Holsters

3 Foolproof Ways to Reduce Inventory Shrinkage

warehouse-worker-standing-next-to-a-shelf-while-using-a-tablet-inventory-shrinkage-concept

Inventory shrinkage costs businesses of all sizes billions of dollars each year. In fact, according to McKinsey, inventory shrinkage costs companies over $1.1 trillion annually. With so much money at stake, it is essential for business owners and managers to understand how to combat inventory shrinkage and prevent losses. Losses like these can significantly impact a business’s bottom line. The good news is that you can take several simple steps to reduce inventory shrinkage and related financial losses. Let’s explore a few of them.  

1. Organize Your Inventory System   

A well-organized inventory system will help you track exactly what goods you have on hand and what is going out the door. This way, you can quickly identify when something is missing or if there are discrepancies between orders placed and orders received or shipped. The more organized your inventory system is, the easier it will be to detect when something has gone awry with your stock levels. Additionally, ensure that your staff understands the importance of staying organized. This will significantly reduce inventory loss due to human error or negligence.   

2. Utilize Technology   

Technology plays an increasingly important role in preventing inventory shrinkage across all industries. These include retail stores to warehouses and distribution centers. Automated systems can help streamline processes so that any discrepancies can be addressed before they become major issues. These include loading and unloading trucks, tracking individual items within an order, or monitoring stock levels in real time. Consider investing in products like scanner holsters, tablet/mobile holsters, magnetic wristbands, and other solutions that can help keep track of items while they’re on the move. This way, you’ll always know where your goods are located at any given time!   

3. Optimize Your Storage Space   

Ensure that you are optimizing your storage space to maximize efficiency and reduce opportunities for theft or misplacement of goods. It’s also essential to ensure that high-value items are appropriately secured. This could include adding locks or security cameras to specific areas within your warehouse or storeroom to deter potential thieves or miscreants who may target these items precisely due to their higher value (or resale potential). Consider utilizing shelves rather than flat surfaces whenever possible. This reduces the amount of floor space taken up by product boxes which means more room for additional merchandise!  

Utilizing Technology to Combat Inventory Shrinkage  

Scanner Holsters   

One way to reduce shrinkage is by using scanner holsters. These holsters are designed to keep scanners accessible and secure while freeing workers’ hands. By having scanners attached to holsters, workers can easily access them without worrying about misplacing them or losing track of them while performing their duties. In addition, scanner holsters help ensure that your scanners remain in good condition since they’re protected from damage or wear and tear caused by contact with other objects or surfaces.   

Tablet and Mobile Holsters   

Another great way to reduce inventory loss is using tablet and mobile holsters. Just like with scanner holsters, these devices help keep tablets and phones secure and accessible while freeing up the hands of workers. Tablets and phones are also more likely to be held in good condition. They’re attached securely to the holster instead of being handled carelessly or left lying around where they can get damaged or lost.   

Magnetic Wristbands  

Magnetic wristbands are an excellent option for reducing inventory theft and saving time when looking for items in warehouses or other large spaces. They allow you to quickly store small items so you don’t waste time looking for them when you need them. These include screws, nuts, bolts, nails, and more on your wrist. It helps reduce theft because items aren’t left lying around where they could be taken without being noticed. It also saves time when retrieving those items later on.  

Conclusion  

Reducing inventory shrinkage is an integral part of running any business successfully. It should be a top priority for business owners and managers since it can majorly impact profits and customer satisfaction levels. There are many options available for reducing losses due to theft or misplacement. These include scanner holsters, tablet and mobile holsters, and magnetic wristbands. They help ensure that your inventory remains safe and secure while still being easily accessible when needed. So, if you want to protect your company from unnecessary losses due to shrinkage, consider investing in one (or more) of these solutions today!