Work Smarter Not Harder: Making Better Decisions with Inventory Management

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If inventory management systems didn’t help businesses, then they wouldn’t exist. There are numerous ways inventory management can help a business, including the ability to coordinate sales across different mediums as well as accurate bookkeeping and real-time stock control. Options to expand your product line as well as increasing overall efficiency and customer service are also ways inventory management can help your business make better decisions.

With specialised inventory management software such as Unleashed, you can synchronize all the sales made by your business in real-time. This means a business can sell online, in store, and via mobile, and have access to current stock levels and track orders as they happen. It also allows a business to transfer both stock and transactions across different sales mediums without disrupting sales. This increases overall efficiency and permits workers to focus on other aspects of the business rather than chasing up sales or trying to find particular items. Time is money, and any resources saved by having an accurate and reliable inventory management system in place can be utilized elsewhere in the supply chain.

The use of inventory management software to keep accurate inventory levels is an aspect that cannot be overlooked, particularly for a small business or start-up. By setting alerts to notify you when stock numbers drop below a particular level, you can reallocate the time and resources that would have been given to counting or re-ordering stock to increasing customer service and even expanding operations. It also helps prevent over or under stocking, both of which cause reductions in profits and need to be avoided.

Real-time stock control is an integral component of inventory management that makes business decisions easy. A robust inventory management software will deliver actionable sales data that can be incredibly versatile, allowing you to review sales based on time, date, method of payment, product type, location and even employee. This allows a business to take control of every aspect of its inventory and prevent anything from going unnoticed or slipping through the cracks.

The use of real-time sales data means that business owners no longer have to be onsite to run the business and track inventory levels and expenditure. For small businesses in particular, this is a big deal. It means that those businesses with limited staff and support personnel are able to work more readily on expanding their locations and operations, while also making sure everything is running smoothly and keeping in touch with real-time product updates.

There are many ways inventory management can help a business to achieve its potential. With cloud technology allowing almost every aspect of a business or supply chain to be uploaded and viewed online in real time, businesses are free to focus on how they can improve customer service and overall supply chain efficiency and productivity.

By using reliable inventory tracking software your business will never have to worry about running out of stock or losing track of items or orders again. These automated systems capture and convey all of the components that are necessary to expand into online operations, introduce new sales channels, and improve the customer experience as well as company profits.

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Melanie - Unleashed Software

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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