Keep Your Inventory Accurate
Managing inventory is a big job, and no one person should have to do it alone. Every employee can help. In fact, it is most effective when everyone on staff understands their role in keeping track of every product that comes through your business. Two new Trainer’s Toolbox lessons are tools you can use in your next team meeting to show your staff how they can make a big difference in managing inventory. In addition, by helping to maintain accurate records, cashiers and sales associates can also provide better customer service and aid your loss prevention efforts.
Lessons
“Keeping Accurate Inventory: At Checkout” shares a few ways cashiers can avoid making incorrect entries into the point-of-sale
system. For example, they should always be scanning individual items, rather than assuming similar looking items have the same SKUs.
“Keeping Accurate Inventory: On the Salesfloor” offers ways sales associates can spot problems that could potentially create inaccurate records. For example, make sure they know to report empty shelves and peg hooks so you can reorder.
Inventory 101
It’s likely that retailers who fared the best during the supply chain disruptions of last year already had strong inventory management procedures in place. Because they had learned to effectively manage one of their largest assets, they were better prepared to deal with the unexpected.
If it’s time to brush up on best practices or teach your employees the basics of this important skill, enroll in NHPA’s course in Basic Inventory Management. This online course, available to NHPA Premier Members, offers an overview of the basic concepts of managing inventory in a retail operation. It helps anyone involved in retail understand what it takes to stay profitable and fix inventory problems early.
COURSE MODULES
Introduction to Inventory Management. Learn why proper inventory management is important to the profitability of a business.
Ordering. This module covers the SKU, purchase order and several of the tools retailers can use for refilling stock levels.
Receiving. In this module, get an overview of the receiving process, including different methods.
Stocking. Learn some best practices retailers should follow when stocking and maintaining their inventory.
Maintaining Inventory Accuracy. This module outlines basic ways retailers count their inventory and some of the factors that influence the accuracy of their records.
Inventory Reporting. Understand common reports a POS system can generate and why they’re important.
Managing Slow-Moving and Discontinued Products. Learn how to manage slow-moving inventory, excess inventory and discontinued products.
