The 3 Most Commonly Overlooked Key Elements of Inventory Management

Perhaps you’ve met this person, or maybe you are him or her. It’s the person whose desktop is immaculate – with everything lined up just so – but as soon as you open one of their drawers, you see a bunch of things crammed in there haphazardly, without any discernable system. Sure, the desk looks great to the boss walking by, but when it comes time for this person to unearth that important financial file from a few months back … good luck with that. Throwing things in drawers to project an appearance of organization is something with which we can all relate. Simply put, it’s easier to straighten things on top of a desk than to organize the contents within.

“Some stores overlook the disorganization that’s unseen in favor of offering a great outward appearance.”

When it comes to retail stores, the outward appearance of the store is the equivalent of the top of the desk, while the inventory is the equivalent of what’s in the drawers. And just like people, some stores are likely to overlook the disorganization that’s unseen in favor of offering a great outward appearance.

Stores without strong inventory management processes are the retail equivalent of this kind of person: Sure, everything looks great on the outside, but beneath the surface, there’s a whole lot of disorganization. Organizations need to make sure they don’t overlook the importance of inventory management.

To bolster the quality of inventory oversight, stores need to make sure they don’t overlook key elements of a great inventory strategy. Therefore, we’ve decided to highlight three inventory-related practices that can be easy for stores to overlook:

1. Keeping an ongoing record of inventory to ensure accuracy: 

As a retail operation, it can be tempting to only keep track of inventory at certain moments, such as when you’re receiving orders. And as Entrepreneur pointed out, stores that don’t harness a convenient means of data entry are also left with counting/tracking methods that are far too error-prone to be dependable. Solving these issues boils down to implementing a solution that makes inventory tracking both accurate and easy to carry out on a consistent basis. This is where handheld RFID devices like the Nedap !D Hand 2, TSL 1128, and Touch Technologies r-touch can make a big difference.

2. Paying careful attention to inventory tracking numbers: 

There are items in a store that sell out quickly, and then there are others that just don’t move as quickly. But for store leaders who don’t pay attention to inventory tracking data, these items might as well be the same. The problem is, they aren’t – and stores that aren’t able to prioritize inventory items are apt to always be running out of desirable merchandise while wasting money stocking products that customers simply aren’t buying. To prevent this problem from arising, stores need to implement RFID software, which can help to automate the process of inventory and assets tracking, thereby providing store leaders with actionable data about which products should take priority in terms of stocking.

3. Letting all staffers know about the inventory strategy:

While store managers may be the main employees handling inventory issues for your stores, that doesn’t mean the remainder of the staff should be left out of the conversation. Inventory management is the kind of thing that should be communicated across the board.

As inventory visibility leaders, CONTROLTEK offers businesses a host of products that can play a key role in bringing inventory management up to speed. While inventory is something that can be overlooked by store leaders, it’s also an element of store operations that is easy to have firm control over. From the RFID software we provide to our industry-leading fixed readers and USB readers, we have the tools to make sure your store is positioned to be the most profitable it can be by increasing sales and reducing shrink.

To find out more, contact CONTROLTEK today.

About CONTROLTEK

Since 1976, we have been delivering unique products and solutions to the cash-transfer and asset protection industries to address specific business challenges. Our company has grown steadily based on the quality of our products and the quality of our service. Our commitment to research and development is combined with a willingness to listen to the people who everyday depend on our products. By relentlessly researching and introducing new materials and new features, we are proud to say we have impacted the way assets are secured globally.

With experience gained through research and collaboration within the financial and retail sectors, we actively charted a course over the past several years to bring added value, new thinking and viable approaches, addressing the dilemmas and challenges that frustrate business professionals today.

During this process, we realigned our resources within CONTROLTEK, creating three silos (ISS, ISP and IVS). This enables us to focus more specifically on the needs of our Clients and their specific challenges they face on a daily basis. Additionally, CONTROLTEK has aligned itself with Global partners to provide holistic solutions that solve today’s challenges.   Whatever the application, CONTROLTEK resources stand by ready to deliver results that enable commerce and effectively secure assets at financial institutions and leading retailers across the globe.