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When did you last see a factory counting its stock manually? Over the last couple of decades, the manual process of counting stock has slowly faded. Managing inventory is a prime requisite for any business. The more accurate the management is, the better the chances you must make full use of your stock instead of keeping it in the warehouse. New businesses often find it difficult to manage their inventory because they simply don’t know where to start.

The following are tried and test strategies for managing inventory that should get startups and small businesses up to speed.

Using old inventory first
The easiest way to calculate the inventory for a given period is to see how much of the old stock has been used. It is always better to have some extra materials in hand so that you don’t fall short at any stage. So, if there is any leftover inventory from the previous production session, make sure it is used in the next manufacturing session so that they don’t become outdated.

Checking the inventory
Factories that work with a massive amount of raw materials often have a lot of leftovers. These have to be checked from time to time. There should be an auditing team that reviews the stock to ensure that the remaining stock matches with the stock numbers that were calculated when the raw materials first came in. An easy inventory management tip is to check the unused stock and compare it with the number of units that have been used. This helps in preparing the inventory list for the next manufacturing session.

Using AI to control inventory
Artificial intelligence has made its presence felt over the years across various industries and the manufacturing industry is no exception. The combination of AI, Internet of Things, and demand sensors help to cross-reference the data. This data will take consumer trends into consideration and the AI system will automatically order the precise amount of raw materials so that the customer demands are met without wasting precious resources.

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Source - Youngupstarts
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