What Are The 4 Types Of Inventory?
There are four main types of inventory most commonly stored in warehouses, and knowing what kind of inventory that you have will allow you to make better decisions when it comes to the storage of these products and the security systems that you may put in place.
Raw materials are the ingredients or components needed to make your finished product, while work in progress is the name given to products that are in the middle of being produced and are not quite finished, which can also include the packaging of a product. Finished goods are the completed products that are ready to be sold to customers. Finally, MRO stands for Maintenance, Repair and Operating Supplies – this refers to the products and equipment that are needed to assemble or sell the completed product, such as gloves, stationary equipment or protective equipment.
What Is An Inventory Asset?
An inventory asset is the raw materials, parts or finished materials that the company wants to sell. These are assets to your business as they are worth money, and they are also great to have as they can be sold quickly if there is a sudden demand for your product, meaning that asset shortage can be avoided. Having inventory assets can save businesses money and lead to increase customer satisfaction, as products are therefore less likely to be sold out.
How Do You Manage Inventory Assets?
It is important to manage the assets within your warehouse so that you know what you have available and its location. Assigning each product a unique idea allows it to be easily identified and tracked on an asset management online system.
An asset management system has a multitude of benefits that include the ability to track down products faster, and it can reduce the number of duplicate orders and asset audits necessary. Additionally, the process can reduce costs as it is more accurate and can track lost items. The system can also prompt business owners to order any parts or equipment that they are running out of in advance so that the manufacturing process does not have to stop, limiting downtime and saving money.
What Is Inventory Security?
Inventory security is the process of making sure that your goods are stored safely and managed well to ensure that they are secure. Inventory security is a vital part of warehouse management as if the inventory is not secure, then your business is not protected.
Another great way to monitor movement in and around your warehouse is to install CCTV cameras. Cameras can be monitored to identify any potential security breaches, and in the event of an incident, can be used as evidence
How Do You Secure Inventory In Warehouses?
There are many ways to secure inventory within warehouses. Firstly, it is important to ensure that the warehouse itself is secure. For more advice on these, check out our 12 best tips on warehouse security here.
Additionally, consider keeping valuable inventory inside a locked room or cage within your warehouse as an extra layer of security in the event that your warehouse is broken into. Secure rooms can also include technology that monitors exactly who enters the room to keep track of employee movement if you are concerned about internal theft or fraud.
Why Do We Keep Valuable Inventory In A Locked Storeroom?
A locked storeroom is an example of internal security. Effective internal controls are a further layer of protection that can protect against theft, accidents and waste. A locked storeroom should be part of any company’s security plans as it not only protects business assets but also ensures reliable stock and operating reports and leads to more efficient operations.
How Do You Maximize The Protection Of All Items At All Times In A Warehouse?
There are many different approaches to protecting warehouse assets and inventory. Firstly, consider using a WMS to count inventory automatically. The advantages of using a WMS system compared to a manual system are that fewer mistakes are made due to human error and that fraud can be more easily detected.
Additionally, adding RFID gates and sensors to your warehouse allow goods to be easily tracked as they move around the area. You are then able to tell when the products leave the warehouse and are shipped for delivery. RFID tags can also be added to the IDs of all employees, meaning that their movement can be tracked when entering and leaving the building and accessing secure areas. This will help prevent instances of employee theft or fraud.
Another great way to monitor movement in and around your warehouse is to install CCTV cameras. Cameras can be monitored to identify any potential security breaches, and in the event of an incident, can be used as evidence.
On-site security personnel are one of the best ways to protect your warehouse. Experienced security firms can help identify weaknesses in your security protocol and suggest improvements. Additionally, they can patrol the area and respond to incidents identified on CCTV. Both security guards and CCTV can act as a deterrent for potential criminals, keeping your business abs inventory safe and secure.
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