Inventory tracking is an important part of warehouse management. It is the process of tracking how products move through the supply line.
As customers purchase products, shipments are made, new inventory is ordered, and new products are launched, leaving your inventory numbers in constant flux.
If you do not yet have a reliable method for tracking the movement of your inventory, your business could be hemorrhaging money. As your small business grows, this need will only become more apparent.
Benefits of Effective Inventory Tracking
Accurate data regarding your inventory is integral to the success of your business. There are several key benefits to effective inventory tracking, including:
- Never be out of stock: Inventory tracking can help you know exactly how much restock to order so you’ll never run out of products to sell. This creates more happy customers and vendors.
- Save money: On the flip side, inventory tracking can help make sure you are not OVER ordering restock, wasting money on warehouse space and products that might not sell.
- Minimize risk: When you have a solid understanding of how your products move, you minimize the risk of theft, mistakes, and other causes of shrinkage.
- Identify areas for improvement: With accurate data backing your decisions, it is easier to identify areas needing improvement.
How to Improve Your Inventory Tracking
Back in the day, all inventory tracking was done with a pencil on spreadsheets. This method was extremely tedious and susceptible to mistakes, but thankfully, there are more modern options available.
Apps and software can help you more accurately track your inventory levels. However, this software is often too expensive to justify for many small businesses. That’s where a 3PL provider can help.
Companies built around logistics can better afford this high-quality software. They can provide the services of data collection and analysis for you, and their experience in the field makes the consultation even more helpful.
Warehouse Management & Logistic Services
For small businesses looking to outsource their inventory tracking, look no further than Cannon Hill Logistics!
Our high-quality logistic services can meet all your warehouse management needs. Based in Maryland, we provide the most trusted and affordable logistic services on the East Coast! Call now to learn how we can help your small business grow.