Having accurate inventory management is an important investment for any company. This can help with efficiency and in turn create greater customer satisfaction, which is beneficial to your bottom line. We will be looking at five major reasons and benefits of why you need accurate inventory management today and why you should be taking control of your stock now.
Hassle-free and accurate inventory orders
Many businesses using manual systems are more likely to recreate purchase orders from a template. While that system works, it is prone to errors, including human data entry mistakes and miscalculations. Proper inventory management would allow you to copy recent purchase orders and select specific item numbers so order errors can be minimized, in turn saving your business valuable time and money.
Always know where your inventory is
If you have a business with many locations, often employees keep calling each other to find a specific piece of inventory or to find out if it is even available. More accurate inventory management eliminates issues with inventory in different locations. By knowing where that piece of available inventory is that a customer wants leads to more sales, not to mention saving valuable time in locating inventory.
Keep up with your sales with accurate inventory management
Lost sales can occur by not having accurate inventory management. If you need to tell your customer to go to another store to find the item they want, you have most likely lost a valuable customer. With accurate inventory management, you can confidently sell to your customer by saying exactly where the item is. This also improves the customer experience whereby you can easily request a specific item to your store for the customer to pick up at a later date, never missing out on a sale opportunity again due to inaccurate inventory management.
Accurate inventory management can ensure customer satisfaction and repeat custom
Satisfying your customers is a recipe for repeat custom. One way of doing this is by being able to meet your customers’ demands quickly. Accurate inventory management ensures you meet that demand by enabling you to have the right products available as soon as your customers need them. Customers will buy confidently from you, knowing you have the inventory that meets their needs.
Create efficiency through accurate inventory management with an organized warehouse
Having accurate inventory management supports an organized warehouse. If your warehouse is organized, you will be more efficient at managing your inventory. Based on data and facts, choose to optimize your warehouses how you see fit, for example by putting the highest selling products together and in easily accessible places. In addition, this will help prevent product shortages and allow you to keep on top of inventory ordering, using space in your warehouse wisely. All this will create a more efficient system that fulfils orders with accuracy and ease, and more importantly save your business time and money.
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.