Dead Stock Register Software

Oct 4, 2018 - Here's how inventory management software is helping shippers bridge the inventory gap and come out ahead. Lower labor costs, reduction in dead stock, improved forecasting capabilities and enhanced. Register Today!

1:50:08 PM How to Deal with Dead Stock in Your Inventory Management Dead stock is inventory that hasn't moved in at least a year. Dead stock is locked up money that isn't contributing to the growth of your business.

It uses up warehouse space that could otherwise be used for fast-moving products. If your warehouse has no extra capacity, then responding to an upsurge in demand for a popular product will require renting or buying additional warehouse space which might not have been necessary if you weren't saddled with your dead stock. You also spend money storing and taking care of it. This is money spent on rent, utilities, security, and insurance. Dead stock is a kind of freeloader that doesn't pull its weight and will pull your business down in the long-term.

How to Remove Dead Stock • Reduce the price. A significant price reduction might be enough to trigger demand for the product. You may not sell at a profit and perhaps suffer a loss, but clearing the dead stock off your shelves is better for the long-term health of your business.

• Bundle it with other products. Combine and sell it with related products at a discount.

If these related products are fast movers, then so much the better. You will quickly get the dead stock off your hands.

These bundles can be a product in their own right if sold as a kit. For example, there are facial kits, first aid kits, fire pit kits, repair kits, survival kits, and so forth. • Offer discount coupons. Set up a coupon web page that lists discount codes.

This will attract people who are attracted to deals. The motives of these people will vary. For example, some people buy things at discount so that they can resell them on eBay, Amazon, or Craig's List at a profit. You could also do this yourself but it takes time, effort, and skill, so it's best to sell directly to these entrepreneurs.

Other people, known as couponers, enjoy the challenge of living frugally by taking advantage of discounts. • Sell on online marketplaces. There are lots of websites that sell surplus inventory. Many well-known sites get thousands of visitors a day who are looking for bargains. • Return it to your supplier.

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Depending on the items and your supplier, you may be able to negotiate a return. The reason you can't sell the items may not exist with your supplier who has no problem selling them. This means she should willingly take them back. However, you may have to pay a restocking fee.

Finally, you should identify poor performers before they become dead stock. This will require software that keeps track of the performance of your inventory stock items. You can set up rules that tell the software to flag poorly performing inventory rather than automatically reordering them. For more information on this type of software,. We understand your organisation is unique. Your technology should match your business processes - your unique way of doing things.

We help your organisation perform better by designing and developing the solutions that work for you - all delivered on time, within budget and with faster time to benefit. With offices in Sydney, Melbourne, Brisbane, Perth and with over 50 Awards received from Microsoft, SAP, Sage and Accellos, MicroChannel has outstanding credentials as one of the most respected solution providers in Australia.

Inventory management is the delicate balance between having exactly what items needed in stock to satisfy customer demand without overstocking items that can go bad, sustain damage, or go out of style before they are used or sold. Effective reduces cost by minimizing losses and maximizes sales. With a solid strategy in place, businesses can track inventory in real time for a streamlined supply chain flow – just the right quantity at just the right time.

Primary Goals of Effective Inventory Management Strategy Prevent dead stock. Running out of an in-demand item can cost you money, but it’s not that only costly inventory mistake. Overstocking takes up valuable floor space and can result in spoilage or waste and costs man-hours to manage and dispose of inventory that does not sell in time.

For businesses that lease variable warehouse space to meet their needs, minimizing dead stock storage makes inventory costs significantly lower. More organized warehouse. An effective includes real-time tracking.

Knowing exactly where every item is located, how fast it moves, and what quantity is in stock enables faster order fulfillment. Comprehensive tracking allows more effective layout, with fast-moving items in the most convenient locations for faster restocking. Streamlined reordering. Just-in-time – ordering exactly the amount of stock you need and moving it quickly – is not always practical due to supply-chain logistics. Real-time inventory management is the next most efficient option. The concept is simple.