An effective inventory management software solution is one that allows a business to keep its finger on the pulse of its inventory operations in real time.
This allows for the flow of inventory through a business – from acquisition to customer delivery – to move unimpeded by the roadblocks the more outdated and traditional inventory management systems come up against time and again.
One of the greatest benefits inventory management software imparts is its capacity to keep stock levels accurate and in constant alignment with the all the other functions of your business. It does so by fulfilling two crucial roles:
Pinpoints choke points in the distribution channel due to surplus inventory
A business that is not able to gain an accurate, real time appreciation of its inventory levels throughout every point in their purchasing, storage and distribution channel is leaving themselves open to the risk of accumulating of too much unnecessary stock – either on order or in storage.
Why spreadsheets and hard copy systems fall short
The result is an increased burden on cash flow, where the free flow of cash and inventory is effectively strangled, or choked off. Relying on spreadsheets or hard disk systems for inventory management is often the underlying cause of business suffering from stock surplus issues.
Inventory management software overcomes this issue by providing up to date, detailed and remotely accessible overviews of stock levels throughout any point in a business’ distribution channel.
This allows business owners and managers to operate proactively by making data driven decisions on how to manage their stock inventory levels before a surplus arises.
Optimizes cash flow and ensures losses as a result of lost sales are avoided
When a business is not able to ensure its stock levels are accurate it could also face the problem of having their sales team watch customer after customer turn around and walk away empty handed as a result of not being able to buy the product they are after simply because it is not in stock.
Lost revenue as a result of lost sales can have a significant negative impact on a business’ bottom line and is one of the most frustrating and unnecessary issues a sales team has to deal with.
Inventory Management Software allows you to regain control where it matters
Granted, sometimes there are supply shortages on a certain product that are beyond the control or influence of your business, but inventory management software is specifically designed and tasked to ensure that a scarcity of in-demand product does not arise due to inefficient inventory management within your organization.
It does this by integrating every process in the supply and distribution chain – from purchasing to retail. When demand for a certain product surges and sales increase, your purchasing department will immediately be notified and again can then act proactively, making data driven decisions to order more stock in a timely manner.
Software solutions – particularly cloud based solutions like Unleashed – are effective at keeping stock levels accurate throughout the entire distribution chain. Remotely accessible, they are able to provide real-time, accurate updates on a business’ inventory status as required, allowing business owners to maintain their stock levels at optimal efficiency.