Zombie stock isn’t the name of the next major health issue that you and your employees need to be concerned about. It may sound like the next low-budget summer creature film that will be featured at theatres this summer. Even though the name may seem amusing, it describes a common business problem that should be taken seriously. Zombie stock has the potential to cause havoc for your business. You can protect yourself with the right warehouse inventory control software.
Would you like to move forward with implementing warehouse inventory control software for your company? Contact us online or call (330) 645-9959 to schedule an appointment with a Scanco Solutions Expert.
What is Zombie Stock?
Zombie stock is the term used for items that have been hanging around your warehouse far too long. They should have cycled through your facility some time ago. Instead, they continue to hang around, taking up valuable physical space.
This type of stock is a threat to your business in another way. Give each item of zombie stock in the warehouse a dollar figure. These funds have already been spent and can’t be recouped until you can move the stock out of the warehouse and convert them back into cash. Zombie stock, if left to multiply, can contribute to serious cash flow issues for the company.
How to Fight Zombie Stock in Your Business
Fighting your way through zombie stock does not have to feel like an overwhelming task. The key is to tackle the problem with a step-by-step approach. You can take it on and free up the cash that is being tied up in this manner.
- Stay on Top of Inventory Counts
If you have been having a problem with zombie stock in your company, the first step is to get a firm handle on the issue. This is too big an undertaking to try to track with spreadsheets. Warehouse inventory control software gives your team the upper hand, since barcode scanners can be used to make counting much quicker and more efficient.
- Determine Your Inventory’s “Sell-by Date”
Once the software is installed, you can assign each item in the warehouse a “sell-by date,” as appropriate. If you are moving perishable food and drink items, then your products have a literal date when they have to be shipped to a buyer. The same rule applies to medications and some supplies used by hospitals and clinics.
If you are selling seasonal merchandise, you’ll want to move it by a certain time. Otherwise, you may not be able to sell it until the next season. Set a “sell-by date” when you need to get it out of the warehouse to make room for other wares. In the case of evergreen items that sell throughout the year, you’ll still want to be mindful of previous years’ sales when placing orders to replenish your stock.
- Offer Discounts on Slow-Moving Stock
Now that you’re keeping track of your stock with inventory control software, you’ll be able to tell which items are moving well and which ones are languishing in bins and on shelves. As you get closer to the sell-by date you have selected for your slow-moving stock, offering a discount may be a way to encourage customers to take it off your hands.
- Sell Slow-Moving Inventory to a Liquidator
When you’ve tried other ways to shuffle the zombie stock out of your warehouse and it is still lingering, then it is time to take drastic measures to free up valuable space. Contact an inventory liquidator who can take it off your hands.
Scanco Warehouse Inventory Control Software is Your Best Defense Against Zombie Stock
No one wants zombie stock hanging around their warehouse. This environment works best when inventory moves in and out in a smooth, orderly fashion. To keep track of your inventory and automate your warehouse transactions, Scanco recommends Warehouse 100. Your team can use scanners, tablets, smartphones, or desktops to access the software and see updates in real-time. Its voice-command capacity directs your pickers to the exact location where they need to be, without the necessity of touching a screen or a piece of paper. With Warehouse 100’s automatic bin locations, you’ll always know exactly where your inventory is located.
Are you ready to learn more about Scanco’s solutions for business owners? Contact us online or call (330) 645-9959 to schedule an appointment with a Scanco Solutions Expert.