Every business owner knows just how vital customer satisfaction is for success. However, many new business owners may overlook a key contributor to improving customer experience.
In this article, we highlight just how important good inventory management is for improving the overall customer experience. From faster delivery times and more, inventory management is key for improving customer experiences.
As your company grows, you will need to ensure that you have a solid inventory management system in place to keep track of all stock, ensuring you will never be caught short.
Make sure to regularly check stock levels, sales trends, seasonal changes in demand and organisation of the stock. All of these tasks are vital to a strong inventory management system and will ensure that the customer sees your company as reliable.
Faster Delivery Times
Neglecting inventory management will also drastically slow the pace at which you can get finished products from production to the customers door. Failing to manage your inventory will lead to inevitable customer dissatisfaction – if for instance someone purchases an item which you have run out of, you will have to make them wait for an extended amount of time for their purchase.
Alternatively, you can fork out extra for faster delivery, but this will still be significantly slower than if you had the correct item stocked to begin with. Keep track of your stock levels, whereabouts and conditions as part of good inventory management practices, and that way you will be able to get customer purchases to their door as soon as possible.
Inventory Management Software
Inventory management software is useful for improving the customer experience. While managing inventory with manual, pen-and-paper processes may suffice when your business is just starting out, as the company grows you will soon have a need for more efficient systems.
Managing your inventory through a cloud-based application is a more efficient method for tracking, tracing and managing your company’s inventory. Tools such as barcodes and scanners will allow you to bring up information about a product in seconds on a computer database, and this will drastically improve your ability to satisfy the customer.
For example, imagine for a second that you have so far counted and recorded stock manually. Now imagine that a customer asks about buying product ‘A’ in bulk. With your pen-and-paper inventory management system, you would likely have to flick through pages of records to find the right item, and even then, you may have to physically check in the store room whether the records match.
In comparison, if you used inventory management software, in this situation all you would have to do is scan the barcode of one of the products to instantly bring up the amount remaining and their whereabouts.
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.