Here are several policies that will help to solve the inventory shrinkage problems faced by many distributors.
- Limit access to the warehouse
- Pay your employees well. We've seen great results when the accuracy of on-hand quantities affects the compensation of all employees that have access to warehouse inventory. These employees are motivated to treat your inventory as if it was their own. It's like having management constantly watching over your warehouse operations.
- If someone is caught stealing, get rid of him.
Inventory accuracy is a necessary element in any effective replenishment system. If your buyers don't know how much of a product is in your warehouse and available for sale, there is no way they can accurately determine when to replenish stock and how much to order. You'll end up with a "lose-lose" inventory: shortages of products your customers expect you to have in stock, and excess quantities of slow-moving items/ Thia is a key to effective inventory management!
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