This checklist is designed to ensure that sales teams manage their inventory effectively, tracking product availability, and optimizing stock levels to meet customer demand and prevent overstocking.
Check the current stock levels of all products in the inventory management system to ensure accurate data.
Analyze sales trends and market conditions to predict future product demand.
Make a list of items that are below the minimum stock level and need reordering.
Contact suppliers to place orders for low stock items based on the identified needs.
Ensure that the inventory management system reflects the latest stock levels after new orders are placed.
Schedule and perform regular audits to reconcile physical stock with inventory records and identify discrepancies.
Review products that are overstocked and consider strategies for clearance or promotions to reduce excess inventory.
Calculate the inventory turnover ratio to understand how quickly stock is sold and replaced over a period.