1. Monitor vendors’ performance. Stay up to date on which of your vendors are always delivering shipments on time and with perfect accuracy, and which ones are offering less-dependable results. If you keep track of this information, you might be able to see trends in their performance and start to make changes in your ordering habits.
2. Hold vendors accountable. If you notice a vendor starting to ship the wrong products, get behind schedule or make other mistakes, you can bring the problem to their attention and hopefully resolve it quickly. If a vendor is overwhelmed at certain times or has an outdated order management system, you would be wise to find alternative vendors to get supplies from.
3. Track shipments. To ensure your products are shipped and received at the right times, you should track them using lot numbers, tag numbers or a variety of other criteria. As your operations get more complex and you find yourself working with multiple warehouses, products and vendors, you’ll be glad you can stay on top of it all when you use inventory tracking software.
4. Optimize order management. Inventory tracking software can also help you make sure you’re only ordering the right amount of products to avoid both overstocks and stockouts. Even if a vendor offers you a discount for ordering a large number of products at a time, you still might be better off ordering smaller quantities. With larger-than-necessary orders, you run the risk of those excess products becoming obsolete or spoiling before they can be sold.
As long as you’re always keeping an eye on your vendors, seeking alternative supply options, tracking your shipments, and optimizing your order management system, you’ll remain in complete control of your supply chain management.