Inventory control is essential to smoothly and successfully run a manufacturing company. But what’s the best way to go about it? Here are 3 simple times with big impact.
1. Up-to-the-minute data
We hate to say it, but when it comes to inventory control, your computer is actually smarter than you. Instead of relying on spreadsheets, lists and general confusion, find a program that will do the work for you. Invest in software that automatically adjusts your inventory levels the moment something changes, and alerts you when a work order is needed for components or sub-components. That way you don’t have to worry about human error, and you can get back to the meat of your business.
2. Set minimums
Do you refill your gas tank when it’s empty, or when it’s nearing empty? We’re going to hope you said the latter. When it comes to inventory control, the same principle applies. If you wait until you run out of parts to re-order them, your clients won’t be too happy. Determine the minimum number of components you need to successfully run your business, and make sure you receive an automatic reminder when you’re reaching that number. This way, if you receive unexpected orders or there’s a delay in receiving new parts, you don’t have to sweat it.
3. Keep everyone in the loop
Communication is key. There’s nothing worse than one person accidentally thinking someone else was going to buy or build new parts. Consider storing your inventory data in the cloud, so that your employees can access it from anywhere in the world. If your entire team is working with the same data on inventory, purchase orders, work orders and shipments, then you guarantee nothing gets lost in translation.
Do you have any tips for successfully managing inventory? Share them in the comments!