As jewelers, conducting a physical inventory count is at the top of the list of our least favorite things. Nobody says, “Yay it’s time to take inventory!” It requires pinpoint precision and takes valuable time. Tracking inventory manually across different software and spreadsheets is time-consuming, redundant, and vulnerable to errors. Many jewelers shut down operations for a period, losing selling time.
We all know the importance of accurate inventory. It starts with clarity on all assets. Online or in the store, unavailable merchandise and empty shelves lose sales today and customers long-term. Businesses that follow inventory management best practices lay the foundation for greater stock accuracy, lower costs, less shrinkage, and higher profit margins. It all comes down to balance – having the right amount of stock, in the right place, at the right time. Accurate insight into inventory ensures that your business can fulfil incoming or open orders, raise profits, and minimize slow-moving assets. Inventory management helps make sure there is rarely too much or too little stock on hand, limiting the risk of stockouts and inaccurate records.
Even small businesses can benefit from a centralized inventory tracking system. Customer demand is constantly shifting. Order strategies, as well as technology to create and execute an inventory plan, can keep you aligned with customer demands and trends.
The benefits of accurate inventory balances are so important, that it becomes impossible for businesses to ignore the same. Stocktake should be done daily, or at the very least weekly. Staff can perform these counts by cases, category and/or vendor throughout the business year, before and after business hours. Accurate insight into inventory ensures that your business can fulfil incoming or open orders and raises profits.
A daily or weekly stock update has previously been impractical. RFID changes everything.