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The use of barcode scanners can reduce shrinkage and improve inventory accuracy in your business. Shrinkage may be caused by many things: theft, spoilage of perishable items, or mistakes. Barcode scanners help reduce mistakes by automating the inventory process. Automation improves inventory accuracy and reduces manual counting errors. Shrinkage Facts According to the National Supermarket Survey, often used as a bellwether in the area of shrinkage and loss control, 64 percent of losses are due to operational issues compared to 36 percent due to theft. In other words, problems in how a business is managed—and how inventory is managed—account for the majority of shrinkage problems reported by supermarket retailers. You’re not selling milk or soup, but what you are selling is also subject to shrinkage. And, according to the same survey, operational-caused shrinkage is often due to human error. Manual counting, for instance, opens the potential for many mistakes and under-reporting of inventory, leading to incorrect data and a higher shrinkage percent. Spreadsheets are often used with manual counts and these are notoriously prone to errors. Making one typing mistake can lead to inflated inventory counts or errors that can be carried throughout a report. This derails your best efforts […]

It’s estimated that around 43% of all small to mid-sized businesses lack barcode tracking, a known way to improve inventory accuracy. If you are still using paper-based counts, spreadsheets, or worse still, aren’t tracking your inventory at all, then these inventory management tips and best practices will make a big improvement in your company. An inventory tracker is an automated system of tracking items entering the warehouse from receiving, tracking their location and quantity while they are in the warehouse itself, and then tracking them as they leave inventory to fulfill customer orders. Even though companies are manufacturing and moving goods at a faster rate, they still tend to hold onto too much and overstock their inventory (Source: Supply Chain News). As the number of days outstanding grows, the value of the inventory decreases. Your company ends up spending more money to maintain warehouse facilities and personnel to maintain an overabundance of goods that shrinks in value. Is there a way to improve inventory accuracy? The answer lies in the software used throughout your company for inventory management, as well as the attention given to inventory management best practices. With a software upgrade and an adjustment in your warehouse management […]

Inventory Accuracy is Just One Hallmark of a Great Inventory Management System Does your inventory management system have what it takes to boost your business next year? Inventory accuracy is just one part of a great inventory system. Systems such as Sage Inventory Advisor have all the right stuff to maximize profits, minimize losses, and manage your inventory like a pro. Let’s look at some of the characteristics of a terrific inventory management system. Why is a good inventory management system important? For most companies, inventory represents a hefty investment of capital. Products remaining idle and collecting dust in the warehouse are costly. Not only does a business pay to produce laggards, it must also pay to warehouse and maintain them. Good inventory management reduces excess goods, maintains adequate stock, and optimizes warehouse space by thoughtful placement of shelves and bins. Inventory management is both an art and a science, fueled by accurate data from inventory systems married to your company’s ERP systems and more. The right inventory management system can help your company control costs and maximize profits no matter what industry you are in. Five Characteristics of Terrific Inventory Management Well-organized inventory: Inventory that is organized well is […]