Inventory monitoring is tracking and keeping a record of how much items an organization has in stock. These stocks cover every stage of production, ranging from raw materials to finished goods. Effective monitoring of your inventory is necessary in ensuring that you always have the right amount of stocks in hand to prevent any excesses and/or shortages. Keeping a detailed record of your stocks helps you better assess your assets and accounts.
A well-monitored record of your inventory activity can provide you with :
1. Useful information that can help you attain your business goals
2. Monitoring your inventory judiciously can play a role in increasing your profit and even boosting customer satisfaction.
3. A well-tracked inventory helps you discern what your best-selling items are thus enabling you to adjust your business strategy accordingly.
You can ensure that you have the right number of those products in stock so that you do not run out of them when necessary which helps prevent backlog or delays.
Awareness of when items enter your inventory can also help you determine when to get rid of obsolete stock. Unsold or unused items can be returned back to suppliers, which allow you to get some of your money back. Monitoring inventory also prevents you from having an excess of unnecessary items, from expired goods to damaged products.
To have a well-monitored inventory system, great attention to detail must be paid. It can be very time consuming work, especially if you have a large inventory. Recording receipts, sales, dates and other metrics can be a headache, especially to those who are already inundated with other work.
Consider outsourcing this service so that this step gets the right amount of time and attention it needs. One of Optimum Source’s key services is to help companies with their Accounts and Finance capabilities, including over-seeing the organization’s Inventory Monitoring. Optimum’s very capable personnel are committed to ensuring a well-monitored inventory tracking system.