Tips and Tricks to Track and Manage Your Organization’s Inventory - Tips and Tricks to Track and Manage Your Organization's Inventory

A well-managed inventory is key to successful operations. If you are looking for ways to take your business to a new level, an inventory management system can help. An inventory management system will streamline your supply chain processes and keep you organized. This article discusses different inventory management tips to help you track and control your supplies more effectively.

Categorize Inventory Carefully: Inventory categorizing is crucial when dealing with physical goods because it safeguards your profit margins and reduces the risk of write-offs and losses from spoilt stock inventory. It also marks the initial stage in demand forecasting, increased costs, supply chain optimization, and the slight decrease of obsolete inventory. 

By organizing your inventory into different categories, you may quickly determine which items need to be purchased more frequently. It helps identify the quantities and priority of items required for smooth operations in a business. Experts recommend categorizing your inventory into A, B, and C categories. Items in the A category are more expensive and in limited supply. Low-cost, high-turnover products fall under the C group. Items in the B category are in the middle; they are reasonably priced and move out of the door slower than C items but more rapidly than A items. An ABC analysis is an efficient approach for a business to assess the worth of its stock and inventory. Using specialized software can further streamline the inventory management process. 

Track Your Inventory Accurately with Real-Time Data: Understanding the status of an organization’s inventory is essential for achieving efficiency and speed in operations today. Warehouse Management System (WMS), Enterprise Resource Planning (ERP), and Material Requirements Planning (MRP) systems are three inventory management solutions. You may not need to utilize all three, but they perform best when combined. A WMS system helps keep track of your current inventory levels. It can also decrease human error and increase efficiency by automating your inventory management processes.

An ERP system is best for tracking your production schedule, ensuring you produce enough finished goods to meet demand. Making sure you have the correct quantity of items can help you avoid waste. This can be accomplished by setting up a replenishment process that tracks your inventory levels and produces a schedule to order materials. An MRP system may be used to track any timing issues in your supply chain. This can help avoid any stock-outs, which can cause a lot of disruption to your business. 

Set up a Replenishment Process to Avoid Wastage: Replenishment is one of the most important aspects of inventory management. You may have the perfect number of items, but if you do not order more when they run out, you will be out of stock. This is where a replenishment process comes into play. Use the (first in, first out) process when managing commodities that can spoil, such as materials, food products, chemicals, pharmaceutical inventory, or other items with a dated shelf life. To prevent spoilage, pay close attention to the expiration dates on your products. There are several ways to automate your replenishment process. You can set up digital barcoding and GPS-enabled RFID tags to increase security against loss and theft. This will also provide immediate inventory alerts, notifications, and real-time tracking. Another option is to create a manual system, where a person manually orders materials when needed. Always ensure that your system is based on accurate data. If your inventory is inaccurate, you will order more products than you need, resulting in extra costs and waste.

Invest in Inventory Management Software: There will undoubtedly be some challenges as you manage your inventory. Timely detection of these issues enables you to address them as quickly as possible. A problem with your system or data input practices may cause erroneous inventory data. You must find a solution if your system is not configured correctly, or your data is input incorrectly. The easiest way to solve these issues is by investing in inventory software. Inventory software automates many of the manual processes, which can reduce human error. It can also track the data, so you can make sure your system is accurate. Most companies purchase inventory management systems or use specially created databases to manage their inventories. The supplier can modify the database with inventory management software to meet their specific and overall business requirements. 

Complete Asset Tracking and Inventory Management Solution: Asset tracking systems can help with the entire inventory management process by making it easier to track inventory assets. Asset inventory management tracks all equipment and devices inside an organization – from one location to another. Managing your inventory is challenging and time-consuming but is critical to running a successful organization. 

An efficient inventory management automation program simplifies implementation by using a single vendor for hardware, software, and support. Intelligent Dispensing Solutions offers all the required hardware, software, and support to help you regain control of your inventory. IDS offers not only the most feature-rich inventory management solution but also the most comprehensive solution by a single provider. Call us today to know more.

How Smart Lockers Enhance Inventory Management

Today’s inventory management, while complex and demanding, is a crucial part of every organization’s functionality. Therefore, it’s necessary to invest resources in the latest solutions that will increase efficiency within your organization.

Smart Locker storage is soon changing the way we track and manage inventory. This wonderful technology enables the distribution of inventory at the point of need. Smart Lockers simplify inventory distribution by reducing costs and taking away many processes that require hours of management. 

How Smart Lockers can be the difference?

On a basic level, smart lockers are modular storage devices that organizations can use to protect their most valued assets. But these are devices with a cutting-edge proposition, a highly secure digital platform that can simplify asset management in various ways. iQ Technology from Intelligent Dispensing Solutions, can systematically maintain a real-time digital record of transactions, which helps keep track of assets. The accountability of each of these assets will be clearly specified. It can meet the various requirements of organizations without any need for the employees to search for supplies, as they have what they’ll need with a click of a button. 

Smart lockers feature live analytics and multi-featured dashboards. iQ Technology software allows you to track all your items in one location.

 We at IDS design Smart Lockers that can fully address your team’s needs, facilitating the storage of critical reusable assets, consumable products, and other inventory. 

Automate your processes

Maintaining and tracking asset details through spreadsheets and scheduled audits is laborious, error-prone and time-consuming. Any lapses in the process could lead to a significant loss of time and money. These efforts can now be easily managed with easy-to-access Smart Lockers that can automate tasks and generate usage reports. The analytics and usage reports provided by iQ Technology make inventory management more simple and accurate.

Users will have access to analytics and data reporting that can help identify critical issues that require immediate attention. Real-time updates and notifications help management provide accountability and understand the details of each asset transaction. This accountability also provides reminders to help employees be aware of any assets that must be picked up or restored.

Assigning and identifying accountability 

It only takes a moment for an asset to be misplaced, stolen, or destroyed. With Smart Lockers, you can restrict the usage of assets to a select few employees. Credentialed employees can access the locker compartments through RFID badges, barcodes, mag stripes, and even an ID barcode card. The detailed layout offered by Smart Lockers enables management to have a thorough understanding of asset usage, including the people assigned with the responsibility for the asset, where and when they have used it. Assigning an asset, which takes hours in a typical manual setting, can be done with the click of a button. Moreover, the web of security provided by usage logs meets the standards of internal security and policies based on industry-based regulations. 

IDS Adjustable Lockers can be used for secure asset management in the form of single-dispense, multi-dispense, will-call, check-in/check-out and storage for high-dollar items or user-specific items that contain sensitive data such as laptops, tablets and smartphones. 

Intelligent Dispensing Solutions is a pioneer in developing innovative dispensing solutions for inventory management and have proved our expertise as a leader in inventory control dispensing for over 20 years. As one of the world’s largest manufacturers of integrated Supply Dispensers and Supply Lockers, we offer solutions that match the unique needs of our client base around the world. We’d love show you how it works.