Being smart with inventory management is a must during the holidays, as there will likely be a major rush at some point that the business must be prepared to handle. An inventory management system is a great way for organizations to set themselves up for the holiday season because they will be able to have a better view of their stock, customer activity and business in general.
Here are some ways to avoid any sort of problems at the end of the year:
1) Ensure the company knows its inventory
Brandon Levey of Small Biz Daily wrote that companies that have the luxury of having data from the last year's sales will likely fare better than others, as they will be able to see trends from the previous year and know how to act on them. This will give plenty of room to order additional inventory of popular items and perhaps know what is coming before the season starts.
2) Be smart about deadlines
Levey said businesses need to use tools and planning to help them set and meet deadlines during the holidays.
"Break out what your priorities are," he wrote. "Be honest with yourself when it comes to your capacities. If you feel overwhelmed, break down those goals into milestones and break milestones into digestible tasks."
3) Have good technology in place
Victoria Treyger wrote on Retail Online Integration that having a great inventory management system in place will give all the data needed at the fingertips of executives who need it.
Organizations will have many choices as to what software they can adopt, but she said this doesn't necessarily mean having all the "bells and whistles" in place. Simplicity may be more important.
"If there's ever a time of year when it's of utmost importance to save time and resources, it's during the holidays," she said. "Inventory management software can help get the job done."
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