Regardless of how big or small your business is everyone is always looking for a way to do things smarter. Smarter means more accuracy and efficiency, smarter means more streamlining and smarter also means giving staff and business owners back the time they need to focus on other jobs at hand. Inventory management is important here on all fronts, and the key is undoubtedly insight. Inventory management puts the power back in your hands, allowing you to make fully informed business decisions – there’s no point leaving it to chance or getting blind sided along the way.
Here’s how inventory management can be your new best friend.
Inventory management software gives you access to a wealth of data you may never knew existed. Especially when comparing to a basic spreadsheet model, you now have the ability to know about any single product, range, assembly line, you name it, at any stage within your business with accuracy. This means you have oversight over your entire business. You’ll know exactly what’s in your inventory, when you need further supply, what products are selling quicker than others, how to then forecast for future seasons better and more.
By automating pretty much the entire inventory process, from bookkeeping all the way through to point of sale, your data is going to undoubtedly have more accuracy. Mistakes occur, that’s life, but you now drastically reduce the ability for human error to creep into your records and you increase your ability to catch any mistakes before they become really hard to rectify. Even simple things like having barcode scanners that feed into your inventory management software mean stock counts are more efficient, and point of sale systems that integrate with your inventory systems allow for visibility over sales versus stock on hand.
One of the biggest upsides of inventory management is it’s ability to deliver data and insights to you in real-time. Simply, no longer do you have to make business decisions based off inventory data that is months old. You don’t have to be reactive you can be proactive. For example, you can reorder stock that is selling well before you sell out instead of waiting and realizing you’ve run out and potentially losing customers as a result.
Often forgotten about, the ability for inventory management software to streamline your business and help you make better, more informed business decisions can have a huge affect on your mental health, and that of your staff. No one wants to be put under pressure, juggling multiple balls at a time especially when they’re doing it blind. With all this data, now they don’t have to. Now you will make decisions with confidence and be at ease more meaning less stress, less tension and importantly giving you back some time to focus on other things.
Data anywhere, anytime
Lastly, better business decisions in this day and age come from the ability to be able to make decisions from anywhere and at any time. This is especially the case in a crisis, such as a product recall. Having the ability to access your inventory data anywhere and at anytime through cloud-based software means you can react immediately. There’s no wasting time driving to office and logging on, data is in your hands at the touch of a button.
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.