Inventory management software ensures all activities from ordering, production and through to sales are kept nicely in check with all inventory stock accounted for every step of the way. If you are on the fence as to whether dive in or hold out, read on for some indications when the time is right.
When you’re always out of stock
In the retail industry, stockout situations are certainly ones to avoid rather than ones to tolerate. Inventory management software helps you keep the balance between customer demand and product supply. Another rule of inventory management is to ensure there is not too much stock taking up semi-permanent residence in the warehouse as the cost for holding inventory can quickly add up over time.
When holding stock starts growing, it is time for some inventory management software. As inventory management is the near perfect balance of stock in and stock out, an accumulation of stock in the warehouse indicates something in the equation is not computing. Inventory management software facilitates intelligent predictions of customer trends and sales which then makes it easier to adjust ordering and production accordingly. Thus, whatever stock is ordered is used within an appropriate timeframe. This prevents expiration or obsolescence, both of which cost the company greatly.
Time Better Spent
When your stock count and sales data highlight a discrepancy and the only way to solve it is to conduct another stock take, then it is definitely time to consider an inventory management software. Inventory management software aims to keep track of inventory stock throughout the manufacturing process, from incoming raw material all the way to sold items. In doing so, it should be very difficult to fool the system and have huge discrepancies in what stock is no longer in the warehouse and the number of sales. Say goodbye to hours spent in the warehouse, and say hello to more time spent on productive ways of growing your business.
These three signs that prove it is time to consider inventory management software for your business. In short, inventory management software saves you effort, time, money, reputation and errors. What is there to lose?