Having an Out of Date Inventory Catalog
Many companies share their merchandise options via printed catalogs or on their website. It is very important to keep these updated so that your customers know what is available for ordering and what is not. While it doesn’t make sense to print a new catalog every time your inventory changes, make sure that your website it always up to date. Also very important is keeping your employees “in the know.” If there is an item in a printed catalog that is no longer available, your customer service representatives need to know that so that no one spends too much time sorting out what customers can still order and what they can’t. The best way to frustrate customers and waste employees' time is to maintain an inventory list that is chronically out of date.Using Too Much Manual Labor
Employees are often involved with inventory at some point, especially for big ticket items. They also do your yearend inventory count or your cycle counts. A fully – or even mostly – manual approach to inventory, however, wastes time, energy, and money. Using an automated inventory system that relies on scanners and bar codes, for example, speeds up the processes involved with inventory and frees up employees for more important tasks, like customer service.Ignoring the Trend of Rising Inventory Costs
Why are your inventory costs increasing? Is it because you have too much inventory and aren’t moving it in and out quickly enough? Is it because the market price for your products is climbing? If you don’t know, you should start investigating, as increasing costs could be a symptom of the economy or a warning sign that your inventory management system is failing. Regular monitoring and improvement of your parts inventory system can lead to substantial savings over time. Your parts inventory system is of vital part of your company's operations. Is it running at top efficiency? Would you like to learn how to make it run at top efficiency? Contact us today and we’ll help you improve your parts inventory system.
FAQ
What are common parts inventory system mistakes?
The post names three: an out-of-date inventory catalog, too much manual labor, and ignoring rising inventory costs.
Why does an outdated inventory catalog matter?
Customers and staff waste time figuring out what can still be ordered; keep your website current and keep employees informed of discontinued items.
How does automation help inventory management?
Automated systems using scanners and bar codes speed up inventory processes and free employees for more important work like customer service.
What should I do if inventory costs keep rising?
Investigate whether you're holding too much slow-moving stock or market prices are climbing, since rising costs can signal a failing inventory system.
