Important! Here are 7 Strategies of Inventory Management That You Can Implement in Your FnB Business To Improve Effectiveness
When we run a business in the food and beverage (FnB) industry, the biggest challenge will be how we can keep the inventory stock of raw material in the perfect amount, not excessive, but also not lack of stock. Like we also know that some of raw materials in the FnB Industry are easily to get rotten or expired, so don’t wait until you get disadvantage on your business based of that problem, you need to find the solution as soon as possible.
Another case that often happened in stock management process of FnB Industry, that the raw material can’t fulfill the demand due to the item is out of stock or empty. Which also affect on less income that you will get, moreover you lose your customer.
That’s why you need to optimize your stock management so that you can improve your customer satisfaction and your income will follow through to improve. Here’s how you can improve stock management effectivity on raw material of FnB Industry:
1. Know Well The Challenge of Culinary Business
FnB Industry is different from other business industries. FnB Industry is one of the industries that easy to get in but it have a quite tricky challenge, namely the customer trends that easily to be changed. From that things business owner should have a strategic way to fulfill customer demand.
2. Predict Customer’s Demand
You can predict customer demand by look at the selling data that your company have based on the season, or maybe you can find trends on several analytics tools that will help you to predict customer demand. You can also look at competitor in that time to seek what customer’s most demand at that time. In this case, predicting customer’s demand can help your company on improving revenue and increasing customer satisfaction due to the knowledge that your company have on what your customer like.
Besides that, predicting customer’s demand also means that you can decide when your company must extend the cost on many aspects to attract customers. For example, when you know customers count will rise on “Ramadan” month in Indonesia, your company extend cost on marketing and production cost. Based on that things, we can conclude that extend cost isn’t always be a bad thing for company, but for greater things you can do it. In extending the cost, you need to be adaptive and creative so that your company can reach improvement in many ways.
3. Write Notes With Details
Write notes with details means that every things that your company do, write it on notes so that you can track your company track records with details. When you do this tips, you can know in what things your company need to be improved or in what things you can keep a stance. For example, these times you didn’t know that there’s a lost on raw materials because of it’s expired. By write a notes with details you can know that you must buy raw materials fewer than usual so that you can minimize your loss.
4. Seek Your Problem
Seeking your problem means that your company has a great attitude on facing the challenges. It can be conclude based on how your company try to know the problems so that you turn your company weakness into strengths. By seeking your problem you can know how and where your company need improvements. Some of the problem you can find in a company such as:
- Lack of employee skills
- Raw material loss
- Too much waste on raw material
- And many others
Based on that things you know that by having the knowledge of your problem. You can find the solution to fix that things.
5. Train Your Employee
As we know, employee is the main actors of the company. Without employee our company can do nothing, even if we already use machine for it, we couldn’t make the machine work if we don’t have the people that know how the machine work. Different things if you manage your company all by yourself, but on large company scale, you know that this thing couldn’t work well. Based on that things, you should train your employee skills so that you can reach what your company targeted at.
6. Prepare an an Emergency Inventory Stock
Sometimes what you predicted isn’t perfect in some condition. In this case you need to prepare emergency inventory stock just in case the demand of customer is improve significantly so you don’t waste the chance to get customer. this could be mentioned as “Just in Case strategy” that you have more inventory stock just in case something happens, but also not excessive so that you get a loss.
7. Use Software To Manage Inventory
Managing inventory in an all-manual way isn’t wrong at all, it also not a disadvantage to your company. But by using software to manage your inventory you can get more advantage based on how effective you could manage your company. Namely Ukirama ERP Software, not only does it save time, effort and production costs, this method is also more effective for monitoring your raw material stock inventory.
You can even activate notifications regarding the availability of your raw materials. So, when raw materials start to run low, you can find out earlier and ask suppliers for additional raw materials.
By using this kind of software, you can find out the pattern of periodic availability of raw materials. Not only that, you can also find out which raw materials run out faster and which don’t. This cycle is important as your foundation in setting sales strategy.
You can seek item movement and create item invoice automatically so you can reach company effectiveness that you hope and targeted for.
So that are some of tips that you could do to your company, after reading some of the raw material stock management strategies above, what is the most likely to be adapted for your business? In addition, it is possible for you to have other strategies that are also up-to-date in overcoming the problem of vulnerable raw materials in the culinary business. So, that’s it hope it helps you…
