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purchase and replenishment tools

Once you have your optimal stock levels set, make sure that your inventory doesn’t go too low by keeping an eye on stock movements and tracking orders as they come and go.

Any inventory control system worth your time will combine EOQ and reorder points with low-stock alerts to send notifications automatically.

Organizational control

It may seem like a simple concept, but it really does make a difference to have your stock meticulously organized. This includes labeling your stock with SKUs that are easily understandable and simple to read. Start with an initial stocktake and then use the right inventory management techniques to keep track of movements and levels.

Quality control

Quality control is another essential part of inventory control. Choose a supplier that has the same quality standards as you do and get plenty of samples before you develop a long term relationship. Once you have your suppliers, batch tracking ensures your stock consistently meets your highest quality standards.

Control the future

Even with EOQ and reorder points set, anticipating future demand is notoriously difficult. To avoid obsolescence and spoilage, inventory forecasting must be utilized to keep inventory levels low yet adequate to match customer demands. Even big players fall victim to improper inventory forecasting.