Today, inventory management is more important than it ever has been in the past. Because so many people are ordering their products and services online, you are probably going to have an external warehouse that you are going to use to manage your inventory. You must make sure your inventory is properly protected. Otherwise, you might notice your overhead expenses starting to rise as you replace damaged inventory. What do you need to do to protect your inventory tomorrow? Learn more about how to effectively manage your inventory below.
Table of Contents
Always Perform a Background Check on Your Employees
Even though it is easy to overlook this step, you must perform a background check on all of your employees. Remember that just because someone has a criminal record does not necessarily mean they are a bad person; however, you do need to learn more about the past of your employees. If someone has a history of theft, you may not want to hire them to work in your warehouse. Your best safety net is hiring reliable employees in all areas of your business. If you hire employees you are willing to watch out for your business, you can reduce your inventory management expenses.
Hire Trained Security Professionals
Next, you should also hire trained security professionals. Even though installing a security system is a good start, nothing is going to replace a physical person who is keeping an eye on your inventory. Sometimes, you may prefer to place your security officers in uniform. In other cases, you may want to keep them undercover in street clothes. Undercover agents can be trained to deal with threats as they are happening, catching people red-handed. In contrast, an officer in uniform could serve as a powerful deterrent. Customer theft accounts for a significant amount of retail loss every year. If you have a security guard on-site, you can reduce the deficits you face from shoplifting.
Use Video Surveillance To Watch Your Inventory
Even though investing in physical security does have its benefits, you should also take advantage of video surveillance. If you use this to record everything that is happening, you may stockpile valuable evidence that you can use later. If you do surveillance can also create a greater sense of control, reducing your stress levels. This type of equipment will also make your employees accountable. This can also prevent your employees from abusing discounts or incorrectly handling refunds that get given back to credit cards. Finally, many employees enjoy having video surveillance because this creates a safer environment for them. A video surveillance system can serve as a theft deterrent against potential shoplifters.
Invest in Automated Inventory Tracking
Of course, you also need to take advantage of automation software. Today, there are valuable tools you can use that can automate the clerical tasks that your employees used to do by hand. For example, you can use a barcode scanner that can automatically track inventory as it enters and leaves your warehouse. You may also want to invest in the best RFID asset tracking management software available. That way, you know exactly where your inventory is at any given time. You may want to speak to your employees to learn more about how they spend their time during the day. Then, you can invest in a program that can automate this, saving them a significant amount of time.
Regularly Evaluate Your Management Plan
Finally, you should also regularly evaluate your inventory management plan. Even though you may have a plan in place right now, circumstances can change quickly. Your business may grow and evolve. New threats may emerge down the road that you need to plan for. That is why you need to work with trained experts and consultants who can help you evaluate your current situation. You can figure out what is working, what is not, and what needs to improve. You can also identify potential inefficiencies, think about significant obstacles, and eliminate unnecessary risks that could serve as a threat to your inventory management system.
Protect Your Inventory the Right Way
Ultimately, you need to make sure you adequately protect your inventory. Even though you may think your inventory is protected from harm, you must evaluate your inventory management plan regularly with the help of professionals. That way, you can reduce the chances of something happening to your valuable inventory. If you can streamline your inventory management practices, you can reduce your overhead expenses without sacrificing customer service. This is a critical part of growing a business in the current economic environment.
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