Stock Control: The Key to Better Business Decisions

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The end goal of owning and/or running a company is to not only see your dream to fruition but also to make a profit. What if you could maximize this profit and simultaneously minimize your involvement in mundane tasks such as inventory and stock control? This is where products such as Unleashed Software come into play and the extent at which they can help you, is essentially up to you.

More stock control while being less hands-on with spreadsheets

Inventory management software systems are far better equipped to deal with stock control than traditional Excel spreadsheets. Though Excel is a fantastic product and certainly useful in the early fledgling days, by the time the company is up and running, something more custom-designed will certainly save you time and angst. Inventory management software allows for the updating of stock numbers from multiple points as it is cloud-based and extremely accessible. This means that stock counts in the warehouse can be updated for every purchase at the point-of-sale. The advantage of this is that real-time data of actual stock is obtainable at any point leading to accuracy in stock counts but also in ordering and report generation. And all of this does not require you to physically input screeds of numbers into a spreadsheet.

Accessibility

With the growth of a company, often there is a concurrent increase in the requirement to represent on a global stage such as at trade shows and expos. This results in an increase in time spent away from the office, which can be difficult when you would like to maintain a finger on the pulse of the company. Cloud-based systems are ideal to combat these issues while still allowing you the freedom to spend as much time away from the physical site as you need. Inventory management software is no different. It is possible to log in from anywhere and gain an accurate view on what is going on in terms of sales and stock, thereby allowing key decision making to be done from afar rather than from the next room.

Understanding and Prediction

The accuracy of inventory management software has been stressed but apart from being a desirable outcome, how can this help you to make better business decisions? If you can gain an ever-accurate understanding of your exact stock, where it is, at what point in the manufacturing process it is and what stock seems to sell better and when, then you will be able to better predict sales trends. This will help you to maximize profits and ensure you always have enough stock to satisfy demand. Knowledge is the key to having the right product at the right time for the customer, and inventory management software is the key to obtaining this knowledge

Growth

It is every company’s desire to grow and develop with the market and inventory management can help you get there. Growth is based on sourcing opportunities for expansion. But how can you find the time and know what products may do well in new markets? Inventory management software will help with both these issues as less quality time is spent with the product you already have in stores (due to accurate inventory control). More time is spent analyzing customer-purchasing trends to stay a step ahead, and representing the company where it can be seen by new markets.

Inventory management software is not only designed to make managing a company more efficient but also to simply be a much-needed help to those in management. Historically, so much time has been spent entering data and counting stock, which are processes highly subject to human error. By freeing up the time spent on spreadsheets and counting stock, management are better able to focus on being one step ahead of the customer and the market, and are able to continually make accurate business decisions.

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Melanie - Unleashed Software
Melanie

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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