Answers to 5 Big Inventory Management Questions

Over the past five weeks I have answered five big inventory management questions. I’ve compiled them here so you can easily access all of them. I’ve even condensed my answers for each of them into just a simple paragraph.

How do I manage a warehouse?

You need to keep a close eye on lead times, optimize your warehouse layout to make picking more efficient, train your workforce on the correct procedures and software, and have the right tools for the job.

How do I track inventory in multiple locations?

Software is extremely important. Find an inventory tracking solution that fits your budget and use it to monitor inventory levels, reorder parts and products by warehouse, and perform other essential tasks.

How do I get the best value for my money with inventory control software?

Focus not just on what the software costs right now, but how much it will cost to switch to something else in a few years if you outgrow a cheap solution. Make sure it works with your accounting solution and it can even extend the life of QuickBooks and other business software you’re already using.

What is the best way to manage inventory?

It all depends. What works for an electronics store wouldn’t exactly work for a grocery store, for example. Decide what you value most, what your budget will allow, what your customers expect, how big or small your business is, and other factors, and that should give you a good idea of the best way to manage your inventory.

What results can I expect from using inventory management software?

Empowered employees, lower costs, faster response times to customers’ orders, improved planning, and optimized warehouse layouts are just a few of the results you can expect to receive when you use inventory management software in your business.

More Answers to Come

Keep coming back to the Fishbowl Blog for more answers to your questions about how to manage your inventory and keep your business running smoothly.