Manage Inventory Management during the COVID-19 Pandemic
In the face of a pandemic, product inventory management must be carefully monitored. For business people, this needs to be watched out for considering that a pandemic cannot be predicted when it will end. The first wave was not over yet, there was an issue of the presence of a second wave of COVID-19.
The prediction of the emergence of a second wave is due to the increasing number of positive patients infected with COVID-19. Businessmen should be wary. Are disruptions to business still going on? If so, how do you manage your business so it doesn’t collapse? Especially reducing losses every day.
Therefore, so that inventory management is maintained, business people need to rearrange it. Sort and choose which ones can be used long term or only short term. Rational choices keep your business stable.
Then, what is your strategy for managing inventory management properly and appropriately? Know and understand how below.
1. Always Check Reports Periodically
It is undeniable that you need to pay attention to reports on inventory management regularly. You can do this every week, two weeks, or once a month.
By studying the reports regularly, you can find out which supplies are running out, or even have run out. If so, you can set a schedule to supply products from suppliers to keep your business stable.
The most important thing is to always make sure that there are no missing reports. This is because reports are often made improperly due to carrying out a routine.
2. Prepare the product with maturity
What is most needed when entering the new normal is for the economy to move again. The product flow in and out is smooth. However, it doesn’t seem as smooth as one might think. This is because the second wave is ready to attend.
So, what needs to be considered is checking product inventory. Is there still or not. If it’s still there, it’s also worth noting how durable your product is. Can it last long or not?
Analyzing product inventory management carefully will avoid jammed distribution lines. Sometimes, the demand from customers increases but the product has run out. This can affect the level of sales and your brand in product management.
3. Sorting Old and New Products
Since the pandemic came, many products cannot be issued. Over time, your product is classified as dead stock. If this happens, you can separate it by moving it to another place. Because, so as not to disturb when a new product arrives.
Besides, to avoid losses, you can manage your old products so that they will generate a high selling value. Thus, you can save on operational costs, one of which is maintenance costs.
To make it easier to scan which products are old and new, you can give signs such as barcodes. Thus, data on inventory management can be recorded neatly.
4. Monitor Suppliers and Product Prices
The pandemic causes business people to reduce product prices as much as possible. Excessive discounts to attract customer interest. This is done so that the business continues. If so, you can adjust or use a more sophisticated strategy.
Besides, you need to check with suppliers. Is the product still available? What about the production or distribution system? Is it still going well during a pandemic or before the new normal?
You must pay attention to this for the sake of business continuity. Because no one can guarantee that suppliers can still exist. So, supplier habits can change or you can consider looking for another supplier.
Inventory management is one way to manage your product. Businesses must continue even if the pandemic does not end. When you can manage inventory management well, you also need to monitor how customers are in the habit of looking for products. Because, at times like this, the habit of owning a product will change. They just stay at home and try to make payment transactions from there.
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