INVENTORY TEMPLATE SERIAL NUMBERS
Medical device and electronics companies will need to track serial numbers for warranty guarantees.Food and Pharmaceutical distributors will need to track lot codes, expiration dates, and even temperature to ensure traceability for their sensitive goods.Manufacturers might track Unit of Measure to move inventory between case sizes depending on customer demand.There are actually a number of variables that may need to be tracked depending on the industry. In the example above, we started off by asking how much product was at a single location.
INVENTORY TEMPLATE SOFTWARE
What Small Business Inventory Software Should Track With big box companies like Walmart, Target, and Amazon so easily accessible, it‘s easy to lose customers to retailers who always have product on their shelf. In the end, customers are unhappy because they are ready and willing to buy. This means that there is too much of the wrong product and may be not enough money leftover in the budget to order the right product.
Without inventory tracking, the wrong product is often ordered. This is a small scale example, but one that often shows up in retail. They had a similar problem last year, but because they weren‘t tracking how much of each item was sold, or what was left over, they didn‘t reorder correctly.Īt the end of the day all 6 hats were sold, there was the same pile of mixed-sized shirts, and a long line of customers who wanted to purchase, but couldn‘t. The problem was that the group didn‘t have their shirts separated by size, and they only had 6 hats. It was a popular brand, and there were many people lined up to purchase with money in hand. I was recently at a conference where they were selling t-shirts and hats. What the World Would Be Like If Inventory Tracking Didn‘t Exist Having quick answers to these kinds of questions help a business run smoothly and help to instill a sense of confidence into the minds of clients.
Finance knows how much money is tied up in inventory.When talking about tracking inventory, we‘re mainly asking questions similar to this: “how many widgets do we have at the Main Street warehouse?” Knowing how much, or how little, a company has of a product affects many areas of the business.
INVENTORY TEMPLATE DRIVER
The key driver is a careful balance between the level of detail that needs to be tracked, the amount of effort that tracking takes, and the budget. Larger, multi-location businesses may have advanced implementations like a completely hands-free RFID infrastructure. Many companies start with an inventory spreadsheet in Excel, and maybe a couple handheld USB barcode scanners. It can be a massive multi-warehouse system, or as simple as a legal pad with tally marks. Inventory tracking may look different for every business.
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