Effectively managing inventory is a key part of running any warehouse. It contributes directly to the company's bottom line. Inventory management involves knowing your product, your industry and being able to anticipate ordering needs. Good inventory management starts with a well organised warehouse. Consider zone-based storage and investing in warehouse management software. Picking efficiency is vitally important, it is also recommended to label everything. Tracking techniques include setting product par levels and remembering first-in, first-out principles. It is important to always be prepared and learn how to forecast. Auditing your inventory is crucial to product management. There are a number of measures to take which can reduce costs associated with inventory. These include getting rid of dead stock, thinking about your SKU Systems and negotiating your payment terms with suppliers. When it comes to inventory management technology, never use spreadsheets. Instead, consider off-site data storage.

Inventory management is a key part of the role of a warehouse manager. There are four main types of stock commonly held in warehouses: Raw materials and components, works in progress, finished goods and consumables. When deciding how much stock to keep, there are a number of questions to consider. For example, does the product lose value over time? Stock control is the tracking of your stock as it moves through the warehouse. Par Level Ordering is when managers set a minimum stock level and reorder when stock dips below that level. There are a number of other stock control methods such as: Just in Time Ordering, RFID and Computerised Stock Control Systems. Methods of stock verification include: Physical, periodic, perpetual or blind stock verification. Reporting on stock levels is another key role of a warehouse manager. Some of the most important reports are dead stock reports, loading reports and weekly reports. Choosing the best warehouse management software involves five steps: Thinking about your needs, consulting with staff, consulting with vendors, comparing products and using any available trials for products.

A supply chain is the series of processes that make up the production, storage and dispatch of goods. The supply chain includes each business that touches a particular product. Optimising supply chain management increases productivity while lowering costs. Delivering a high quality product to the final consumer in as little time as possible is the main principle of supply chain management. Reliable suppliers are essential to any supply chain process. The supply chain process is as follows: Procurement, Production, Storage, Dispatch, Transportation and Customer Use/ Returns. Optimising your supply chains involves taking action such as thinking about your suppliers or outsourcing areas of weakness. You should develop assertive communication skills and embrace technology. It is important to keep on top of stock and make correct inventory decisions because inventory has a significant impact on the rest of the supply chain. Potential troubleshooting techniques include staying on top of technology, providing written feedback and offering retraining opportunities.