When running a business, an effective inventory system can provide numerous benefits such as accountability as well as save time. However, most establishments have poor inventory policies in place.
As a result, the business lacks the efficiency that an inventory policy can provide.
Do you run a business that deals with numerous types of equipment? Do you find it hard to keep track of your gear? Well, here are five tips for creating an adequate inventory.
Keep reading to learn how you can improve your inventory management.
1. Compile Everything You Own
The first step to creating an inventory is knowing what is in your current possession. This involves making a detailed list of every item in your business that you want to keep track.
If you do not know what you have, then you can’t keep track of it. Even if you have a rough estimate at the back of your head, it is almost impossible to maintain an accurate record of your head.
Quite often gear gets damaged, replaced or new gets purchased. Hence having it written down somewhere is essential and makes it easier to record every change in the inventory.
2. Implementing a Tracking System
If you have many employees, it is important to keep track of your gear. You need to have a system in place that records which employee is currently using what and if they return it after using it.
The system should also facilitate the recording of damaged equipment as well as the addition of new gear.
There is numerous inventory management system available for purchase. However, developing the right inventory system for your business requires some considerations.
3. Proper Distribution and Storage of Equipment
Having a tracking system is just the beginning. You need to have an organized set up for the distribution of equipment if your business has multiple locations. Additionally, you need to set up designated storage areas for your gear.
This way, if anyone needs something, they know where it is situated and where to return it after using it. With designated storage for your gear, it is easy to track your entire inventory at all times.
You can learn more about practical storage tips and solutions equipment from Storagewest.
4. Implement Additional Technologies
Having a record of your gear and storage is not sufficient in keeping track of your gear. You need additional support to verify that everything is where the system says it is. One such piece of tech is RFDI chips and trackers. These enable you to check the location of every item in the shop. As well as items that are outside the shop. With RFDI chips, no one can take gear outside without your knowledge.
Additionally, trackers help you keep track of the equipment when it is in use in the field. Hence making it harder to lose gear or have it stolen in the field.
5. Train Your Employees
Once you have an inventory system in place, you need to train your employees on how to abide by it. Make sure everyone understands that they have to sign for every piece of equipment they use. Also, ensure they know that they are responsible for the item until it gets returned to its designated storage.
It is also advisable to limit access to the inventory system. You never know if you can fully trust all your employees not tamper with the system if they lose or steal gear.
Creating an inventory is a matter of creating a system that enables you to track where everything is at any given moment easily. If you can create such a system and ensure that it gets followed and continuously gets updated with any changes in the inventory, then knowing your gear will be a breeze.