How can businesses synchronize inventory between their online stores and inventory management systems? This article will tell you everything about it.
To be able to keep inventories in sync often means better accuracy and efficiency in the supply chain.
You can learn more about this matter in this short article, which will give you some tips to follow.
Understand the World of Inventories
Whoever manages more than one inventory in their lives knows that every inventory is the same. The type of inventory you will have, most likely will depend on your business model.
As an example, you can simply think of how different an inventory of raw products would be when compared to one that stores finished goods.
Every inventory has different characteristics and the first step towards a better synchronization of your inventory also depends on your knowledge of the matter of inventories themselves.
First of all, identify and categorize your inventory type and make sure that your policies, and procedures work accordingly with the model you choose to follow.
Models and Methods
Speaking of models, it is very important, in this process, to use things that worked for others, such as the Shopify inventory management integration tool, which was a true game-changer for many businesses out there.
Models and methods are useful tools to use when you want to determine aspects such as time, and quantity.
They are based on data and are, therefore, very reliable. You might have heard of some models like Economic Order Quantity or Reorder Point. They are all based on data gathered about matters of demand, but also costs and potential difficulties.
Inventory Control Techniques
These inventory control techniques can be very useful to synchronize your inventory by monitoring and improving your inventory skills.
Many things, like great inventory management software and the practice of cycle counting, as well as ABC analysis, amongst others, can help you reduce errors but also costs, not to mention the fact that they can also improve efficiency.
The two methods mentioned, meaning cycle counting and ABC analysis, are two good control techniques used by many businesses.
Cycle counting simply means that you can count a small portion of your inventory each day or week.
This can be done to identify issues and avoid over or under-stocking.
The ABC analysis, on the other hand, classifies inventory items into three different categories, named by the letters and divided based on several parameters.
These parameters are matters of value, demand and importance.
There are other control techniques to consider, such as the Just-In-Time strategy. This strategy orders your inventory only when some changes are needed.
So if you need to reduce costs, space and waste, you can use the just-in-time technology when the time is right, pun intended.
Control techniques are a great tool to consider and there are many thorough resources you can read on the matter.
This article talked about ways to sync your inventory with your online shopping business. These ways included more basic stuff, like getting familiar with the many types of inventories that you can find out there.
But it also touched upon other matters, such as implementing your inventory practice with models and methods and, therefore, learning from what worked for others.
It also expanded upon implementing inventory control techniques and it proposed some examples of such techniques.
Cycle counting was mentioned and so was ABC analysis, and the just-in-time technique.
Inventory systems were also mentioned, as they are a technological way to automate a burdensome task and make more with your time while streamlining your business like never before.