Justin Dane Titsworth || 6 Common Inventory Control Mistakes and How to Avoid Them
Justin Dane Titsworth is a successful Consultant of barcode label system. He has deep knowledge about Barcode label system. He has long term experience in this field. Contact Justin For any kind of help about Barcode Label system.
In the early 2000s, poor inventory management made Nike lose sales worth approximately $100 million. After the debacle, Nike’s stock price tumbled by 20%, was hit by various class-action claims and became the embodiment of poor decisions. Luckily, Nike was able to rebound by implementing a better inventory control management system. If this can happen to Nike, one of the world’s biggest companies, it can also happen to you. We’ve compiled 6 common inventory management blunders many companies make and the potential solutions. Failure to Forecast Demand Accurately Nike’s problem arose from an incorrect forecast demand. The bugs and errors in its software produced the wrong forecast, which they relied on in the manufacturing plan. Consequently, they had less of the items that their customers demanded and produced too many items that weren’t sold. First and foremost, inventory management systems must be bug and error-free. Demand forecasts are crucial for producing the right quantity of products and if the figures are inaccurate, you’re doomed, especially if you’re operating a wholesale business. The answer is pretty simple: you must get an inventory tracking software that produces accurate data. You Aren’t Automated If you’re currently tracking your stock with Excel or another manual process, you’re wasting valuable time and money by correcting errors one at a time or sifting through papers. Mistakes are inevitable. Research indicates that even a skilled data entry worker will make one mistake for every 300 characters they enter. That kind of inaccuracy may cause huge problems if your stock consists of thousands or hundreds of products. Manual processes don’t allow many people to access them at once and don’t work in real time. In contrast, an automated system allows several employees to track products across a number of locations, all while keeping tabs on shipments and orders for those products. Your Employees Don’t Have Inventory Control Skills No one has time to stop operations for whatever reason, never mind training. However, to have proper inventory control, you need employees you can trust to perform the task well. While you prepare to set up a better inventory management system, consider these suggestions to prevent frustration for your workers and you.
Many companies halt operations for one day to inspect inventory. This can lead to loss of profit. It’s much worse for large companies with plenty of inventory; they may end up with loss of profit for several weeks. This is a dated method that’s also not at all productive. You’re better off planning more frequent inventory checks to avoid halting operations and not making sales. On top of that, even if you notice a discrepancy while checking your inventory, it’ll be hard to pinpoint the issue when you’ve got 3 to 12 months to remember. With an online inventory control system, you won’t need to do that. A reliable system will keep you informed about the state of your stock in real time. Apart from stopping the loss of profits, this will also enable company sales reps–with more clarity and visibility on inventory levels–to speak with more confidence and conviction to prospective customers. Your Warehouse is Disorganized Disorganization is the bane of efficiency and productivity. There’s a massive difference between a warehouse that performs optimally and one that just functions. Warehouse management is often overlooked in the chain of distribution, and seemingly innocent mistakes–like badly labeled storage areas–may waste a lot of time. Time is of the essence in the distribution process. If your employees have to constantly crisscross the warehouse looking for incorrectly stored and poorly labeled items, the losses accrued eventually can be punishing. Use a simple, clearly-marked labeling and storage system. Put the most in-demand products and those picked most often in areas near the loading bays. Foster effective data-based communication between departments to ensure that every process in your distribution chain (from buying and sales) is running from one page, using accurate, real-time data. Although there’s no fail-safe protection against all the problems that can attack your inventory control system, avoiding the three main pitfalls mentioned above will ensure that you have proactive control of your inventory. Selling More Products than Those in Stock If you’re operating an online shop, you’ve probably sold more goods than those in stock at least once. Customers have made orders and probably even paid for them. Come delivery time, it dawns on you that that specific item is out of stock and it’ll take some time to restock it. You’re then left with the tricky task of letting the customer know that their order is going to delay and having to reimburse them in case they no longer want the product. This wouldn’t have occurred if you were utilizing an online inventory management app to monitor incoming and outgoing inventory. If it happens a few times, your previously devoted customers may decide to purchase from another online dealer that uses a better inventory management solution than yours. Therefore, your customers and revenue will shrink and you’ll have it all to do to restore your business to its glory days. Inventory control can be quite a challenge–but there are certain things you need to do to make it easier. Contact us right away for more information about ways to automate and modernize your inventory management. Justin Dane Titsworth
Justin Dane Titsworth is a Consultant of Barcode Labels service provider company. He Completely explains the use of Barcode labels in Our small business as well as big organizations. Improving Healthcare uses Barcode labels by Dane Titsworth. 3 Ways Barcode Labels Are Improving Health care The medical field is brimming with cutting edge technology. From nanobots to virtual reality surgery, the future truly does seem to be now. There’s another new innovation that’s making leaps and bounds in the healthcare industry. It’s a simple low-tech solution, one you might not be expecting: barcodes. Barcode labels are revolutionizing the way hospitals, pharmacies, and doctors are treating and IDing patients. Their simple implementation and ease of use make them ideal for many kinds of healthcare providers. Let’s explore what barcodes can do. Simplify Patient and Medication Identification Gone are the days of tracking patients and their medications with handwritten charts. Go digital and save time and paperwork. Practitioners can scan their patient’s ID bracelet in seconds. They can see what medications were administered, and the doses that were given. You’ll also get electronic alerts if a patient is overdue for a dosage of medication; this could save a life. Additionally, nurses will find that they have a better understanding of their patient’s needs. This automation will let health care professionals refocus on patient care and comfort. 1.5 million Americans receive the wrong medication every year in the United States. Barcodes make medication mix-ups like these a problem of the past. Barcode labels can also reduce the risk of accidental misdiagnosis. This creates a higher level of patient safety. Seamless Tracking ID bands can contain unique barcodes to help identify each individual patient. Access these unique identifiers electronically. Then, link them to the medical history of the patient. Code collected data such as vital signs and checkups will be easy to track, too. Barcode labels also make switching rooms or checking in and out of hospital wards a breeze. Guide patients back to their rooms with a quick scan of their ID bracelet. They also ensure that a patient will never receive the wrong diagnosis or treatment. They offer the added benefit of providing an extra layer of hospital security. Barcode Labels Make Inventory Management Easy The National Drug Code (NDC) is a 10 digit identification number. It is used for all prescription and non-prescription medications in the United States. This code makes identifying the Labeler, product, and quantity simple. You can make sure you’re always doling out the correct dosages. Scanning an NDC for Wellbutrin, for example, would let you know what this vial contains: 100, 10 mg doses of the medication. You can even find out that the nearby pharmacy labeled and packaged it. This detailed level of tracking makes restocking inventory happen automatically. These labels avoid the trouble of over or under ordering. This ensures that patients always receive the care they need without having to wait. Let’s Get Started Thinking of implementing barcode labels into your medical practice? Give us a call at 615-377-8849. You’ll always speak to a real person, we promise. We pride ourselves on understanding your unique needs. We built our company on the principles of honesty, integrity, and mutual respect. You can rest assured that we’ll treat your concerns as a priority. Together, we can create a plan to help everything run smoothly for you. The Transition to using barcodes without any interruption to your facility. Let us know how we can best help you. |