Retail is all about the products you sell and the items needed to support your business. Keeping track of inventory is one of the most important things you can do for your retail location. However, some businesses find it difficult and time consuming to keep inventory, and it’s rare that a business gets it right without the proper tools. Here’s what you need to set up a comprehensive inventory management system. 

Establish Clear Policies and Procedures

Start by establishing clear purchasing, receiving and inventory procedures. If everyone involved in the inventory process knows what to do, the process should run smoothly. Ensure that all co-workers are trained on the policies, and allow them to practice before leaving them to it. 

Analyze Your Inventory Requirements

Before you can get inventory moving as it should, you need to measure your inventory needs. Figure out which items you need to have in stock and what quantities you need to ensure you always have supplies on hand. Consider how long each product takes to order, and decide at which points inventory needs to be replenished to ensure on-time delivery. 

Choose an Inventory Management System

When selecting an inventory management system, you should consider whether your company would benefit from an automated system or one that simply records the information. Either way, you’ll want to make sure the system accurately tracks product availability, order history and invoicing. 

Implement Cycle Counting Processes

By implementing a regular cycle counting process, your team can ensure accurate inventory levels. Performing occasional physical inventory counts can help, as well, to verify that the system’s inventory matches up with your actual inventory numbers. 

Monitor and Evaluate Performance

Implementing an inventory management system is important, but it’s just as important to ensure that the one you have is working. Take time to evaluate the system and processes you have in place. Monitor performance metrics like inventory turns, profitability and costs. If something’s not working, make adjustments where necessary. 

In retail, proper inventory management is key. Contact us to learn more about how Pollock Orora can make SOLVED happen for your retail network.