In a highly competitive global market place, a good inventory system is vital for business sustainability and growth.
The continued growth of online shopping provides a 24-hour sales outlet for business. Opportunities exist for companies to utilize multi-platforms, reach more consumers, increase sales and realize a greater opportunity for business growth. Inventory management systems will help you to effectively manage your business, providing real-time information of current stock levels and reduce the instances of inventory stock-outs.
Consumers are increasingly demanding faster turnaround and delivery times for purchases and an effective system will help track the location of sales in transit. Inventory systems provide a platform for your business to attribute re-order values against individual items, generating a purchase reminder, to ensure high turnover items are always available.
Room to move
Inventory management software systems are increasingly cloud-based, which ensures you can access and update your inventory wherever you are, on site or on the go. Cloud-based and Software as a Service (SaaS) programs have the flexibility to grow with your business, eliminating the need for costly updates and new hardware.
Take the guess work out of inventory management with a system that tracks stock levels in real-time, providing a clear insight into high turnover items and those items left on the shelf. Knowing what products are moving provides direction when forecasting for growth and frees up capital that might otherwise be spent on items that could be discontinued.
Save time and money by integrating your inventory system to other business systems, such as finance and customer relationship management platforms. Customize receipts and payments to improve customer experience and the quality and efficiency of employee communications.
Automated systems, linking the warehouse to retail outlets and online purchases will help guide sales efforts and allow you to quickly respond to high demand. The ability to accurately capture data from an efficient inventory system will help guide marketing strategies to aid business growth.
Help meet the demands of your growing business by having a true picture of the current situation of your business. Generate accurate reports as you need them, to track products, ascertain inventory counts, manage ordering and inform decision-making.
Inventory management systems provide comprehensive historical data that can be used to identify trends and seasonal spikes. Accurate reports are essential to understand what has happened and what is happening in your business, to improve forecasting and to determine where the business is headed.
Plan for success
Any successful enterprise must first start with a plan. Inventory management systems are the perfect tool when business planning for growth. You can generate profit statements and financial reports to guide objectives and help with setting targets. Inventory systems will enable you to track turnover, measure progress and make modifications as necessary.
Improving internal processes will free up important resource for other areas of the business. With the aid of a sales mobile app linking back to your inventory management system, staff will have more time to concentrate on sales and drive your business forward.
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.