3 Ways to Reduce Costly Inventory Management Problems

Written by Business Success on . Posted in Orlando office space, Orlando retail space, Tampa retail space

Leasing commercial property

Keeping track of inventory within a warehouse is extremely important. Many business owners work with commercial real estate development companies to find the right space for their respective companies. In fact, statistics show that nearly 167,000 men and women living in the United States work in the storage and warehouse leasing business. You’ll find that a few small mistakes made during inventory management can end up costing a business a lot of money. You don’t want to lose money that could be spent on further commercial real estate development. Having not enough inventory can create shortages that damage relationships between you and your customers. In addition, constantly being overstocked with inventory can lead to your business paying costs associated with storage and transportation that aren’t necessary. With that in mind, here are three ways to improve the inventory management capabilities of your business.

  1. Utilize Inventory Management Software

    When renting a warehouse, you don’t want to have inventory that can’t fit within the specified property. Business owners often utilize the help of inventory management software after leasing commercial property. These tools enable a business to determine how to best optimize inventory to avoid shortages or having too much product. Inventory software pulls inventory data, performing calculations that allow business owners to order only what they need.
  2. Ensure Suppliers are Reliable

    Nearly every business owner has had to deal with an untrustworthy supplier. It’s understandable that accidents will happen, especially in the world of business. However, you don’t want to continually give an unreliable supplier more chances. Not only that, entering information based on receipts that don’t match actual supply numbers will cause inventory management software to give inaccurate calculations. It’s wise to ensure that accurate counts are performed as new inventory enters your commercial space.
  3. Mobile Technology Enables Inventory Tracking from Anywhere

    Since smartphones began their rise to popularity, mobile technology has helped businesses optimize many aspects of their daily operations. For instance, commercial real estate development companies often utilize mobile technology to keep track of listings and to check in on clients. Considering that, implementing mobile devices for workers enables them to check inventory levels from anywhere in the workplace. For instances, sales departments often give employees mobile tablets or phones that allow them to easily check inventory. In fact, certain software systems will allow workers to create an order, replenishing supplies from the comfort of a mobile device. A manufacturing warehouse space often makes use of software systems that can track the statuses of equipment in addition to supply needs.

In closing, there are several ways for business owners to improve their inventory management systems. Many business owners implement inventory software that collects, tracks, and calculates to help a business make smarter purchasing decisions. It’s important to ensure that you’re working with reliable suppliers. You’ll want to find a new supplier if your business is continually dealing with lost shipments, shortages, and other similar problems. Utilizing the power of mobile technology lets workers track and make purchasing decisions from anywhere in a commercial real estate space. With that in mind, following the previously mentioned tips can help ensure that costly inventory management problems become a thing of the past while leasing a warehouse.

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