Question

QUESTION 1

As a regional manager working for a busy warehouse what four (4) technologies would you have in place to retrieve your inventory easily?                                                                                                                     

Answer 1

1) Eliminate the obsolete: There will be others that are in good shape, but can’t be used because the part has been replaced or redesigned, or else the equipment it’s used on has been modified or decommissioned.

2) Prioritize the Inventory: Perform an ABC analysis or other formal prioritization process annually to ensure that the most attention is given to the items that have the greatest impact on service and investment.80 percent of your profits come from 20 percent of your stock. Make inventory management of these items a priority. Understand completely the sales lifecycle of these items, including how many you sell in a week or a month, and closely monitor them. These are the items that make you the most money; don't fall short in managing them.

3) Invest in inventory management technology: Inventory management software isn't the only technology that can help you manage stock. Things like mobile scanners and POS systems can help you stay on track. When investing in technology, prioritize systems that work together. Use software such as Quickbooks or Peachtree. Yes, these are better-known as accounting packages, but they include inventory features and will make it easy to get a dollar value for your inventory

4) Audit your inventory.: Some businesses do a comprehensive count once a year. Others do monthly, weekly or even daily spot checks of their hottest items. Many do all of the above. Regardless of how you do it, make it a point to physically count your inventory regularly to ensure it matches up with what you think you have.An unreliable supplier can cause problems for your inventory. If you have a supplier that is habitually late with deliveries or frequently shorts an order, it's time to take action. Have a discussion with your supplier about the issues and find out what the problem is. Be prepared to switch partners, or deal with uncertain stock levels and the possibility of running out of inventory as a result.