Here are some other tips on how to implement just-in-time inventory management. Larger businesses should work to sync their computer systems with those of suppliers who can then directly monitor inventory levels at factories, distribution centres or stores. “Using electronic data interchange (EDI) and bar code scanning can help eliminate data entry errors.” “Inventory miscounts are also common at the receiving and order fulfillment stage, especially if you’re working manually,” he says. They allows a seller to know what's in and what's not in stock-but, most importantly, what sells. Also known as SKUs (pronounced “skews”), they are unique ID codes that you assign to every item on sale. Most businesses now use a system of stock keeping units. “At the minimum, you need a system that alerts you to reduced inventory levels so you can replenish them.” “You should automate as much as possible, but not all small businesses have the cash to buy sophisticated inventory technology,” Chartrand says. There are a variety of options available to help you manage inventory, ranging from a fully integrated Enterprise Resource Planning (ERP) systems to more affordable software products. The good news is that technology can solve these problems. If you’re still handling inventory manually, chances are you’re prone to errors and poor forecasts and have no means to measure supply and demand. “You have to avoid running out of stock and upsetting your customers, while also minimizing your inventory costs.” Technology can be a big help “It’s a real balancing act,” says Chartrand, who advises clients in the Ottawa region. The key to just-in-time inventory management is rigorously monitoring your use of supplies and timing replacement deliveries when they are needed, says BDC Consultant Guy Chartrand, an operational efficiency expert. Growth & Transition Capital financing solutions Kauffman Fellows Program Partial Scholarship Venture Capital Catalyst Initiative (VCCI)
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