You need to have a forecast of your inventory in place This will help you know your ordering cycle as well as the buffer stock to keep so that your Operations keep going As you plan your inventory is always advisable to consider unforseen factors like lead times changes which might affect the entire plan Also you need to have JIT - Just In Time concept adopted in your systems and work area to ensure your don't incur costs of holding inventory awaiting discharge simply because it was delivered before the ideal time or you don't incur loss of market by having your inventory arrive past the needed season for the market. Failure to have JIT concept at work can paralyse entire operations, lose of customer trust due to lack of goods!

"You need to determine how much inventory you need to have on hand" As usual, the challenge is not the idea it is the execution. Do you have an accurate open to buy plan or merchandise plan? With my partner, we have over 30 years of history data.

You should also need to perform analysis for your idle or slow moving products. As the major reason for overstocking and blocking your finance in terms of purchase payable and space is to neglect non-performing products that may be find out through sales data. Wisely defined Re-orders level for inventory helps you via below re-order reports that are available in multiple software's to take in time decisions to replenish inventory. High turnover inventory items increase your bargaining power if you can manage space.

Before you try to target KPI's and streamlining processes first review your inventory history, ordering and usage as these change over time. Comparing the historic ordering and usage of products can and will highlight the disconnect many businesses have in this area. Using this data and making small changes to when you order or how much or the accuracy of usage can have huge beneficial impacts of the business.

Use specialized software, set reorder points, categorize items, establish unique control measures, use ABC analysis, build strong supplier relationships, forecast demand, integrate with sales and order systems, use data analytics, and regularly review and adjust your methods.

To control your stock can be implemented a daily routine for warehouse team and material planners. In this routine can be defined some control points and compare standard situation with the results found during the day. Create reaction rules for deviations from standard and even apply to 8D for problem solving. Empower logistics team to find problems and solve them before to escalate to a major issue in stock control. Create improvement ideas system to encourage people to anticipate potential problems.

Your inventory control system should be automated in such away that the system can alert you in advance when a particular stock needs replenishment and you can order on time. Overstocking is addressed by automated inventory control system

Inventory control process should be customized to meet organizational business needs. In my experience, you have to start with the basics: First, Arrange the warehouse area in a manner that maximizes efficiency, ensuring swift and convenient retrieval of products. Second, Perform periodic cycle counts to pinpoint any inconsistencies.

In my experience the fundamentals are key. The cornerstone of any good inventory system hinges upon redundancy. Scanners are good but eyes are better. Diligent understanding of what it takes to be exact and precise rule over any automated system. Doing the right thing over and over again, dovetailed with people that care about the work they are doing will always win out. It will never be a perfect system but, for the moving parts of the machine, doing everything right will limit errors and loss.

Effective inventory Control methods should be tailored to the specific needs and characteristics of your business. First of all classify your inventory and maintain the safety stock of your regular item having longer lead times. Reduce items having less turnover to make its inventory on JIT. Automate your inventory to streamline processes and reduces the risk of human error.

System integration is key to achieve optimum levels of inventory management This helps by ensuring all data input by various users is integrated centrally for ease of decision making Also it's important to periodically audit the system to ensure it's functioning well this is through continuous system upgrade and maintenance.

Choose inventory control system that suits your business size and complexity. Ensure the system can handle your specific inventory needs, such as multiple locations, serial numbers, or lot tracking. Use technology to automate routine inventory tasks and track inventory levels in real-time and generate automatic reorder alerts.

Implementation must include following either way manual or electronic, 1. Identification 2. Location 3. Tracking 4. Transparency 5. Wisely define minimum stock 6. Maximum stock limit will avoid overstocking 7. Packing material weight in case of bulk for quick physical audit.

It is important to have a good understanding of the business and program delivery specifics. This will guide in creating allowance for innovative approach that ensures an efficient system.

You can run surveys which are anonymous to your customers & staffs so as to get accurate and detailed feedback on how they feel interacting with the system The feedback should help towards creating a user friendly systems as well as modifying and upgrading the system to some your customers both internal and external with efficiency

Choose suitable inventory management software or systems that align with your needs, enabling efficient tracking and control. Implement demand forecasting techniques to estimate future demand, enabling proactive stock adjustments. Set optimal reorder points based on lead times, demand variability, and desired safety stock levels. Establish clear communication with suppliers for timely deliveries, reducing excess inventory and stockouts. Implement quality checks to ensure product integrity, reducing returns and customer dissatisfaction.

It's good to note systems are run by people therefore to achieve much from the people ensure they are trained on how to use the system Guard your system against cyber attacks/ crimes and data phishing which might undermine & corrupt the quality of your data and mess the entire supply chain & inventory management.

I will add to have a constantly communication with customer about the inventory we handle for them. Because is the best way to track it. We can know on time if they are having a spike or a reduction in their consumption. Let them know how that are consuming by week and by month. This is very important. They can have a spike or they are processing in advance, are two different things. The first you need to replenish, on the second you don’t need to replenish. Just make sure you have orders to cover the nexts months. Communication is the key to success.

Conduct routine audits to identify discrepancies and adjust inventory levels accordingly. Train your team to use the system effectively, ensuring accurate data entry and adherence to inventory control procedures.Regularly assess system performance, refine processes, and adapt to changing market conditions.