Inventory management is an oft-overlooked aspect of running a small business. That’s why so many companies find themselves fumbling in the dark to manage their products and supplies effectively, costing them thousands of dollars and person-hours in the process.
Inventory management presents several challenges for small businesses, from managing costs to the integrity of data and transport of materials. Having an inventory management infrastructure and strategy is the only way to optimize operations and maximize results. The right tools and careful planning will make life easier for your production team and increase productivity. Continue reading to learn about three vital tools for managing your inventory.
1. Packaging Equipment
Many small businesses outsource their packaging needs or purchase their packaging materials from other manufacturers. Outsourcing packaging and shipping and buying finished containers are good options for small businesses, but as your company grows, its business processes should as well. You could order your custom pre roll tubes from a reputable distributor like CoolJarz and buy a labeling machine to print your own labels. The point is the more your company can do for itself, the better for its bottom line.
CoolJarz is an excellent partner for your packaging solutions. They offer eco-friendly compostable pop-top tubes made from FDA food-safe materials to minimize your carbon footprint. They also produce a line of labeling, sealing, and other types of equipment to allow self-service for more of your packaging solutions, saving you money in the long run and promoting your company’s growth.
2. Supply Chain and Inventory Management Software
Manual documentation is the enemy of efficiency in inventory management. Manual documentation presents many problems, from the legibility of the handwriting of the people documenting the inventory to the matter of securing and locating important papers when you need them.
The best way to ensure the integrity of your inventory and related operations is to implement inventory management and supply chain management software programs. With the right inventory management infrastructure, you can identify key performance indicators such as employee productivity and how much time and resources go into particular business processes, increasing business efficiency.
A robust supply chain and inventory management software platform will give you big data insights your company can use to enhance its best practices and save time and money. Indeed, with artificial intelligence managing your data and delivering real-time data insights, you can optimize everything, from the supplies you use to make your products to your production planning.
3. Material-Handling Equipment
Material-handling equipment is an essential inventory management tool. Lifting injuries occur on job sites every day around the United States, and the worst part is most of them could’ve been prevented if those injured had the right tools for moving materials across long distances. Manual and autonomous pallet jacks enable workers to move hundreds of pounds at a time without putting much strain on their backs and legs, preventing injury and fatigue.
Inventory management presents many challenges for small businesses, but your company can overcome them all and optimize business operations with the right tools. Packaging machinery is an invaluable tool that enables you to save a lot of money by handling your own packaging. Inventory and supply chain management software is vital to enhancing best practices and improving overall efficiency. Finally, material-handling equipment helps move materials across the production or warehouse floor much more quickly and with greater ease, without human intervention in the case of autonomous pallet jacks, preventing injuries and fatigue.
There are plenty of other great tools that can help improve your inventory management operations as well. However, you must do your due diligence to find the best tools within your budget. It’s also a good idea to consult a procurement specialist to assess and prioritize what tools your company needs and develop a strategy to acquire them. Indeed, the right tools can take your inventory management to the next level.