Did you know that most retailers and grocery stores are missing more than 10% of their inventory?
The labor shortage and supply chain issues are much to blame, but no matter what, it’s the responsibility of the business to prepare.
If you want to avoid running out of inventory, you should improve your storage so that nothing gets wasted.
Read on to learn some of the best inventory storage tips that will prevent you from losing profit!
FIFO
One of the best inventory storage tips is FIFO, which means, first in, first out.
When you get new inventory, before putting it on the shelves, pull the older items to the front. This tip is especially important in the restaurant and retail industries since there are expiration dates. Even warehouses and shops need to follow this method so that items don’t expire before getting unpacked.
If you are concerned that your staff following this procedure, you can conduct audits by checking each expiration date.
Use Labels
Whether you are in the logistics industry or e-commerce industry, labels are an essential item.
Labels on products and shelves can help ensure that everything gets put where it belongs. A common problem that businesses face is when items get put in different spots and items get overlooked.
Many people recommend that you create a warehouse management system while creating labels. You can discover more here and learn how much time and frustration you can save. Your management system will help you identify which items still need a label too!
Open Boxes
Managing inventory takes some time, but once you create a system, it makes other processes easier.
Opening boxes and putting inventory on the shelves can save time during the workday. Instead of people having to open boxes whenever a customer needs an item, they can quickly run to the warehouse and grab what is needed.
Another reason you should open boxes when you recieve inventory is so that nothing gets overlooked. Boxes make it difficult to see just how many items you have or if you are about to run out of anything.
Designate People for Inventory Tasks
If you want to prevent items from disappearing, you should designate an inventory team.
When too many hands touch the products, it becomes difficult to trace a problem when they occur. Have a group that is trained on inventory and let them take over the task, consistency is key in this project.
Staff that is trained in inventory also get in a groove once they do it a few times and take full audits faster.
Is Your Inventory Storage Failing?
Improving your inventory storage can help you make better use of your products and prevent them from expiring.
No matter what industry you’re in, the FIFO method is strongly recommended. Labels are another useful tool that can help people find what they need. Although there are disruptions in the supply chain and staffing, inventory should be a top priority.
Don’t be afraid to make some changes if you think that your current process is failing.
Be sure to check out our page for more content about managing inventory and running a business!
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