Three Things you can easily do to Solve Inventory Problems
Many owners of import and distribution businesses have approached us to discuss how they can control their inventories better.
It appears that costs are rising, profit margins are shrinking, and they fear they have too many slow moving items in the malls and in their provincial outlets. Their old business model of just guessing what the market may want, importing it, and hoping that the shoppers will visit the mall or provincial outlet is no longer working.
There are now so many competitors offering the same or similar items. Even favorite items are staying too long in the stores before they are sold.
What Can be or Should be Done?
1. Embrace the Internet of Things (IOT)
There is no more excuse to delay computerizing your operations. Your competitors are already doing it, so don’t be left in the dust. You need to implement inventory control using bar coding equipment, apply strict inventory control with cycle counting, and develop dashboard and other reporting systems to keep you updated.
2. Keep a close eye on fast moving high profit items
Be more pro-active on keeping a close eye on fast moving high profit items. The development of the Internet of things (IOT) means that high performance stores know exactly what is selling and what is not selling. Customer preferences change very quickly these days. The old monthly meeting is too late.
3. Train your Staff in Basic Inventory Control
Letting your staff remain as mere watchers is a waste of talent. Train them in simple inventory control techniques like pareto analysis. Using pareto they can immediately report which items are selling quickly and which ones have already reached their end of life cycle. They can immediately report to you the business intelligence you need.
We can help you develop better inventory control. Give us a call.
Upcoming Warehouse, Inventory and Logistics Seminars
18 Jun 2019, Tuesday, Effective Inventory Planning and Management,
19 Jun 2019, Wednesday, Strategic Warehouse Management (2 Days),
18 Jul 2019, Thursday, Basic Warehouse Operations and Inventory Control,
22 Jul 2019, Monday, Effective Inventory Planning and Management,
23 Jul 2019, Tuesday, Strategic Warehouse Management (2 Days),
20 Aug 2019, Tuesday, Basic Warehouse Operations and Inventory Control,
31 Aug 2019, Saturday, Effective Inventory Planning and Management,
18 Sep 2019, Wednesday, Basic Warehouse Operations and Inventory Control,
19 Sep 2019, Thursday, Effective Inventory Planning and Management,
Register for one of the Seminars Above
RMP Consultancy Seminars are available in the following formats:
- Public Seminar at our training center in Quezon City Philippines
- In-House (at your site) Workshop Format for a Max of 25 pax (Recommended)
- Special Exclusive Run
- One-on-one Coaching
Please Call Marco or Claire:
Landlines: Tel (632) 697-0767, Tel (632) 579-0233
Mobile (Globe) 0917-882-5578, Mobile (Smart) 0920-918-7358
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