Running an inventory count can seem daunting and time-consuming, but there are many ways to streamline the process.
After all, any form of inventory management, including a full count of inventory on hand, is just a way to optimize for cash flow, says Parag Mamnani, CEO and founder of Webgility.
"The way I see it, all inventory techniques are just ways to optimize cash flow. You're trying to figure out how to optimize inventory so that you don't have stock that's taking up space that could be occupied by faster-moving products."
Businesses need robust inventory strategies to keep up with the ever-changing customer demand. On average, physical inventory is only accurate about 63% of the time.
And that doesn't bode well for the 23% of online sellers who say accounting issues, like forecasting and understanding seasonal trends, are their biggest challenge, according to new inventory management statistics.
Physical inventory accounts for the tangible goods stored in warehouses, shops, and other retail spaces. Businesses must keep detailed inventory data to ensure accuracy and efficiency. Accurately tracking items can help save money, reduce errors, and avoid significant delays.
Thankfully, with these expert tips, you can quickly and efficiently perform an accurate inventory count so that your business stays on track.