Starting a business or growing an existing startup requires having the inventory on hand to meet customer demand. Balancing stock while maximizing efficiency to your existing supply chain capabilities is not an easy process.
Without the real-time data at hand, you may end up being out of stock on the material you need and the customer’s order gets delayed. Let us take look at the following strategies that can help with delays or other issues that affect the balance in inventory.
Change Your Mind About Out-of-Stock Items
It is easy to assume that being out of stock on products is a great sign. It shows you which items are the hottest customer choices and that business is great. However, statistics show that seven out of 10 people who shop online will not wait for a business to restock the item. Instead, they will just pursue the next closest alternative.
Inventory Accuracy Matters
Missing orders and manufacturing delays can damage your brand reputation. Customers will not return to an organization that cannot fulfill their needs. This issue leads to a slippery slope to which fewer customers frequent your business.
Make sure to Invest in automated tracking methods to know where the product is at all times. The moment the delivery arrives, tag it and use real-time tools, such as barcode scanning. These automated tools are connected to your network systems. Whenever the product is scanned, the information is updated and more closely tracked. This method will also tell you when it was packed to complete a sales order.
Having out-of-stock products and orders delayed can hurt business operations and lead to disruption of manufacturing processes. Remodel the way you want to store your inventory, create product demand forecasts, and track inventory movement accurately throughout your supply chain. Be sure to consult the accompanying infographic below for more tips on inventory management.
Author bio: Beau Christian is Director of Marketing at WSI, a leading third-party logistics provider that specializes in fulfillment, chemical warehousing, transloading, transportation, and more. Having the 17th-largest 3PL network in the United States, spanning more than 15 million square feet, WSI delivers tailored end-to-end supply chain solutions to customers who seek to increase efficiency, shorten lead times, deliver more reliable performance, and minimize costs.