Streamlining Facility Inventory Management: Best Practices for Success

Inventory management in a facility is an important aspect of any business that deals with physical assets, materials, or equipment. It entails the planning, organization, tracking, and control of inventory of items used, stored, or distributed within a facility. The global warehouse automation market is expected to increase by €24.8 billion (10.41% CAGR) by 2026, largely driven by the growth of e-commerce. Effective facility inventory management can assist businesses in increasing operational efficiency, lowering costs, increasing productivity, and improving customer satisfaction. Many businesses, however, face the challenges and consequences of poor inventory control, such as stockouts, overstocking, waste, theft, and inaccurate data. We will discuss some of the best practices for streamlining facility inventory management and overcoming these challenges in this article. Conducting a Comprehensive Inventory Audit A comprehensive inventory audit is one of the first steps toward s...