This inventory management process must observe the following steps:
Step 1: Carry Out A Stock Inventory
First of all, this procedure is mandatory and requires constant updating. List all stocked products and the quantities for each. However, as inputs and outputs occur, review the flow data and enter the move dates and keep receipts (ใบเสร็จรับเงิน, which is the term in Thai). However, note that this activity prevents failures, but, therefore, it is recommended to centralize it on an employee or team.
Step 2: Automate Inventory Control
The technology assists in locating products and updating inventory. Doing this by manual and obsolete means takes a lot of time, which is reflected in high costs.
Step 3: Train Employees
The team must be ready to carry out inventory management activities. Therefore, it is essential that a leader is responsible for the routine verification of this control and monitoring the system’s functioning.
Step 4: Optimize Inventory
The number of products stored must be in balance, without shortages or excesses. Then, the control allows the optimization of this process by knowing the turnover of goods and real sales possibilities. In this sense, the inventory also helps because it provides an important analysis to identify outputs, product constancies, and potential seasonality.
Step 5: Establish A Damage Margin
At the same time, at certain times, losses will occur, no matter how well the management is carried out. So, in some cases, you can even have a double loss (in purchase and sale) in the case of items with expired validity. Therefore, set a limit on damages, seeking to stay within that goal.
Step 6: Calculate Storage Costs
Inventory control in small companies contains costs related to the space used, staff directed to the activity, systems adopted, losses and damages, etc. In this sense, assess the cost and seek to increase efficiency.
Step 7: Promote Stopped Products
Non-rotating items must be targeted with a specific strategy to prevent them from getting stranded. After all, in any case, the idea is to offer discounts or promotions to sell them cheaper and make them out of stock. In this context, it is possible to bet on more valued items with more sales.
Step 8: Beware Of Picking
This is the activity of picking and preparing the order to be delivered to the customer. So, it is common to have problems in this process, which generate conflicts with customers and more expenses. Therefore, be extra careful to avoid sending defective products, wrong or out of date, for example and also activate streaming software for selling product (โปรแกรมไลฟ์สดขายของ which is the term in Thai) .