Joining a gym or saving money might be more obvious New Year’s resolutions, but sorting out your inventory management processes could be the best thing you do all year.

Here are some tips for inventory management for 2020.

Free Up Warehouse Space

Inventory management provides you with much more than just financial benefits. You will be able to free up warehouse space and optimize your shop floor. With the latest software, you can find out which stock isn’t popular and return this to your suppliers. This will make way for new materials and products that provide you with a return on your investment.

Why is all this important? Research shows that the average warehouse space in the United States is relatively small. Around half of all buildings are just 50,000 square feet or smaller, while almost three-fourths are 10,000 square feet or smaller. 

Create a BOM and Product Trees

A Bill of Materials (BOM) and product trees are two ways to track the raw materials your organization uses to manufacture products. These are particularly useful if you are a visual learner and want to visualize data instead of relying on bland black-and-white text. 

Software like Prodsmart lets you create a BOM and product trees so you can visualize key data in one place. As a result, you can make speedier decisions about your inventory, and you can share data with suppliers and trusted clients with a click of a button. 

Make More Accurate Predictions About Demand

Supply and demand will influence your inventory processes, but how can you ascertain the purchasing habits of customers, suppliers, and clients? Software that generates real-time reports about your inventory management strategies prove lucrative, and you will be able to forecast future stock control levels and streamline order fulfillment in one place. 

Many programs generate large data sets for manufacturers, which can confuse you. This is why it’s a good idea to use a program with visual workflows, so you can digest complicated information and make better business decisions. 

Prodsmart is a manufacturing execution system that lets you streamline inventory management in 2020 with the use of visuals. Use it to manage stock control, free up warehouse space, and make accurate predictions about supply and demand in the future. Click here to find out more.