Training for Prevention of slow-moving and expired stks

https://inventorymasterycertification.com/21IMC/ Let's look at a couple of situations that frequently happen in your operations. Old products: your company has too many old products on the shelf, whether you're not using them, not sending them out, or you've completely forgotten about them, don't know about them at all, or you already forgotten maybe they are going to expired very very soon. What should you do to fix all these problems, you'll need to have 2 things here. 1. Have a list of Stock Aging, so this stock aging you should be able to tell you how long a product has been lying in your warehouse based on the information. You can analyze the items in your store based on this information and then liquidate them. From the stock aging, you can do the following step how to liquidate them 1. Make those things available as a discount item. alright sell it as a discount item 2. Package all these items in a bundle to resell 3. Give away as a freebie or an incentive for promotion 4. Make a sale announcement at your warehouse. 5. Return to your supplier for a refund or credit if you have the option or agreement with your supplier Besides this aging report, if your companies are dealing stock which they have expiration date expiration items, get the report to give you those items going to expired very very soon on the shelf. So what can you do now, business may donate all this stock to charity. not only this also will dispose of all of the items going to expire in your warehouse but it can also eligible for a tax deduction to your profit and loss account the cost of those products. and increase the brand name and reputation of your company. You can simply identify what old stock, obsolete purchases sitting on the shelf, and what action to take by using all these reports and steps. Understand that this could affect the increase in inventory write-offs to your P&L account; just because you don't see it doesn't mean it won't happen. This occurs as a result of the accumulation of long stock sitting in your warehouse overtimes, as well as poor inventory management. So, once you've identified and cleared all this issue, you'll be more vigilant the following time to prevent all this excess purchasing. The next time you create an aging or expiration report, you should have a lot more to control of your inventory. Ok thats all for my sharing for this common inventory problem , what to do, and why you need to do , Share with me and type in your message In the comment box below if you have similar challenges or maybe you have some other challenges besides this old stock issue. My name is #Vivienne, and I've worked as a #businesssoftwarecoach and develop the #software for managing operation, I've taught #standareoperatingprocedure in various department, and I've recorded a bunch of videos and books. I've even helped to develop #supplychain. In this video, I'll start by introducing you to the basic of #manufacturing, so you can get a better understanding of them when it comes to your Job or your #business. Then, I'll also share more videos and concepts that you should know for all of them. This way, you can make a smart decision about working with the right #solution and people, at the same time, you'll get a big headstart on your #manufacturing journey. Subscribe to our #ERP Tips, SOP advice, and ERP Glossary. ★☆★ CONNECT WITH VIVIENNE ON SOCIAL MEDIA ★☆★ https://hy.page/viviennelim https://www.tiktok.com/@vivienne_lim https://www.facebook.com/VivienneLimOfficial https://www.linkedin.com/in/vivienne-lim/ TELL ME WHAT YOU WANT: Tell me in the comments if you liked this video and what other kinds of videos you would like to see.