Manufacturing Tips

The Smart Way to Reduce Inventory Shrinkage: 7 Expert Tips

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Did you know that inventory shrinkage costs companies over $1.1 trillion annually? Yup, that’s a whole lot of money that could be used for something else, like expanding your business or giving your employees a well-deserved raise. But don’t worry; there are ways to reduce inventory shrinkage and save your company some serious cash. Here are seven easy ways to do just that.

1. Invest in the Right Technology

One of the biggest causes of shrinkage is simple human error. We’re all only human, after all, and mistakes happen. But you can reduce the chances of those mistakes happening by investing in the right technology. For example, using scanners and mobile devices can help your employees keep track of inventory in real-time, which can help prevent over-ordering, under-ordering, and other mistakes that can lead to shrinkage.

2. Use Scanner Holsters and Other Accessories

Once you’ve invested in the right technology, it’s important to make sure that it’s always within reach and easy to use. That’s where scanner holsters, tablet and mobile holsters, and other accessories come in. These handy tools keep your devices close at hand, so your employees can quickly and easily scan items as they’re added to or removed from inventory. Plus, having your devices holstered up makes them less likely to get damaged or lost, which can also help reduce shrinkage.

3. Implement Strict Inventory Management Procedures

Another way to reduce shrinkage is to implement strict inventory management procedures. This means setting clear guidelines for how and when inventory should be counted, who is responsible for counting it, and what should be done if there are discrepancies. Having clear procedures in place can help ensure that your inventory is always accurate, which can help prevent shrinkage.

4. Conduct Regular Inventory Audits

In addition to having strict shrinkage management procedures in place, it’s also a good idea to conduct regular inventory audits. These audits can help you identify any issues with your inventory management processes, such as employees not following procedures or equipment malfunctioning. By catching these issues early on, you can fix them before they lead to shrinkage.

5. Train Your Employees

Proper training is essential when it comes to reducing shrinkage. Your employees need to understand the importance of accurate inventory management and how to use the technology and procedures in place to help prevent shrinkage. Consider providing regular training sessions and refreshers to keep your team up to speed and help reduce shrinkage.

6. Use Security Measures to Prevent Theft

Inventory shrinkage can also be caused by theft, either by employees or external thieves. To prevent this, consider implementing security measures such as security cameras, alarms, and password-protected systems. You can also use magnetic wristbands to keep track of who has access to certain areas of your inventory.

7. Invest in Inventory Management Software

Finally, one of the best ways to reduce shrinkage is to invest in inventory management software. This type of software can help you keep track of your inventory in real-time, alert you to potential issues, and provide valuable insights into your inventory management processes. By using inventory management software, you can help ensure that your inventory is always accurate, which can help prevent shrinkage and save your company money.

Bottom Line

In conclusion, shrinkage is a serious issue that costs companies billions of dollars each year. But by implementing the right technology, procedures, and security measures, you can reduce shrinkage and save your company money. So, invest in scanner holsters, tablet and mobile holsters, and inventory management software, and start reducing shrinkage today!

Ready to start reducing inventory shrinkage and saving your company money? Visit e-Holster today to check out our selection of scanner holsters, tablet and mobile holsters, magnetic wristbands, and other inventory management tools and accessories. Don’t let inventory shrinkage cost your company any more money – shop e-Holster today!