KOAMTAC KDC-400 – Antidote for your business growing pains
Sometimes, your company’s operations are stretched to a limit when getting organised becomes challenging. This negatively impacts the overall organization and increases the rates of human error. Unfortunately, these business tactics eventually trickle down to your target customers.
However, implementing a barcode scanner, like KOAMTAC KDC-400, into the inventory management system can help you get back on track and significantly lessen the pains of a fast-growing business. With accurate, real-time data, business growth is in pipeline for you.
Go deeper with these techniques that help you optimize and gain control of your stock. Have a look:
1. First-in-first-out (FIFO)
A simple principle that is essential for regulating business operations, especially if you are dealing with perishable items.
Using the newest stock to fill customer orders is not always the best option for retailers, especially for businesses that deal in perishable items. If you have an old inventory on your warehouse shelves, these inventories are prone to damage, rotting, or expiration.
You can make a rule to store new inventory at the back of shelves and do sale from the front line of the inventory. This simply means you are enforcing a FIFO system in the business. With FIFO system, you will get the right count of your inventory easier and faster at the end of the year. Therefore, FIFO is an excellent method for calculating inventory value.
Prioritize your stock levels and organize your warehouse with ABC analysis. This analysis divides the stock items into three groups: A, B, and C –
'A' items: stocks with high value and low sales frequency
'B' items: stocks with moderate value and moderate sales frequency
'C' items: stocks with low value and high sales frequency
Mistakes during inventory tracking cannot be fixed very easily. Therefore, with this system, it is important to remember that you can keep a relatively low number of ‘A’ items in stock, and definitely need closer attention than ‘C’ items.
While implementing ABC analysis in your warehouse, store ‘C’ items closer to the packing area as they are the most popular ones among your customers, and also give way to sale ‘A’ items.
3. Optimal location labelling
If you have a messy, disorganized warehouse, your working environment will turn into a complete nightmare. Your staff should precisely be able to look at your system and easily find products when needed.
However, once you execute ABC analysis in the business, it’s essential to label every area, shelve, or unit of the warehouse with A, B, and C labels. Avoid using fancy names or making it unnecessarily complicated. Keep it simple. Giving simple names to items makes it easy for your team members to learn and train the same to recruits.
Sometimes, errors are bound to happen, even with all the best inventory methods are taken in place. Keep these errors to a minimum and make stock reviews less painful for you and everybody else involved in the team.
For instance, avoid using year-end stock counting. Instead of this, you can spread your counts throughout the year.
We are listing a couple of ways that will help you keep a track of your inventory more efficiently. Have a look –
Assign your team members to count each item in small batches each week. Use a barcode scanner, like KOAMTAC KDC-400 to scan each product with all the necessary details, that is counted and verified several times over a year.
When there is no regular schedule for counting the items, a spot-checking should happen. However, if an individual item is creating any problem for some specific reason, or if a team member has some extra time and looking for something to do, a spot check is called. Spot checking is simply adding another layer of accuracy to your operations.
To bring new effectiveness and efficiency to your warehouse as a whole, you can take up any of these inventory management methods.
Adding a barcode scanner to your POS system will help you manage your inventory for intimidating tasks and make it more effortless. With a barcode scanner, your team members can count each inventory in a simpler way, which in turn diminish the rate of discrepancies and increase productivity.
Therefore, an inventory management system enables businesses to not only clearly label all their inventories, but also improve their billing, manufacturing, and reordering processes. Integration of the system will also help in decreasing unnecessary expenditure and improves your teamwork efficiency.
