Inventory Management

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**insert template** Sent either to:Production (manufacturing) Directly to the retailer/customer/end user (finished goods) Routed to the appropriate business unit/department (internal requests)

**insert template** Shared with all relevant stakeholders

**insert template** For Just-in-Time systems, usage data may be analysed to create more accurate forecasts.

Establish your system for knowing what you have and where. This could be barcodes, RFID, spreadsheets, or dedicated software depending on scale. Every item needs a unique identifier. Define your storage locations and labeling conventions. Consistent setup prevents lost inventory later.

Determine minimum stock levels that trigger reordering. Factor in lead time from suppliers - order early enough to arrive before you run out. Set alerts in your system when stock hits these thresholds. Running out of critical items is usually more expensive than carrying a bit of extra inventory.

Record every time inventory moves - receiving, transfers, usage, returns, adjustments. Every transaction should be logged with who, what, when, and why. Good transaction tracking is how you catch theft, loss, and errors. Without it, inventory counts drift and you lose visibility.

Physical counts verify your records match reality. Do full counts annually at minimum, cycle counts more frequently for high-value or fast-moving items. Investigate discrepancies - they reveal process problems. Adjust records only after understanding why they were wrong.

Analyze your inventory data regularly. What is turning fast, what is sitting? Are your reorder points right? What is tying up cash without being used? Identify slow movers and dead stock for clearance. Continuous improvement keeps inventory costs under control.