Why is Inventory Management Training Important?

October, 2020

If your business is growing and you’re still doing business on your own, you might be losing a dollar every minute. Have you considered getting Inventory Management Training for you or your team?

Usually, businesses are composed of individuals and sometimes even teams to perform certain aspects of the business.From there you then have to establish who is the best fit to be trained and use the system you are about to put in place. If you want your people to be effective on the task of managing the stock in your inventory, you have to make sure that they are knowledgeable of the details of your processes and systems.

In some cases, it would be nice if you are able to find and hire an experienced stock controller. Having a stock controller guarantees that there is someone in your organization who is in charge of all your purchase orders, receiving shipments, and making sure that all of your records are in order.

If you do not have that in your team, or even if you do, you still have to provide continuous training. This is to ensure that your people are competent and effective in their assignment. That is why it is important to invest in the training of your team.

Providing proper training can ensure that each member of your team has the ability and correct understanding of how vital the process of inventory management is. The objective of such training is to teach them the basic know-how of managing the inventory and give them the knowledge on how important the different processes involved in managing your business and inventory are.

The focus of the training for your people will depend on the type of business you have and the systems you have installed. Here are just some of the areas you need to know and a brief description:

Sales to Dispatch Process

OOS or sometimes also referred to as Stock outs, is when you experience a shortage or run-out of the product in your inventory. That is why maintaining the right inventory levels and establishing a safety stock is important to prevent this from happening.

Purchasing and Receipting Process

In any organization, prior to purchasing a product there are steps that need to be taken that vary from company to company. From the time the product is purchased to it arriving in your facility to be checked and received into stock.

Forecasting and Demand Planning

Forecasting refers to the right of projection of goods for the next week, months, and even year. Whereas, Demand Planning encompasses forecasting. As it starts from forecasting the demand of the product to be able to produce the products efficiently and able to meet the expectations of the customers.

Managing Different Sales Channels (i.e. e-commerce, marketplaces)

It is being able to provide your customers other options on the platform where to purchase your products, not limited to the traditional physical store.

Being equipped with the basics can also boost their confidence in doing their task, which could help prevent them from making errors and incur losses to the business. In general, this would make them feel at ease and more confident in engaging with business related processes and managing your inventory daily.

Need to know what system you can integrate with your Inventory Management System?

To make sure that your business will continue to run smoothly without encountering problems, it is important to really invest in your people and in your business. To better improve your overall processes and efficiency, you may also want to contact a solution provider to help you transition to a cloud-based inventory system.

The inventory management system available in the market today can easily be integrated into any system that you may already have and currently using. One of the services that a solution provider can do for you, is not only to help you choose the right inventory management system suitable for your business but also provide you with the proper training. T

his would allow you to use the cloud-based inventory management system and maximize its functionality for the benefit of your business.

Are you ready to bring that perfect system in your head to life?

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