Maintaining Inventory Accuracy During Product Changes

September 09, 2024•2 min read

In the dynamic world of the pet industry, product changes are inevitable. Whether you're introducing a new line of pet food, adjusting packaging, or discontinuing a product, accurate inventory management is crucial. Mistakes during product transitions can lead to overstock, stockouts, and a ripple effect of issues impacting your business. Here are some tips to help you maintain inventory accuracy during these changes.

1. Plan Thoroughly In Advance

Before implementing any product change, detailed planning is essential. Start by conducting a comprehensive inventory audit to ensure your current data is accurate. Establish clear timelines and communicate them across all relevant departments. This proactive approach minimizes surprises and keeps everyone on the same page.

2. Update Your Inventory Management System

Ensure your inventory management system is updated with new product details. This includes SKU numbers, descriptions, and any changes in packaging or quantities per unit. Advanced systems like Zoho, Inventora, or Katana can automate these updates, reducing the risk of human error.

3. Train Your Team

Your team plays a vital role in maintaining inventory accuracy. Provide training on new products and changes to existing ones. Make sure they understand the importance of accurate data entry and how to use your inventory management software effectively. Regular training sessions help reinforce best practices.

4. Implement A Two-Phase Changeover

When possible, implement a two-phase approach to product changes. First, introduce the new product while still keeping the old product in stock. This overlap period allows your team to handle any unexpected issues and ensures a smoother transition. Once the new product is established, phase out the old product.

5. Monitor And Adjust

After the change has been implemented, closely monitor your inventory levels. Pay attention to sales patterns and stock movements. Use this data to make any necessary adjustments. Regular audits during this period can catch discrepancies early and prevent larger problems down the line.

6. Communicate With Suppliers

Maintain open lines of communication with your suppliers. Inform them of upcoming product changes and work together to ensure timely deliveries. This collaboration can help avoid delays and ensure your inventory remains accurate and well-stocked during the transition.

7. Keep Customers Informed

Transparency with your customers builds trust and aids in smoother transitions. Use your website, social media platforms, and email newsletters to keep customers informed about upcoming changes. Clear communication helps manage their expectations and reduces the risk of confusion or dissatisfaction.

Conclusion

Maintaining inventory accuracy during product changes is no small task, but with careful planning, effective communication, and the right tools, it can be managed successfully. By following these tips, you can navigate product transitions smoothly and maintain optimal inventory levels, ensuring your business continues to thrive.

Kelsie Garrett

With over 15 years of experience in supply chain management, I have worked with businesses ranging from $8 million to over $1 billion in revenue. My roles as a project manager, procurement analyst, and operations manager have equipped me with a diverse skill set. I have successfully led multiple $5-10 million new product launches and innovation projects, and have worked strategically with major companies such as Walmart and Chewy. My holistic approach has resulted in results such as the following: reducing inventory by more than 70% in under two years, and cutting down out-of-stocks and order lead times by over 75% within six months. Growing up in various small towns in the Midwest, I got the opportunity to try many different things while growing appreciation for what small businesses bring to communities. I earned my Bachelor's degree in Business Management and Administration, which laid the foundation for my career. My ability to see the big picture in processes and my love for challenges have been instrumental in my success. Outside of work, I enjoy playing guitar and singing, hanging out with my animals at my "funny farm", and spending quality time with my two boys, family, and friends. My hobbies reflect my dynamic personality and my zest for life. I am passionate about leveraging my expertise to help businesses optimize their inventory, increase cash flow, and build confidence in their business knowledge. Whether it's through my professional endeavors or personal interests, I am always on the lookout for the next challenge to conquer.

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