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How to Increase Accuracy in Supply Chain Management

Accuracy is an essential ingredient in supply chain management. Without it, managers have a more difficult time making the right decisions for their organizations.

There are three main ways organizations can improve the accuracy of their supply chain system. First, use barcodes and scanners. Second, use inventory management software to organize the data. Third, automatically update the accounting database at the same time as the inventory database.

1. Using Barcodes and Scanners

With the help of barcode software and portable scanners, organizations can easily keep track of their inventory levels, place orders and accurately assess their ever-changing inventory needs.

When new products arrive, workers can scan them in and instantly update their inventory database. This saves time and reduces the risk of errors creeping into orders and inventories. If employees have to type product numbers and quantities into a computer by hand, they are more likely to make errors than if they scan product barcodes.

2. Using Inventory Management Software

Barcodes and scanners are great tools, but unless they have an organized place to put their information, they are useless. Inventory management software helps companies stay up to date on their inventory situation. An electronic inventory database can be instantly updated via barcode scanners so that at any given time managers know how many products they have and how many they need.

Inventory management software is also a good tool for estimating future inventory needs. Based on past sale cycles and changes in consumer demand, the software can help managers order more or less of certain products to maintain a balance between being overstocked and out of stock.

3. Updating Accounting and Inventory Databases

If managers have to enter the same information into multiple databases, they have a higher chance of making a […]

Cost-Cutting Solution: Inventory Management Software

When it comes to organizations’ finances, some years are better than others. It’s no secret that for many in the private and public sectors, the last few years have been on the lean side.

It requires creativity for a company or government department to tighten its belt without cutting its services or quality. With fewer goods being sold, companies earn less money and the government takes in less in sales and payroll taxes.

How can these organizations effectively cut costs and maintain their overall strength? One way is with inventory management software. Inventory management software is an automated system for keeping track of inventory levels, product shipping and sales.

Two typical inventory-management problems that can hurt organizations’ financial health are having too much or too little inventory. Many times, a company or government department purchases products or parts in bulk to ensure they have enough on hand to meet demand the moment an order comes through. They also may think the discount they get by buying a large number of products or parts will offset any potential risks.

However, this strategy leaves them vulnerable to product spoilage and obsolescence. An overstock of products or parts also prevents the capital that was spent on them from being used in more productive ways. Organizations have a finite amount of capital to work with, so it’s important that they spend their money as effectively as possible.

Being understocked on products is what most organizations try to avoid. Not having enough inventory on hand causes manufacturing delays, and it can drive customers away.

To find a balance between an overstock and an understock of products, many groups turn to inventory management software. Using barcode scanners to receive, track and sell products, organizations can know […]

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