the product you receive will be of quality, and we will always have your back. 
If you found this blog useful, you might also like “How to increase profits with your repair shop.”