Studies over the last two decades have shown a definite correlation between effective inventory management and increased productivity. But, these merely support a notion that makes perfect sense. If you are better at managing the storage and shipping of products in your warehouse, your operations run smoother and you stand to make more profit. Warehouse storage shelving definitely comes into play here, as do a number of other factors.
In this blog we will look at how you can use good foresight, planning, and warehouse shelves to tackle some basic inventory management aspects that you may have overlooked in the past.
Warehouse Metal Shelving: Inventory Management Tips
- Identify Your Key Issues
It is easy to get caught up in online guides and metrics that tell you how to run your warehouse. But, the problem with these is the fact that they don’t know your warehouse like you do. So, instead of following advice that can obscure your inventory goals, decide for yourself what your key issues are.
If it’s a stock surplus issue, this can easily be solved by expanding your warehouse storage shelving. If it’s a space issue, consider warehouse shelving that is more compact yet able to hold more stock, or that makes use of unused vertical space.
- Broaden Your Risk Assessment
It is important to project future risks so that you can start mitigating them at present and planning damage control. Ask any colleagues in the industry about possible future outcomes (like supplier failure, product discontinuation, etc.) and create a list of all of these risks. Then, as mentioned, start taking actions that can avoid these risks at present, and start making a plan which you can implement should any of these instances actually occur.
- Keep Reordering on a Rolling Scale
The act of ordering new stock to replace sold stock is something that you should constantly pay attention to. You will undoubtedly have periods of increased movement and other periods where the stock sits for longer. Pay attention to the demand on your stock and possibly bring in warehouse shelves that accommodate fluctuating stock demand.
- Pull the Plug on Old Inventory
Stock is an asset, yes. But, when it is taking up space that you could be using for in-demand stock, it is a liability. You need to weigh up the pros and cons of keeping that old stock vs getting rid of it and making space on your warehouse metal shelving. If it appears that the profits due to making space will outweigh the loss you suffer as a result of eliminating the old stock, pull the plug and get rid of it.
Choose Krost for Warehouse Shelving
These are just some of the ways that you can increase your productivity through very simple inventory management tweaks. And, if you need the help of new warehouse storage shelving at any time during the process, be sure to contact Krost right away.
Image credit: By Seika(Own work) [CC BY 2.0 (https://creativecommons.org/licenses/by/2.0/legalcode)], via https://www.flickr.com/photos/nseika/8096893693/in/photolist-dkuGpp-ozLihP-ekviK6-3dacsZ-fHtY1n-pySBp2-62Ec6g-8dg8We-7htw3o-dkuKZb-attY5F-5BKxEb-dkuMuQ-cbRdkL-asoxaf-afi3mk-62JtKd-dxsQ2Z-rDZA5j-dkuFto-7qwMnv-ahwGjA-7qAEsm-62Jyas-puhzgU-pHhfP1-62EfPB-9Bvpg1-62HiMw-JTwZ3q-bFWSAc-nmk8jw-6qjExT-4Gpmyg-fQm1bg-6TGhFS-kgZPhn-FvUMcz-o3BWGL-pWoiVK-e29hm5-dmtMBb-7UbTr6-dd9uk8-nQmndS-EVxwrG-cp3kiC-2Zq5re-9wwfsQ-oZ8iag