Best Practices for Inventory Management in the Food & Beverage Industry
The Food & Beverage industry is an exciting, fast-paced and delicious landscape where creativity and entrepreneurship reign. And it’s also an industry where running a smooth operation is essential both for the safety of customers and for the success of business owners.
Here are the four best practices for inventory management that are essential for food and beverage manufacturers.
STORAGE and ROTATION
Maximize freshness and minimize waste.
Manufacturing fresh food guarantees happy customers and it means you’re using your inventory wisely. To ensure freshness, storing ingredients properly with clear and accurate labels (ingredient and vendor info, lot/SKU number, expiry date, etc.) and establishing a stock rotation system (FIFO, LIFO, JIT) will set you up for success.
REPORTS and ORDERING
Let your data work for you!
In addition to labeling your inventory, make the most of your data. Purchase orders, invoices and work orders have all the information you need to harness your profitability, forecast future orders, and reveal the areas where you can improve. Compiling your data and generating reports will enable you to look at the big picture even if your goal is putting out small plates. But consolidating your data into one system instead of relying on paper and multiple spreadsheets, will streamline processes, reduce errors, and gain real-time insights, ultimately optimizing your operations and maximizing efficiency. The proof is in the paperwork, so don’t let it go to waste.
COMPLIANCE and SAFETY
Record keeping keeps you safe.
Just like POs, INVs and WOs, consumable commodities come with lots of other data. Certificates of Analyses, Lab Results and Bills of Lading are just a few examples of essential pieces of information that must be retained. Stay current with all necessary documents to ensure compliance for all local, state, federal and global agency regulations. This information will keep you in good standing and it will protect you and your customers if a safety recall should ever occur.
SOFTWARE SOLUTIONS
Harness the technological advantage.
Proper storage is not only imperative for inventory, but it’s essential for data too. Using a cloud-based ERP platform ensures data security, provides opportunities for process integration, and guarantees a single source of truth for your entire operation. Tech solutions will save you time, streamline your workflow and boost your profitability. With your inventory data accessible from anywhere at any time, you’ll unlock the potential of smart, scalable growth. Take the guesswork out of administrative tasks and bon appétite!
