A business that makes the best use of its resources is saving a lot more than just money. There are only so many resources to go around, so it’s a good idea to have as much efficiency as possible to prevent waste. That’s what wise stewards do.
What can you do to achieve green inventory management? Here are a few ideas:
- Use inventory tracking software to automate ordering and receiving processes
- Train as many of your employees as possible on how to use inventory-related hardware and software so they can help keep the business running smoothly
- Use a Just in Time (JIT) model to get just the right amount of parts and materials in stock when you need them
- Study your customers’ buying trends to plan for surges and declines in sales so you don’t keep a huge safety stock all the time
- Work with local vendors to reduce wait times for new orders to arrive
- Make the best use of your warehouse space by putting popular items close to the receiving door and grouping similar items together
This is by no means a comprehensive list. There are plenty of other things you can do to improve your company’s efficiency and save money and resources. But these serve as a good starting point.
QuickBooks Manufacturing Blog 