Inventory
is the lifeblood of your retail store. When it's stored off-site,
having an accurate record of what's available and what's not is even
more important in order to avoid wasting time and money. So, how can
your retail operation improve its inventory methods? Here are five
ways to make them more efficient and more cost-effective.
Designate
a Receiving Department
All
arriving inventory should go through one designated department before
heading either to storage or the shelves. This receiving department
might be one person or it might be several people, but they should be
in charge of handling things rather than whoever is available.
The
receiving department is responsible for checking incoming goods for
quality and matching the order to what arrived. Then, they should
create the right label and otherwise prep the goods to go into
inventory.
Standardize
Labels
Implement
a labeling system that will work nearly all across the board. The
more standardized your labels are, the less time your employees will
spend trying to find goods or fill orders.
Each
unit label should feature basic fonts, basic dark text on a light
background and the same verbiage for routine items. Include only the
basics needed for identification, including name, description, size,
color, quantity and any bar code number you use. Avoid unnecessary
distractions — like manufacturer information — on the label.
Store
Thing Smartly
Look
at your storage area. Are popular items in the front and easy to add
or remove? Are like items - or items frequently purchased together -
stored closely in distance? You may even want to track steps and
traffic patterns to see where there's inefficient placement.
Another
part of logical storage is to use a space that has plenty of room to
maneuver. Employees should be able to move around easily, both with
and without goods in hand, and sometimes even move around while
others are in working in the same space. And use storage systems
designed for your type of retail items. Storing inventory on cramped
or repurposed shelving can easily result in lost time and missed
inventory. Bright, new, clean shelves and bins keep things clean and
easy to find.
Add
Pictures and Maps
Never
underestimate the value of a picture. Generally, employees rooting
through inventory know what they're looking for visually. So, show
them a picture of what's in each bin, box, or shelf. It will speed up
the process and reduce errors. Pictures don't have to be fancy —
they can be taken from a small camera or phone and printed right in
the receiving department — but they must be able to show things
like size, color, or certain details (as relevant).
Likewise,
add up-to-date maps of the storage area so that everyone knows where
to look for items. Post a map at the entrance to each inventory
storage space with additional maps listing items in more detail
within certain categories or departments. Use icons like arrow
symbols to direct people quickly.
Involve
Employees
Your
sales and inventory workers are one of the most valuable assets you
have in creating a great inventor system. Use their experience. Meet
with staff at least once per quarter to discuss what's working and
what's not. Seek and seriously consider their realistic ideas for
solutions. Inventory methods are fluid systems, so there will likely
always be room for improvement as long as no one feels beholden to
any one way of doing things.
There
is nearly always a way to improve your inventory storing methods and
tracking. At Tysons
Self Storage
,
we have spaces that can help you manage all your inventory storage
needs. Stop by today to see what we can do to improve your
warehousing system.
