Coronavirus has disrupted a lot of things in every industry. The supply chain has also been greatly affected by the pandemic. When this virus first came out in the news, never would we have expected that things will escalate to where we are now. The rapid spread of the virus has affected everyone - people were placed on lockdown, the healthcare industry has been under a lot of stress and pressure, and so many more other things that have changed our entire routine and operations.
The supply chain has been disrupted because of the virus and one of the prime commodities that ran out was the toilet papers. Having a good inventory management software can help generate the necessary data to predict unexpected situations such as these.
However, those who have not yet adopted an inventory management solution may find it hard to keep up. Taking into consideration that we have to operate during a new normal, here are some of the challenges and solutions that can be done during the pandemic.
During these trying times, it is important to make sure that you have sufficient stock including factoring in the fact that there will be delays in shipment and this will also affect the materials. You want to make sure that you track your orders and what arrived at the warehouse.
Having a proper inventory tracking system can prevent you from having shortages.
Here are some helpful tips that can help you manage your inventory during the new normal in this coronavirus.
This is expected in these pandemic times. Many industries have been affected but when you have an efficient inventory system, you can avoid and correct the shortage and disruption in the supply chain. This remote inventory count can help you make decisions on what to restock.
There is a shift in consumer behavior and people buy more food, grocery, and medicines. There is also more focus on healthcare. Non-essential goods tend to take the backseat. Fashion retailers and similar industries have closed since and are moving to e-commerce. This shift from brick and mortar retail to online operations is a good way to adapt and keep the non-essential business alive. People can shop from the comforts of their own homes.
Given the situation, you can expect that your employees cannot come to work or if they do, you have to ensure they are educated on protecting themselves and have protocols in place.
Technology is the essence today. Having an efficient inventory system can help in adjusting with the pandemic and keep stocks in check. Since good software can give predictions based on the current market situation, your inventory can remain business as usual so you don't run out. With cashflow tight, what's important is to have the right inventory so that you do not understock or overstock.
Securing supplies can be challenging today in light of the current situation. But with the right software to help you manage and track inventory, the burden becomes less.