Effective inventory management is an integral aspect of any successful business. With a direct link between inventory levels and company profits, inventory is one of a business’s most valuable assets and it needs to be managed accordingly. The use of specialized inventory management software like Unleashed can help a business increase overall efficiency; any resources saved by having an accurate and reliable inventory management system are then able to be utilized elsewhere in the business. Here we present four key ways using inventory management software can help keep your stock accurate.
1. Better information
Along with its workforce and physical assets, a company’s inventory represents one of its largest investments. Inventory management software helps companies to reduce expenses by minimizing the number of unnecessary parts and products kept in storage. It also helps companies keep lost sales to a minimum by having enough stock on hand to meet demand. Automated software systems are able to alert a business immediately when stock numbers drop below a particular level, meaning that the resources that would have been given to counting or re-ordering stock can be reallocated to increasing customer service or expanding operations. This also helps to keep stock levels accurate and prevents over or under stocking, both which have a negative impact on company profits and customer satisfaction, and should be avoided.
2. Real-time stock control
The use of robust inventory management software can deliver actionable sales data that is incredibly versatile. It allows a business to review sales based on various factors such as time, date, product type, and warehouse location. This allows a business to take control of every aspect of its inventory and prevent anything from going unnoticed or slipping through the cracks. It means that business owners can have more flexibility, and are not required to be onsite to track inventory levels and expenditure. For small businesses, or those with limited staff and support personnel, this can be a huge advantage. By using reliable inventory management software your business will never have to worry about running out of stock or losing track of items or orders again.
3. Insight into trends
Tracking where products are stocked, which suppliers they come from, and the length of time they are stored is made possible with inventory management software. By analyzing such data, companies are able to control inventory levels and maximize the use of warehouse space. Furthermore, firms are more prepared for the demands and supplies of the market, particularly during special circumstances such as a peak season on a particular month. This ensures a business is able to keep accurate and up to date records of all stock on hand, and can determine which products need restocking or reordering, before running out.
4. Reduced human error
When a company uses spreadsheets to enter sales and inventory data manually, there is always going to be the potential for human error. By using specialized inventory management software – in conjunction with warehouse barcode scanners and point of sales terminals – this risk is reduced, and recorded stock levels have a higher degree of accuracy.
By utilizing inventory management software, you no longer have to be concerned about inaccurate stock levels or inventory counts. Having an accurate stock count makes operations more effective and efficient, and leads to a higher degree of overall customer satisfaction.