Inventory management aims to determine exactly where inventory is located at any time. It also includes the quantity of inventory available. The objective of inventory management is to establish an efficient inventory management system that curbs wastage and prevents shortages. Many car shops employ different ways of scanning merchandise. They use barcode scanners to increase precision and productivity in delivery or pick up.
An ERP system relies on one supply chain process, while an inventory management system does not. They are often capable of linking with other software systems – point of sales, shipping, channel management, etc. – which allows you to tailor an integration stack to your shop’s needs. Long-term success requires that companies keep in mind that inventory management is an integral part of company development. It ensures that stock is in balance and is properly ordered. As an essential part of shop management, poor inventory management can lead to overstock, inventory shortage, and incorrect pick-up.
Looking at it from a certain point of view, misaligned pick-ups can be due to incorrect shelf labels, item lists, or a disorganized warehouse on a much larger scale. However, errors in shipping may result from poor quality control guidelines or poor decision-making at the root of inventory management. Obtaining efficient shop management software is bound to help you tackle these issues, and you can start by creating a tekmetric login for yourself, then take it up from there.
Seek out information about the supplier
Untrustworthy suppliers can cause havoc with your inventories. It is important to take corrective action if you notice a supplier who has a habit of not delivering on time or under-deliver on orders. You should discuss your concerns with your supplier and identify the source of the problem. You should make arrangements to change partners. Otherwise, you risk running out of stock and unknowable supply levels.
Sort inventory by priority
Analyzing stocks on a scale of importance and using auto shop management software such as tekmetric can help you identify the most important items you need to buy more frequently and which are more expensive or move slower. Experts suggest dividing your stock into A, B, and C groups. Stock items in the A category will be more expensive, and you will use less of them at any time. The B category lies in the middle. This explains why some items have median prices. However, they are moved around much faster than A items. Goods belonging to the C category have low prices and a high turnover.
Track the details of every product
You have to be vigilant for each item in your inventory and keep track of the details. These components include supplier data, country, and SKUs. It is important to monitor the pricing of all items in your inventory. This will ensure that you don’t get unexpectedly affected by market conditions like seasonality or scarcity.
Proper Inventory Auditing
For certain companies, a total count is performed on an annual basis. Others do a daily count to determine the success of their most profitable merchandise. The owners of auto shops are less likely to check their inventory regularly due to their nature and business. It must be done periodically to ensure that you know what is available.