Many business owners receive the same voiced complaint about their companies—whether they are large or small—the lack of accurate inventory tracking. To succeed, all businesses must know how much inventory is needed and ensure they aren’t carrying either too much or too little stock. Unfortunately, there are many opportunities for miscalculations and errors during the placing and receiving of orders from inventory suppliers and during the time that inventory is carried by the business.
The Solution
This problem can easily be remedied by using bar code scanning and an automated inventory management system. The automated process of tracking inventory data eliminates chances for errors by ending the
manual tracking of data by hand (pen & paper or Excel). A centralized,
automated system allows users to easily monitor stock levels—ensuring inventory levels are accurate and adjusted to reflect customer demand.
Too much or too little inventory causes companies to lose money. Either money is wasted paying carrying costs to store excessive inventory or profit is lost because customer demands can’t be met. If a company wishes to eliminate slow-moving inventory, prices can be dropped or inventory can be sold to liquidators or discounters. To prevent carrying slow-moving items, look closely at top selling items and stick with those—add similar items to in stock inventory after you eliminating items that do not sell well.
Implementing Damage Control
If a company’s priorities are not accurate, damage control may be needed before moving forward. Focus first on the inventory management of top selling items and then simply move on to the next best selling items and continue to repeat this process. It’s easy to get discouraged at this point, but remember that it takes time for all these plans to come together. Likewise, it may take a bit of trial and error during the transition to an automated an inventory management system that works.
Wasp Barcode Technologies Is Here to Help
Wasp Barcode Technologies is a manufacturer of barcode business products that include TrueType barcode fonts, state of the art developer tool kits, and premium barcode scanners and software. The
Wasp InventoryControl system offers data capture and custom tracking solutions designed specifically for small businesses.
Although the systems are designed with smaller businesses in mind, the inventory management products appeal to local offices and individual departments of larger companies. Wasp’s software can be used right out of the box and isn’t a scaled down version of a more complicated product. Using inventory management systems provided by Wasp, managers and owners can spend less time learning new software and products and more time effectively running their companies.
About Wasp Barcode Technology Products
Wasp provides a complete range of effective tracking systems. In addition to barcode printers and barcode scanners, software products include Point-of-Sale (POS), time and attendance, asset tracking, and inventory control. Wasp constantly adapts their proven technology and deploys it in a way that works well for businesses of all sizes. There are no expensive disruptions in business or lengthy processes of integration. Wasp offers simple, valuable solutions that work.
Many business owners receive the same voiced complaint about their companies—whether they are large or small—the lack of accurate inventory tracking. To succeed, all businesses must know how much inventory is needed and ensure they aren’t carrying either too much or too little stock. Unfortunately, there are many opportunities for miscalculations and errors during the placing and receiving of orders from inventory suppliers and during the time that inventory is carried by the business.
Wasp Barcode Technologies is a manufacturer of barcode business products that include TrueType barcode fonts, state of the art developer tool kits, and premium barcode scanners and software. The