It’s Time to Make Inventory Management Improvement Your Top Business New Year’s Resolution for 2020

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Pat yourself on the back — you’ve made it through Black Friday, Cyber Monday and Christmas! Keep in mind though, there are still January sales to manage and many things can still go wrong for business owners during this period, especially with tracking and inventory management.

There’s no time like the present to get your business into better shape for the new year ahead. Try cutting out unnecessary and wasteful expenses, and take your business to the next level by adopting powerful inventory management software solutions to improve overall inventory management for your business.

Improve accuracy and efficiency with barcode technology

It is important to start with a clean slate going into the new year in terms of accurate inventory stock records. If you haven’t already, conduct a thorough stocktake on all existing inventory stock.

Using barcode technology such as barcode scanners can help here, improving accuracy and make generally a time-consuming and labour-intensive process become more efficient. In addition, it can also allow your team to perform cycle counts that can instantly update your inventory records if the number of items on the shelf doesn’t match the number on the books. Not only does this improve the accuracy of stock levels, create more accurate numbers, so inventory counts can be done less often, but if this inventory shrinkage is still occurring, you can problem shoot reasons why.

The amount of time that staff spend wandering through the warehouse looking for misplaced products or struggling to navigate a less than ideal inventory stock database is time they could be spending on more productive activities.

Providing barcode readers to staff in the warehouse allows them to do more in the same amount of time. These benefits will flow onto your customers, as they will appreciate fast service, helping ensure customers have a positive experience with your business that will directly impact on customer satisfaction.

Compiling and storing accurate inventory stock data

Collating and storing sales data correctly are critical components for every business. Whether your business operates across your own website, one or multiple brick-and-mortar stores, to even third-party sites such as Amazon and eBay – or a combination of these, you’re going to want to have an inventory management system that integrates all that data into one place.

Using an inventory management software solution that integrates your inventory stock data from all channels, is especially important when selling via multiple channels. This will help with stock ordering based on current and historical sales trends. Again, using more advanced tools such as automatic reorder points allow you to maintain the optimal inventory quantities in your warehouse. This will help increase efficiency and reduce wasted resources to lost opportunities, as better and accurate data will minimise stockpiling of poor-selling products or running out of bestselling products.

There are many benefits of making inventory management improvement your business’s top New Year’s resolution. Prepare for a greater year ahead by implementing an inventory management software solution!

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Melanie - Unleashed Software

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.

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