Inventory Management Questions You Should Ask

Inventory Management Questions You Should Ask
Inventory is at the heart of every business that deals with tangible products. It affects your cash flow, and by extent, the profitability of the business. There are costs which are tied to inventory management because your business should store, track and insure its inventory. Despite inventory being a major asset in your warehouse, it will remain an investment until the products sell. The best practices in inventory management require sound purchasing planning so you can reduce business costs and ensure optimal inventory levels for order fulfillment.

Here are the inventory management questions every business owner should ask, why you should ask and possible solutions.

What’s the best way to manage a warehouse?

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This is a big question for most business owners. Hiring a qualified, competent warehouse manager can get the job done and oversee this component of your supply chain effectively. They can handle the coordination of warehouse activities, from receiving shipments to handling equipment, and assess inventory levels. Invest in the latest software programs for warehouses so you can do better planning for the decisions in your warehouse.

Keeping an eye on these aspects to manage a warehouse effectively:

The warehouse’ layout and organisation
Knowledge level and training of the team
Equipping the team
Tracking and optimising lead times
Measuring performance

What are the best inventory control practices?

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Inventory control is the foundation of any smooth-running retail business. It also helps you to optimise the amount of warehouse space for rent you may need. If you don’t start to streamline your operations now and manage your inventory as effectively, you may easily slip into inefficient practices, bad habits and high inventory costs.

You can streamline inventory control by implementing these best practices:

Categorise your stocks using the ABC approach: A being the most valuable and C being least valuable. 
Establish and track your inventory’s key metrics such as inventory carrying costs, rate of turnover, and cycle time.
Choose a review system that works best for your stocks. 
Use appropriate tools such as cloud-based systems instead of Excel sheets.
Maintaining a safety stock inventory especially for your category A stocks. 
Implement a quality control system. 

Having the right warehouse can help to support your operations as well. Our property at Singapore Handicrafts Building offers warehouses for rent in Paya Lebar. This 6-storey B1 light industrial building is surrounded by home furniture businesses like furniture companies and tiles suppliers. Units in the property can suit warehousing and B1 light industrial purposes. We have one unit available for rent at 663 sqft furnished with lights, aircon and glass frontage – with 3.5m ceiling height and 2.5kN/m2 floor loading. Other facilities in the building include 24-hour access, 1 cargo lift & passenger lift, and season parking. Our subsidiary PickJunction is also available in the premises to offer a space new concept with E-commerce services to assist furniture and interior related businesses sell better with lower costs.

Is inventory management software beneficial?

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You’ve already heard that Excel worksheets and document papers are not the best way to help you track and manage inventory. It is time-consuming, poses risk for human error and reduces efficiency. Inventory management software can be a worthy investment to help you stay on top of your products and cut other costs in the long-run.

A good inventory management software enables you to:

Scan through inventory levels in real-time.
Perform unlimited cycle counts, whether periodic or continuous.
Track inventory levels at different locations instantaneously.
Generate and track key warehouse metrics.
Optimise warehouse space for rent.

How do I control inventory remotely?

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The above questions point to one capability that business owners often desire. The ability to manage inventory remotely. Many remote tracking systems use barcodes scanning or radio frequency identification (RFID) systems to track. 

Integrating the information in a cloud-based inventory management software can help you make decisions on: 

The type and how much stock to keep
Delivery times
Quality and turnaround time for your stock

If you are running a medium or large-scale operation, the ability to control inventory remotely will be an added benefit to your business. As your company grows and demand surges, you may require bigger warehouse space. Our property at Depot Lane offers industrial warehouses for lease right in Bukit Merah district, a centralised area that is well connected to other parts of Singapore. Ground floor loading bays are provided outside the unit which enable easy loading setup for efficient operations. There are bus services near Depot Road to bring you to the nearest MRT stations at Redhill MRT for easy daily commute. An array of amenities can be found within reasonable distance at NTUC Fairprice Supermarket and Depot Heights Shopping Centre. The units available for rent range from 1,882 to 4,391 sqft, fitted with lights and ceiling fans. Other building features include column-free layout, 40-footer access, 24-hour accessibility, and season parking for small & heavy vehicles.

We have a limited-time offer until June 2020 for selected commercial spaces, offices and warehouses for rent – enjoy 50% off your monthly lease when you sign up! Terms and conditions apply.

If you wish to find out more about LHN properties info, feel free to contact us at +65 6578 9966 or WhatsApp us at (65) 8345 9966. Alternatively, you can email us at space.enquiry@lhngroup.com.sg.