Stocking inventory can be challenging for many businesses and retail store owners. Overstocking can lead to costly excess inventory, while understocking may cause you to miss out on sales. Hence, inventory management is just as important as transport services in the business.
As a trusted trucking company in Maryland, we will share helpful strategies to help prevent inventory overstock:
- Invest in IMS.
Inventory management software (IMS) makes data tracking and analysis easier for retail store owners. When selecting an inventory management system, consider the metrics and key performance indicators (KPIs) you want to track and ensure the platform aligns with your goals. It provides a scalable solution for your business.
- Assess current trends.
Keeping a pulse on the market and economic trends is essential in anticipating supply chain fluctuations to prevent overstocking. Knowing the latest trends can eliminate the guesswork of purchasing and uses a formulaic approach to stocking. A logistics management provider can also provide insight into the latest trends.
- Audit inventory regularly.
Conduct regularly scheduled inventory audits to know your business measures up to your KPIs. Data that helps establish KPIs for inventory management include inventory turnover rate, inventory count, inventory overstock, cycle time, and order fulfillment time.
We at TDMS LLC (Transport Delivery Management Systems) specialize in high-quality trucking services in Lanham, Maryland. We help address inventory overstock by taking care of the transportation aspect so you can focus on more urgent matters in your business. Reach out to us to learn more.
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