{"id":10746,"date":"2023-07-27T14:38:36","date_gmt":"2023-07-27T14:38:36","guid":{"rendered":"https:\/\/breadstack.com\/?p=10746"},"modified":"2023-08-22T17:20:16","modified_gmt":"2023-08-22T17:20:16","slug":"inventory-management","status":"publish","type":"post","link":"https:\/\/breadstack.com\/insights\/e-commerce\/inventory-management\/","title":{"rendered":"10 Tips for Inventory Management"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"10746\" class=\"elementor elementor-10746\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-baac6b3 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"baac6b3\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-a48d1b0\" data-id=\"a48d1b0\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-de7cf8e elementor-widget elementor-widget-text-editor\" data-id=\"de7cf8e\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">Inventory is one of the biggest costs for business owners, using inventory management can ensure you\u2019re optimizing and reducing costs where applicable along with so many other benefits.\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">In this article, we\u2019ll give you all the tips you need to know about inventory management.\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">Let\u2019s get started.\u00a0<\/span><\/p><ul><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\"><a href=\"#second-heading\">What\u2019s inventory management?\u00a0<\/a><\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#sixth-heading\">Tips for inventory management<\/a><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\"><a href=\"#third-heading\">How inventory management helps in reducing cost<\/a><\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#fourth-heading\">Using an inventory management software<\/a><\/li><\/ul>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7d4ce9a elementor-widget elementor-widget-menu-anchor\" data-id=\"7d4ce9a\" data-element_type=\"widget\" data-widget_type=\"menu-anchor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div id=\"second-heading\" class=\"elementor-menu-anchor\"><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1a1f387 elementor-widget elementor-widget-heading\" data-id=\"1a1f387\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-large\">What is inventory management? <\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-89c9b99 elementor-widget elementor-widget-text-editor\" data-id=\"89c9b99\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">Inventory management is the process of managing inventory from everything from raw materials to finished goods.\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\"><strong>The process of inventory management can include ordering, storing, using, and selling inventory<\/strong>.<\/span><\/p><p><span style=\"font-weight: 400;\">The goal of inventory management is to minimize costs while keeping consistent stock levels for your product.<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9a55a19 elementor-widget elementor-widget-heading\" data-id=\"9a55a19\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h3 class=\"elementor-heading-title elementor-size-medium\">Types of inventory to manage<\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b3d45e1 elementor-widget elementor-widget-text-editor\" data-id=\"b3d45e1\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\"><strong>Raw goods<\/strong> &#8211; Materials or substances used in early production. Examples: wood, plastic, metal<\/span><\/p><p><span style=\"font-weight: 400;\"><strong>Work in progress<\/strong> &#8211; Partially finished products. Examples: Labour, machines or other equipment used<\/span><\/p><p><span style=\"font-weight: 400;\"><strong>Finished goods<\/strong> &#8211; Available products in stock for customers.<\/span><\/p><p><span style=\"font-weight: 400;\"><strong>Operation goods<\/strong> &#8211; Any materials or supplies used in production but are not part of the final product. Examples: tech equipment, office supplies, and clearing supplies. <\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-55f1319 elementor-widget elementor-widget-image\" data-id=\"55f1319\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"640\" height=\"640\" src=\"https:\/\/breadstack.com\/wp-content\/uploads\/2023\/04\/Different-types-of-inventory-1024x1024.png\" class=\"attachment-large size-large wp-image-15013\" alt=\"Different types of inventory\" loading=\"lazy\" srcset=\"https:\/\/breadstack.com\/wp-content\/uploads\/2023\/04\/Different-types-of-inventory.png 1024w, https:\/\/breadstack.com\/wp-content\/uploads\/2023\/04\/Different-types-of-inventory-300x300.png 300w, https:\/\/breadstack.com\/wp-content\/uploads\/2023\/04\/Different-types-of-inventory-150x150.png 150w, https:\/\/breadstack.com\/wp-content\/uploads\/2023\/04\/Different-types-of-inventory-768x768.png 768w\" sizes=\"(max-width: 640px) 100vw, 640px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b3ba153 elementor-widget elementor-widget-menu-anchor\" data-id=\"b3ba153\" data-element_type=\"widget\" data-widget_type=\"menu-anchor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div id=\"sixth-heading\" class=\"elementor-menu-anchor\"><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-68772cc elementor-widget elementor-widget-heading\" data-id=\"68772cc\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-large\">10 Tips for inventory management<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e0314e6 elementor-widget elementor-widget-text-editor\" data-id=\"e0314e6\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Having <strong>an efficient inventory management system can make a big difference<\/strong>\u00a0in the operations of a business.<\/p><p>Check out these tips for how to manage your inventory and save money in the process:<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3581543 elementor-widget elementor-widget-heading\" data-id=\"3581543\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h3 class=\"elementor-heading-title elementor-size-medium\">#1 Manage your warehouse employees<\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d55e1a5 elementor-widget elementor-widget-text-editor\" data-id=\"d55e1a5\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>It&#8217;s important to hire employees who are careful with your products. A warehouse employee might be careless with your goods because they are not their own.<\/p><p>By hiring the right employees, you can keep your products safe and avoid mishaps that could damage inventory.\u00a0<strong>An effective inventory management solution starts with a good team<\/strong>.<\/p><p>Check out &#8220;<a href=\"https:\/\/breadstack.com\/ecommerce-operations\/team-management\/\" target=\"_blank\" rel=\"noopener\">What is team management<\/a>&#8221; for more tips on managing employees.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d0751c9 elementor-widget elementor-widget-heading\" data-id=\"d0751c9\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h3 class=\"elementor-heading-title elementor-size-medium\">#2 Rotate stock and use skids<\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5fec63d elementor-widget elementor-widget-text-editor\" data-id=\"5fec63d\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>All inventory items should be <a href=\"https:\/\/www.smartcapitalmind.com\/what-is-stock-rotation.htm\" target=\"_blank\" rel=\"nofollow noopener\">rotated<\/a> to ensure they do not expire or become unusable.<\/p><p>This includes food, beverage, and hygiene products as well as office supplies. <strong>You can use a computerized inventory management system to mark which items have been rotated and what you need to do to rotate them<\/strong>.<\/p><p>If you are using a manual system, you can write this information down on a whiteboard or in a spreadsheet.<\/p><p>You should also make sure to mark which products need to be replaced or need to be moved to the front of the warehouse to be easier to access. Ensure you track inventory properly to avoid any lost inventory items.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-dfae804 elementor-widget elementor-widget-image\" data-id=\"dfae804\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"640\" height=\"640\" src=\"https:\/\/breadstack.com\/wp-content\/uploads\/2023\/07\/1024-x-1024-Keywords-Graphics-4-1024x1024.png\" class=\"attachment-large size-large wp-image-15025\" alt=\"Moving stock around is important for inventory management\" loading=\"lazy\" srcset=\"https:\/\/breadstack.com\/wp-content\/uploads\/2023\/07\/1024-x-1024-Keywords-Graphics-4.png 1024w, https:\/\/breadstack.com\/wp-content\/uploads\/2023\/07\/1024-x-1024-Keywords-Graphics-4-300x300.png 300w, https:\/\/breadstack.com\/wp-content\/uploads\/2023\/07\/1024-x-1024-Keywords-Graphics-4-150x150.png 150w, https:\/\/breadstack.com\/wp-content\/uploads\/2023\/07\/1024-x-1024-Keywords-Graphics-4-768x768.png 768w\" sizes=\"(max-width: 640px) 100vw, 640px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-150cb30 elementor-widget elementor-widget-heading\" data-id=\"150cb30\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h3 class=\"elementor-heading-title elementor-size-medium\">#3 Leverage data for better decision making\u200b<\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-45e3178 elementor-widget elementor-widget-text-editor\" data-id=\"45e3178\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>By tracking which products sell well and which ones don\u2019t, you\u2019ll start to notice some trends.&nbsp;<\/p><p>You can use this information to make more informed decisions and have inventory optimization about the products you order and the amount you reorder.<\/p>\n<p><strong>If a certain product isn\u2019t selling well, you may want to consider removing it from your inventory altogether<\/strong>.&nbsp;<\/p><p>If a product is flying off the shelves, you may want to reorder that product more frequently.<\/p>\n<p>This will allow you to save money because you won\u2019t be ordering too much of a product that isn\u2019t selling.&nbsp;<\/p><p>It will also help you avoid running out of a product and hurting your business in the process.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1358030 elementor-widget elementor-widget-heading\" data-id=\"1358030\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h3 class=\"elementor-heading-title elementor-size-medium\">#4 Be smart about purchasing<\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-cc3bfa3 elementor-widget elementor-widget-text-editor\" data-id=\"cc3bfa3\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Even if you use a computerized inventory management system, you will want to make sure you are being smart about the products you order.&nbsp;<\/p><p><strong>If you overbuy on products that don\u2019t sell, you are wasting money<\/strong>.<\/p>\n<p>Don\u2019t want to underbuy on products either, as this can hurt your business because you run the risk of running out of stock and losing sales as a result.<\/p>\n<p>The data from your inventory levels to determine what you should order next. Also use the data from your multiple sales channels to determine which products are selling better than others.<\/p>\n<p>This will help you better plan your purchases so that you don\u2019t overbuy on certain products and underbuy on others.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7daad94 elementor-widget elementor-widget-heading\" data-id=\"7daad94\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h3 class=\"elementor-heading-title elementor-size-medium\">#5 Automate as much as you can<\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-783896d elementor-widget elementor-widget-text-editor\" data-id=\"783896d\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Inventory management systems involve a lot of manual processes, so <strong>it\u2019s important to try to automate as much of your workflow as possible with inventory management software<\/strong>.<\/p><p>In particular, you\u2019ll want to look into software solutions for tracking your inventory levels. This will allow you to see at a glance how much of each item you have in stock.<\/p><p>Try to automate as many of your processes as you can, so you can focus your attention on other areas of your business.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-76554bb elementor-widget elementor-widget-heading\" data-id=\"76554bb\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h3 class=\"elementor-heading-title elementor-size-medium\">#6 Track and review your inventory costs<\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-78ade37 elementor-widget elementor-widget-text-editor\" data-id=\"78ade37\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><strong>As you track your inventory costs, you\u2019ll want to keep an eye out for anything unusual<\/strong>.<\/p><p>If you notice a pattern where certain items are consistently out of stock, or constantly sell out, it might be time to scale back on purchasing that item.<\/p><p>If certain items are taking up too much room in your facility, it might be time to re-evaluate their importance.\u00a0<\/p><p>You might be keeping too much inventory or storing it in a manner that\u2019s not cost-effective.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b3521be elementor-widget elementor-widget-image\" data-id=\"b3521be\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"640\" height=\"640\" src=\"https:\/\/breadstack.com\/wp-content\/uploads\/2023\/04\/Track-your-inventory-1024x1024.png\" class=\"attachment-large size-large wp-image-15015\" alt=\"Track your inventory for better management\" loading=\"lazy\" srcset=\"https:\/\/breadstack.com\/wp-content\/uploads\/2023\/04\/Track-your-inventory.png 1024w, https:\/\/breadstack.com\/wp-content\/uploads\/2023\/04\/Track-your-inventory-300x300.png 300w, https:\/\/breadstack.com\/wp-content\/uploads\/2023\/04\/Track-your-inventory-150x150.png 150w, https:\/\/breadstack.com\/wp-content\/uploads\/2023\/04\/Track-your-inventory-768x768.png 768w\" sizes=\"(max-width: 640px) 100vw, 640px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3145911 elementor-widget elementor-widget-heading\" data-id=\"3145911\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h3 class=\"elementor-heading-title elementor-size-medium\">#7 Manage your vendors and suppliers<\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f44a7c4 elementor-widget elementor-widget-text-editor\" data-id=\"f44a7c4\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>A lot of the inventory management tips above focus on managing your own inventory and dealing other variables like economic order quantity.<\/p><p>However, you should also try to manage your vendors and suppliers. If you\u2019ve found a reliable supplier, you may want to create a relationship with them. This may allow you to negotiate better prices, or receive discounts for large purchases.<\/p><p>If you notice a supplier is consistently providing low-quality products, or you\u2019re paying more than you should be, you\u2019ll want to switch up your source.<\/p><p><strong>You should also keep tabs on your suppliers, to make sure they are meeting your needs<\/strong>. If they start making changes, you may want to find a new supplier quickly.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9df587f elementor-widget elementor-widget-heading\" data-id=\"9df587f\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h3 class=\"elementor-heading-title elementor-size-medium\">#8 Implement demand forecasting<\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-fa918e0 elementor-widget elementor-widget-text-editor\" data-id=\"fa918e0\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Implementing demand forecasting with your inventory management software will help you plan for the future.\u00a0<\/p><p><span style=\"font-weight: 400;\">By analyzing past sales data, market trends, and customer behaviour, the software can accurately predict future demand for your products. <\/span><span style=\"font-weight: 400;\"><strong>It allows you to maintain optimal stock levels, preventing overstocking or stockouts<\/strong>.\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">Anticipating demands means you can be proactive in meeting customer needs and stay one step ahead of your competitors.<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7effa5c elementor-widget elementor-widget-heading\" data-id=\"7effa5c\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h3 class=\"elementor-heading-title elementor-size-medium\">#9 Embrace the 80-20 principle<\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-cf1500d elementor-widget elementor-widget-text-editor\" data-id=\"cf1500d\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">The 80-20 principle is a fundamental concept in inventory management. It states that roughly <strong>80% of your sales come from 20% of your products<\/strong>. <\/span><\/p><p><span style=\"font-weight: 400;\">Following this rule it enables you to focus your efforts on managing high-value items while optimizing inventory levels for low-volume products. <\/span><\/p><p><span style=\"font-weight: 400;\">By prioritizing your efforts, you can achieve greater efficiency and profitability.<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ab80359 elementor-widget elementor-widget-heading\" data-id=\"ab80359\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h3 class=\"elementor-heading-title elementor-size-medium\">#10 Set reorder points and safety stock<\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f8515ef elementor-widget elementor-widget-text-editor\" data-id=\"f8515ef\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">If your software allows it you need to be able\u00a0 set reorder points and safety stock levels for each product. <\/span><\/p><p><span style=\"font-weight: 400;\"><strong>Reorder points indicate when it&#8217;s time to reorder a product<\/strong> to avoid stockouts, while safety stock acts as a buffer to protect against unexpected fluctuations in demand or supply chain disruptions. <\/span><\/p><p><span style=\"font-weight: 400;\">By configuring these parameters, you ensure a smooth flow of goods and minimize the risk of inventory shortages.<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-0b7e585 elementor-widget elementor-widget-image\" data-id=\"0b7e585\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"640\" height=\"640\" src=\"https:\/\/breadstack.com\/wp-content\/uploads\/2023\/04\/Setting-up-inventory-1024x1024.png\" class=\"attachment-large size-large wp-image-15017\" alt=\"Setting up inventory management can be done effectively.\" loading=\"lazy\" srcset=\"https:\/\/breadstack.com\/wp-content\/uploads\/2023\/04\/Setting-up-inventory.png 1024w, https:\/\/breadstack.com\/wp-content\/uploads\/2023\/04\/Setting-up-inventory-300x300.png 300w, https:\/\/breadstack.com\/wp-content\/uploads\/2023\/04\/Setting-up-inventory-150x150.png 150w, https:\/\/breadstack.com\/wp-content\/uploads\/2023\/04\/Setting-up-inventory-768x768.png 768w\" sizes=\"(max-width: 640px) 100vw, 640px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-0dbe845 elementor-widget elementor-widget-menu-anchor\" data-id=\"0dbe845\" data-element_type=\"widget\" data-widget_type=\"menu-anchor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div id=\"third-heading\" class=\"elementor-menu-anchor\"><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-fc4ff2e elementor-widget elementor-widget-heading\" data-id=\"fc4ff2e\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-large\">How inventory management helps in reducing cost<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e414773 elementor-widget elementor-widget-text-editor\" data-id=\"e414773\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Here&#8217;s how inventory management can help reduce costs within your business.\u00a0<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6a38a64 elementor-widget elementor-widget-heading\" data-id=\"6a38a64\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h3 class=\"elementor-heading-title elementor-size-medium\">Prevent overstock or overselling\n<\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-904b946 elementor-widget elementor-widget-text-editor\" data-id=\"904b946\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">Overstock happens when you purchase more items than you sell. Overselling occurs when you have more items in stock than you actually do. <\/span><\/p><p><strong>Both of these are due to inefficient inventory management and can be costly<\/strong>.<\/p><p><span style=\"font-weight: 400;\">Too much inventory or deadstock can cut into your inventory costs, especially if your items expire. <\/span><\/p><p><span style=\"font-weight: 400;\">Businesses need to purchase the right amount of inventory so they are not spending extra money on overstock. The extra inventory bought also needs to be shipped and stored which adds to the extra costs.\u00a0<\/span><\/p><p><strong>On the other side, too little inventory leads to a negative customer experience<\/strong>.<\/p><p><span style=\"font-weight: 400;\">Customers aren&#8217;t able to get the items they purchased and businesses have to spend time issuing refunds, canceling orders and dealing with bad review<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5eb02bf elementor-widget elementor-widget-image\" data-id=\"5eb02bf\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t<figure class=\"wp-caption\">\n\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"1461\" height=\"1800\" src=\"https:\/\/breadstack.com\/wp-content\/uploads\/2023\/07\/Screen-Shot-2022-09-15-at-10.35-1.png\" class=\"attachment-full size-full wp-image-15614\" alt=\"\" loading=\"lazy\" srcset=\"https:\/\/breadstack.com\/wp-content\/uploads\/2023\/07\/Screen-Shot-2022-09-15-at-10.35-1.png 1461w, https:\/\/breadstack.com\/wp-content\/uploads\/2023\/07\/Screen-Shot-2022-09-15-at-10.35-1-244x300.png 244w, https:\/\/breadstack.com\/wp-content\/uploads\/2023\/07\/Screen-Shot-2022-09-15-at-10.35-1-831x1024.png 831w, https:\/\/breadstack.com\/wp-content\/uploads\/2023\/07\/Screen-Shot-2022-09-15-at-10.35-1-768x946.png 768w, https:\/\/breadstack.com\/wp-content\/uploads\/2023\/07\/Screen-Shot-2022-09-15-at-10.35-1-1247x1536.png 1247w\" sizes=\"(max-width: 1461px) 100vw, 1461px\" \/>\t\t\t\t\t\t\t\t\t\t\t<figcaption class=\"widget-image-caption wp-caption-text\">Breadstack's inventory management summary<\/figcaption>\n\t\t\t\t\t\t\t\t\t\t<\/figure>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2b0f11e elementor-widget elementor-widget-heading\" data-id=\"2b0f11e\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h3 class=\"elementor-heading-title elementor-size-medium\">Oversee multiple inventory locations<\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-cc2d9d8 elementor-widget elementor-widget-text-editor\" data-id=\"cc2d9d8\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">Business owners with multiple stores have the issue of overseeing all products across the stores or even multiple warehouses. The same can be said for ecommerce businesses with multiple sites.\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">Not having this information can be costly. <strong>Owners need clear and concise inventory management in order to maintain a smooth flow across all stores<\/strong>. <\/span><\/p><p><span style=\"font-weight: 400;\">Having all of this information gives you access to trends and predictions for your stores.<\/span><\/p><p><span style=\"font-weight: 400;\">If one store is selling more of one item than another, you can make adjustments to move items over to meet the demands of customers. <\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6a7308f elementor-widget elementor-widget-heading\" data-id=\"6a7308f\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h3 class=\"elementor-heading-title elementor-size-medium\">Utilize demand planning <\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a26b26a elementor-widget elementor-widget-text-editor\" data-id=\"a26b26a\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">Inventory management can help gain insight into future demand levels; just like overseeing multiple inventory levels across stores. <\/span><\/p><p><span style=\"font-weight: 400;\"><strong>Demand planning can take that a step further and predict the need for certain items in the future<\/strong>.\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\"><a href=\"https:\/\/www.techtarget.com\/searcherp\/definition\/demand-planning\" target=\"_blank\" rel=\"noopener\">Demand planning<\/a> if done correctly can lower the inventory carrying costs and better stock levels leading to an increase in your bottom line.\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">It also takes the guesswork out for business owners preceding trends. Demand planning with Inventory management gives you insight into what\u2019s selling or not<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b6bca01 elementor-widget elementor-widget-heading\" data-id=\"b6bca01\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h3 class=\"elementor-heading-title elementor-size-medium\">Increase visibility in all areas<\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-06a3b1f elementor-widget elementor-widget-text-editor\" data-id=\"06a3b1f\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">Companies need visibility with inventory management. Every point we\u2019ve introduced above around reducing costs has some element of visibility.\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">Knowing where your inventory is and how it&#8217;s performing allows companies to keep tabs on products. You\u2019ll be able to better optimize efficiencies and in turn lower inventory costs.\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\"><strong>Without visibility across all inventory areas, you can\u2019t make the adjustments needed to reduce costs<\/strong>. The right inventory management system can ensure you have all the visibility necessary to make better decisions.<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f266284 elementor-widget elementor-widget-image\" data-id=\"f266284\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t<figure class=\"wp-caption\">\n\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"640\" height=\"523\" src=\"https:\/\/breadstack.com\/wp-content\/uploads\/2023\/03\/Screen-Shot-2022-09-15-at-10.40-2-1024x837.png\" class=\"attachment-large size-large wp-image-10753\" alt=\"\" loading=\"lazy\" srcset=\"https:\/\/breadstack.com\/wp-content\/uploads\/2023\/03\/Screen-Shot-2022-09-15-at-10.40-2-1024x837.png 1024w, https:\/\/breadstack.com\/wp-content\/uploads\/2023\/03\/Screen-Shot-2022-09-15-at-10.40-2-300x245.png 300w, https:\/\/breadstack.com\/wp-content\/uploads\/2023\/03\/Screen-Shot-2022-09-15-at-10.40-2-768x628.png 768w, https:\/\/breadstack.com\/wp-content\/uploads\/2023\/03\/Screen-Shot-2022-09-15-at-10.40-2-1536x1255.png 1536w, https:\/\/breadstack.com\/wp-content\/uploads\/2023\/03\/Screen-Shot-2022-09-15-at-10.40-2-2048x1674.png 2048w\" sizes=\"(max-width: 640px) 100vw, 640px\" \/>\t\t\t\t\t\t\t\t\t\t\t<figcaption class=\"widget-image-caption wp-caption-text\">Breadstack's inventory change log. <\/figcaption>\n\t\t\t\t\t\t\t\t\t\t<\/figure>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ef0a71b elementor-widget elementor-widget-menu-anchor\" data-id=\"ef0a71b\" data-element_type=\"widget\" data-widget_type=\"menu-anchor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div id=\"fourth-heading\" class=\"elementor-menu-anchor\"><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-087e786 elementor-widget elementor-widget-heading\" data-id=\"087e786\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-large\">Use an inventory management software<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c590de8 elementor-widget elementor-widget-text-editor\" data-id=\"c590de8\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">Breadstack offers a commerce hub to give you all the information you need to manage your online store all in one place. <\/span><span style=\"font-weight: 400;\">\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\"><strong>The commerce hub offers an inventory management system<\/strong>. All your products, inventory and order are in one place, so you can have all the up-to-date information you need.\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">The inventory management system also includes:<\/span><\/p><ul><li style=\"font-weight: 400;\" aria-level=\"1\"><p><span style=\"font-weight: 400;\">multi-location management,\u00a0<\/span><\/p><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><p><span style=\"font-weight: 400;\">product demand and turnover reporting<\/span><\/p><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><p><span style=\"font-weight: 400;\">order and fulfillment management on one screen<\/span><\/p><\/li><\/ul><p><span style=\"font-weight: 400;\"><strong>Try our demo today to experience the benefits of Breadstack<\/strong>. Utilize the inventory management system as well as the full experience of the Commerce Hub. <\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Inventory is one of the biggest costs for business owners, using inventory management can ensure you\u2019re optimizing and reducing costs where applicable along with so many other benefits.\u00a0 In this article, we\u2019ll give you all the tips you need to know about inventory management.\u00a0 Let\u2019s get started.\u00a0 What\u2019s inventory management?\u00a0 Tips for inventory management How [&hellip;]<\/p>\n","protected":false},"author":5,"featured_media":15016,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[32],"tags":[58],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v20.5 (Yoast SEO v20.5) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>10 Tips for Inventory Management | Breadstack Dispensary eCommerce Software<\/title>\n<meta name=\"description\" content=\"Here are 10 inventory management tips for your business. 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