10 Tips for Smooth and Accurate Inventory Organization and Management

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It can be an uphill battle keeping your company’s inventory effectively organized and managed. There are some subtle nuances that are easy to overlook but should ultimately not be ignored. Compass Technologies, which provides retail point-of-sale, wholesale and distribution services to its customers, offers some helpful advice for inventory and organization management.

 

1. Limit access to inventory. Only those who need to have their hands on inventory and inventory data should be allowed access.

 

2. Establish well defined, user-friendly storage and receipt management policies. Check lists and data tables.

 

3. Create an inventory system that utilizes multiple locations to replenish inventory from multiple sites - minimize distribution costs.

 

4. Clearly map and label inventory areas, easy to read and understand with item descriptions.

 

5. Track annual and seasonal regular inventory demand analysis. Use competitive data for start-up companies.

 

6. Track and document inventory processes, including reviews.

 

7. Inventory data base- GP and Add-On solutions

 

8. Use inventory alerts to make management aware of stock limits

 

9. Manage paperwork, purchase orders, receipts and inventory counts with GP for reporting

 

10. Utilize software add-on solutions to further manage the inventory process.

 

Microsoft Dynamics GP along with add-ons such as Compass Technologies Inventory Cross Reference can greatly increase your ability to manage and organize inventory. Dynamics Inventory Control allows you to create records for your items and establish how they will be tracked and priced. Features include batch manipulation of records, ABC analysis to prioritize items, life cycle tracking of serial number and lot number and much more.

 

Inventory Cross Reference add-ons for Microsoft Dynamics GP features include:

 

  • unlimited creation of alternate item numbers
  • retail Point-of-Sale (POS) scanning of alternate numbers
  • use of generic UPC numbers as alternate item numbers
  • easily adding additional numbers by cashiers and support staff.

 

For more information about Inventory Cross Reference and other tools that can help streamline your inventory control process and sales, learn more about Compass Technologies.

 

By Hillary Horning, Compass Technologies

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