Are your staff spending way too much time conducting repetitive manual counts and you have no idea if, or where, shrinkage is occurring? Perhaps you have missed another sale because you ran out of stock.
If any of this is sounding familiar, then it could be a sign that you need to invest in inventory management software. If these are common occurrences, then the time to invest really is now.
Stock Outs Hinder Your Sales
No one likes a stock-out or when popular items are unavailable. You are potentially losing profit every time a stock out occurs; your customers get frustrated and your sales staff are unable to deliver effective customer service.
When you are constantly running out of stock you are losing sales opportunities, however, the real issue is that you run the risk of losing customers completely each time you fail to meet their expectations.
Online inventory management software helps to avoid stock-outs by providing you, your sales team and warehouse staff accurate inventory data. The inventory management software will detail in real-time exactly what inventory stock is on hand, how much of it you have and where the stock can be located.
If you are constantly adjusting stock levels or the numbers simply don’t add up when you conduct and end-of-cycle inventory count, then you need to find a more efficient way to track your inventory stock.
Of course, loss, damage or spoilage can account for a certain amount of shrinkage, but a comprehensive online inventory management system will help you to identify the source of any inconsistencies.
Repetitive Manual Tasks
Are you are undertaking repetitive manual tasks, double handling or entering the same information multiple times into different systems? Not only is this time-consuming but it is prone to error and can produce inconsistent data across the different systems. Manual inventory counts are occasionally necessary to check the accuracy of your inventory stock for audit and reporting purposes, this should not be a frequent activity.
With an automated inventory management system, you eliminate the need for unproductive repetitive practises and the software allows you to easily track stock across your operations and even throughout your entire supply chain.
Its Time to Reenergise Your Business
Online inventory management will integrate with other software-as-a-service systems; from accounting and purchasing through to production, planning and sales fulfilment.
Using online inventory management software will benefit your business through mobility, ease of use and improved workflows. With the potential to increase current revenue and profit margins, it can maximise your resource capacity, support a more responsive and connected approach to business and provide new opportunities for growth.
Article by Melanie Chan in collaboration with our team of Unleashed Software inventory and business specialists. Melanie has been writing about inventory management for the past three years. When not writing about inventory management, you can find her eating her way through Auckland.