5 Ways to Manage the Right Inventory for Your Business
Inventory is a list that contains all items belonging to an organization that is used in carrying out its duties. About business, inventory is the management of assets and products, both finished goods and raw goods that will be sold to consumers.
Try to remember, how many times did you run out of stock when a customer wanted to buy it? If so, this is a sign that you are not managing your business inventory properly.
If this condition is allowed to continue, you may lose your loyal customers. This is the importance of good inventory management so that the above events will not happen again.
Here are 5 ways to manage inventory that is good for your business:
1. Make a Priority Scale
To create a priority scale, you need to make a list of which products have fast turnaround or vice versa.
That way, you will know which products need to be supplied more or more frequently, and even know which products may need to be discontinued because the market is not in demand.
2. Record Your Every Product Information
You need to know the information on each product in the warehouse. The information referred to here is for example SKU (stock keeping unit), barcode data, who is the supplier of the product, the price of each product, and so on. By knowing this information, you will be able to adjust in the event of a shortage of goods.
3. Perform Stock Opname Periodically
Stocktaking is the activity of directly counting the inventory of goods stored in the warehouse. The purpose of doing stock-taking is to find out the accuracy of the bookkeeping records with the actual conditions.
In theory, stock taking should be done at the end of each reporting period (once a month), because the more often it is done, the better. However, no standard provisions are governing the number of times that stock-taking should be carried out. So, adjust it to your business needs.
4. Pay attention to supplier performance
In running a business, it is not only internal factors that you must pay attention to, but also internal factors such as the performance of your suppliers. Make sure you always monitor your supplier’s performance from time to time.
How is the performance? Is the delivery of goods always made on time? How many items are damaged in each shipment? Can the return process be done easily? If you are not satisfied with the quality of service provided, you can give a warning to the supplier in question.
This needs to be done considering that the worse the performance of your suppliers, the worse your business will be.
5. Sales Report Analysis
You need to do a deep sales analysis. This is done so that you know a more detailed picture of how your sales are performing. For example, knowing which products are sold faster at certain times, knowing which products are always selling simultaneously, products that are often purchased in large quantities, and so on.
This data will help you to create more attractive promotions. For example, creating payday promos for products that are often purchased at the beginning of the month, bundle promos for products that are often purchased together, and so on.
That is the discussion about 5 ways to manage inventory that is right for your business. For your business to grow, don’t forget to advertise through the Froggy Ads service, you can start by advertising your products so that later you can increase visitors on your online business portal. Froggy Ads is an online advertising service that can help you control all your product campaigns. helps you target your desired marketing target and gives you many options to market your product.