This includes well-organized location names, easy to read and unambiguous location labels, unique item numbers, units of measure, a good starting count, good policies and – most importantly – people who know and can follow those policies.
On top of all these things, a software system that tracks all inventory activity can be used, as keeping track of inventory data by hand or in a spreadsheet often doesn’t cut it. Good inventory management software can make it easier to track stock and provide different people with access to the data, as well as offer a detailed insight into the inventory activity of a business. It also provides an accurate historical record of inventory movements and sales.
All of the factors mentioned above will help businesses to keep costs in check, allowing them to maintain a suitable amount of stock, set targets and monitor profits efficiently. As inventory is one of the most important assets a business has in its arsenal, an adequate inventory management system will help a business to track those assets and control them accordingly.