September 19th 2023 11:00:00 AM
Keeping “Safety Stock” as Part of Inventory Management Solutions
September 5th 2019 15:00:00 PM
Your business’ inventory management solutions may include the practice of keeping safety stock. Safety stock refers to that little bit extra you keep on hand for rush orders or if a supplier can’t get more items to you quickly.
Marking safety stock in your inventory management systems is a smart way to ensure you never have to say “No, I’m sorry, I’m out” to your best customer when they call with an order.
Inventory Management Solutions: Tricks From the Pros
In addition to including safety stock, inventory pros offer several tips to help you utilize inventory management solutions effectively:
- Set par levels: Par levels are levels of inventory which trigger alerts if stock drops below par. This ensures prompt reordering of items once they hit par.
- Consider FIFO: FIFO stands for “first in, first out” and moves your oldest goods out the door first. Check inventory records to make sure that workers follow FIFO principles when filling orders and aren’t just grabbing what’s handy as they pick and pack.
- Have a contingency plan: If, despite your best efforts at keeping safety stock and establishing par you run out of items, a contingency plan offers you the recourse you need to fill orders. Contingency plans may include building relationships with additional suppliers if your current one runs out or stops manufacturing the product.
If you’re ready to improve your inventory management solutions, consider Scanco mobile apps. The mobile app provides you with the flexibility to monitor materials, completions, and returns from the shop floor into Acumatica Manufacturing Edition. The app is compatible with all the latest Android and Apple industrial devices; all you need is a Wi-Fi or 4G connection.
Would you like to learn more? Simply contact us online or call (330) 645-9959 to set up your personal appointment with a Scanco Solutions Expert now.