![]() Be prepared to switch partners – or deal with uncertain stock levels and the possibility of running out of inventory. If you have a supplier that’s habitually late with deliveries, frequently shorts an order or is the source of supply chain delays, it’s time to take action.ĭiscuss the issues with your supplier and find out what the problem is. Analyze supplier performance for better inventory management.Īn unreliable supplier can cause problems for your inventory. Regardless of how often you do it, prioritize physically counting your inventory regularly to ensure it matches what you think you have. Others do monthly, weekly or even daily spot checks of their hottest items. Some businesses do a comprehensive inventory count once a year. Audit your inventory for better inventory management. ![]() In contrast, LIFO helps businesses with nonperishable inventory take advantage of price increases on new stock. ![]() FIFO aims to reduce inventory waste by selling older products first. You might also consider tracking each item’s cost over time so you’re aware of factors that affect pricing, such as scarcity and seasonality.įIFO (first in, first out) and LIFO (last in, last out) are two common ways to value inventory. This information should include the following: Keep product information for all items in your inventory. Track all product information to manage inventory better. These moderately priced items move more slowly than C items but faster than A items.Ģ.
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