The Latest in Inventory Control for the Small Business
The Latest in Inventory Control for the Small Business
Inventory control is an essential part of operating a small business. A big company might be able to afford losses. They sometimes include losses as a cost of doing business.
Smaller companies need to keep their costs down as much as possible. It helps them remain competitive. New technology has made inventory control easier and more accurate.
Investing in the technology today will save you money in the future. It could be the only way to keep your contracts.
The federal government and private companies alike have started requiring their suppliers to use RFID technology. Barcodes may be on the way out. The suppliers who do not have the technology will not get the contracts.
Your company's equipment could be some of your most valuable assets. Knowing where the equipment is located at any given time and being able to print out accurate inventories could be necessary to keep or increase your line of credit.
Of course, the right tools for your small business depend on what your company does. RFID tags are the standard in animal management. Transportation companies are using a combination of RFID and GPS technology to keep track of their vehicles.
An experienced database designer can help you find the right tools for your company. Creating a customized system is so much better than trying to adapt an off-the-rack program to fit your company's needs.
The big advantage of RFID technology has to do with the ability to evaluate current inventories accurately. In the old days, we had to look in the back or estimate on-hand supplies. On a yearly or bi-annual basis, we did a true count. The discrepancies were often huge.
There is no reason for any small business to guess in this day and age. Discrepancies are no longer inevitable. Products can be tracked from the beginning of the supply chain to the end; from the shipping dock to the customer.
Companies using the latest inventory control technology have found that employee theft is reduced or eliminated. The tools can be used to prevent embezzlement and fraud.
Within the retail establishment, the technology can be used to prevent shoplifting, another possible source of loss for the small business owner. Shoplifters are discouraged by in-store signs. If they happen to miss the signs, an alarm will sound if they pass through the door. Either way, the theft is usually prevented.
Inventory control should be only one aspect of your business. With today's technology, it is one aspect you should not have to worry about.