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Different Ways To Track Your Company’s Inventory

Different Ways To Track Your Company’s Inventory

Inventory tracking is vital to retail and e-commerce stores. Businesses can select the tracking system that works for their company. If you’re interested, keep reading to learn about the different ways to track your company’s inventory.

Manual Tracking

Manual tracking is an attractive option for businesses that prefer pen and paper tracking rather than data systems. This method requires a master data sheet to categorize the inventory. After transactions, you must update the sheet to reflect the new inventory number. Since you must update the data sheet frequently, manual tracking is ideal for small businesses with a small to medium-sized inventory load.

Inventory Management Systems

Inventory management systems track inventory throughout your supply chain and give you real-time product updates. In addition, management systems forecast demand for different items, allowing you to anticipate requests for specific things. In some cases, your suppliers can’t fulfill orders for high demands, so you need an alternative solution. In this scenario, having access to backup suppliers is one way to mitigate risks in your supply chain operation.

Spreadsheets

Spreadsheets are another way to track inventory because they organize and categorize large amounts of data. However, it’s essential to understand that you must manually enter data to manage the sheet. Managing massive amounts of data can lead to mistakes. Double-checking information and verifying inventory numbers is crucial for this tracking method.

Third-Party Providers

Outsourcing inventory management to a third-party provider saves time and resources for many businesses. Third-party providers receive, move, and track inventories so that companies don’t have to complete these tasks. This tracking strategy avoids paying for warehouse space and manual tracking. Though most of the work is out of your hands, it’s important to communicate with the third-party provider for updates on inventory frequently.

In-House Solution

Among the different ways to track your company’s inventory, creating an in-house solution is a creative method. If your company has adequate internal resources, you can develop and execute a custom inventory tracking system that works for your business. The advantage of in-house solutions is they fit your specific needs and come with custom features that no other company possesses!