Master Inventory in Melbourne, Victoria, Australia | Business service

Master Inventory

Locality: Melbourne, Victoria, Australia

Phone: +61 451 480 690

Address: 22 Bendigo Avenue 3184 Melbourne, VIC, Australia

Website: https://masterinventory.com.au

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25.01.2022 BIG MISTAKE! Treat all your products as if they were one. It is very important that you classify your products in at least 3 categories which will give you a better vision about the type of product and the way you should manage each of them. The easiest way to categorise them is based on the rotation they have, if they are products that have more demand or, their demand is rather low. This will give you information that will help you better plan your purchases and avoid over...stocks or slow movement products in your warehouse. #masterinventory #inventorymanagement #warehouse #inventoryimprovement

23.01.2022 Regular physical inventory counts are expensive to perform, especially in larger warehouses, and impossible to manage in fast-moving warehouses where the stock is moved quickly in and out of the facility. Many companies have adopted a method of cycle counting to try to count some parts on a regular basis. This helps reduce the number of inaccuracies in the warehouse. If you haven't implemented this method and don't know the right way to do it, don't worry, give us a call and get your Free Consultation today!

23.01.2022 Do you know how accurate is your inventory? Inventory accuracy is one of the major performance factors in any warehouse, it can only be maintained effectively using the right processes. If you have inventory issues, then is time to take actions.... Let us do it for you! We will review the inventory processes in detail, analyse them and develop custom strategies to improve your accuracy levels. https://masterinventory.com.au #masterinventory

22.01.2022 By keeping your inventory precise and transparent you are: 1. Reducing stock picking times: It will be quicker and more effective 2. Increasing sales: By having the right product available 3. Reducing dead products in your warehouse... 4. Reducing unnecessary purchases and avoiding additional expenses 5. Avoiding loss of products due to obsolescence So, are you ready to improve your inventory? #masterinventory #inventorymanagement

12.01.2022 Due to forced lockdown and compulsory closures many businesses are struggling. Master Inventory is offering the opportunity for one business in Melbourne to have a completely FREE inventory accuracy improvement, it includes all the process (consultation-evaluation-implementation on-site). Also the opportunity for 1 more business to have consultation plus FREE inventory evaluation with final recommendations. How does it work?... 1)Please leave a comment with your business name, describe a few inventory issues that are affecting your business, tell us why you should get this free package. 2)Winners will be selected and announced on our Facebook page next Monday, the 1st of June 2020. 3)This is a FREE package to assist businesses with COVID-19 Crisis and it means you will pay $0. See more

10.01.2022 How you manage your inventory will directly impact the cash flow of your small business and when you fail to effectively manage stock you are putting your business at a disadvantage. Why? Because your cash is tied up in that very stock. Effective inventory control can boost your cash flow, in the same way that bad stock management will lead to additional costs and even cause cashflow problems. Holding inventory is unavoidable. However, holding too much inventory stock ties up cash that could be invested in other areas of the business. If your cash flow is being affected by poor inventory management, then is time to take actions We are here to help you, let us do it for you!

10.01.2022 Don't miss this opportunity. Book your free consultation and make your inventory accurate starting with just $1 per part number. https://masterinventory.com.au/

10.01.2022 https://masterinventory.com.au//common-challenges-in-inve/

07.01.2022 #inventory #inventorymanagement #warehouse #masterinventory

06.01.2022 If you are missing sales or losing customers for poor product availability, then it's time to review your inventory management. If your customers were turned away because of a stock-out problem in your inventory, they will look somewhere else to make their purchases. Customers rarely go back after they find another company that can supply their requirements. When this happens, your business is losing valuable customers and profit.... If you want to avoid it and improve your inventory management, please contact us https://masterinventory.com.au/ #masterinventory

03.01.2022 Here are some of the reasons why many companies ask themselves that question. 1. The Warehouse doesn’t have enough storage capacity, there is not adequate space to leave products and they are usually located in corridors or other areas 2. There is not clear naming and labeling practices, products get lost all the time 3. The location of the products is not exactly known. ... 4. There are no formal procedures: receiving, put away, storage, picking and dispatch 5. There is no policies or clear instructions for warehouse employees 6. The company doesn’t run regular stock counts If your warehouse has this problem, the usual consequences will be: 1. Mistakes during picking 2. Errors in the preparation of orders to customers 3. Productivity loss: The handling time of the products will be increased (you will need more time to carry out any operation in the warehouse) 4. Inventory discrepancies: The lack of space generates an increase in inventory errors due to problems in locating products 5. Problems in customer service: When the warehouse has capacity problems, delivery times in customer service are usually increased, as well as the errors made with them. The solutions we can put in place to improve your warehouse are: 1. Names and labeling corrections plus good practice recommendations 2. Warehouse location improvement plus good practice recommendations 3. Inventory classification report 4. Obsolete inventory identification plus instructions for reduction 5. Procedures improvement/development (receiving, put away, storage, picking, dispatch) 6. Documentation improvement/development (checklists, templates, indicators) 7. Stock Counts procedure improvement/ development 8. Set up inventory parameters per part number

02.01.2022 If you’re a distributor of physical products, you’re probably familiar with physical stock takes by now. They’re disruptive I know but they’re an essential part of maintaining inventory accuracy. And they also sniff out potential fraud and theft. Here, we’ll introduce inventory cycle counting and show you how it can complement your annual stock take exercise. What is an Inventory Cycle Count? As the name suggests, an inventory cycle count is a method of stock counting where y...ou count a part of your inventory in a continuous cycle. The count can be done daily, weekly or monthly as there is no disruption to your business. How often you do cycle counts depend on the number of references that you deal with at your business. On the other hand, a traditional physical stock take involves manually counting all of your inventory in the warehouse. At the end of your audit, you make the necessary adjustments to your inventory records. For this to happen, however, you need to stop production or close the business while the stock take is underway. Here are our top 10 best practices to conduct an inventory cycle count: 1. Update and refresh your inventory records before a cycle count 2. Do at least one cycle count every fortnight at a minimum 3. Move to continuous cycle counts, and away from annual stock takes 4. Use cycle counts to prevent stock-out or over-stocked inventory 5. Perform cycle counts on your A-list goods first 6. Try daily cycle counts if the quantity of your products allows it 7. Weigh goods if they cannot be physically counted or handled 8. Separate the cycle counting and inventory recording roles 9. Review discrepancies between the cycle count and warehouses 10. Adjust the inventory records only if errors are not due to human mistakes #masterinventory

01.01.2022 Inventory counting tips during COVID-19 We understand that you may be reading while the world is going through the coronavirus pandemic. Maybe you’re in lockdown mode but still want to make sure that you have a good handle on your stock levels. Perhaps your state or country’s restrictions are easing up and you’re preparing to reopen your store. Whatever the case, here are a few tips to stay safe and healthy when counting your products. If possible, count products on your own ...or with someone in your team Limiting contact with people outside your home is one of the best things you can do to avoid potentially catching or spreading the virus. So see if you can conduct physical stock counts on your own, or with a team member if you have a larger catalog. Depending on how many products you have, you may need to break up your counting sessions. If you must bring in your employees, practice physical distancing Need to bring in your staff? Take steps to protect yourself and them. Wear personal protective equipment such as masks and gloves when you’re in store. And be sure to keep a safe distance at least 1,5 meters apart when counting products. You can do this by assigning different areas in which you and your team can count products. For example, you can have one team member count items at the front of the store while you stay in the stock room. Another option is to schedule your counts in shifts, so you’re not in the store at the same time. You can, for instance, assign an employee to come in the morning, while you handle inventory responsibilities in the afternoon. Use devices that limit physical contact The fewer items or devices you touch, the better. Have just one device per person when counting products. So instead of using a clipboard plus pen and paper, opt to use a stock counting app like a scanner, which people can download to their phones no extra devices required. Also, try to limit the products that you touch. Whenever possible, opt to scan an item’s barcode without picking it up from the shelf. See more