When a business starts, there’s a need for maintaining and regular tracking of stocks and goods through spreadsheets to differentiate between the purchase and stocks of goods in the warehouse. But, in due course of time, the enterprise grows out of spreadsheet as the business rises and the figures take the long line in the records. If under such situations, you’re still struggling with the accurate records and running into every rows and aisle of the warehouse then you are wasting time and energy into something that can be easily taken care of in proper timing.
Image Credits: AppJetty
Here are the reasons how effective inventory management can enhance your business and break it down to you where you’re doing it wrong:
Image Credits: Logistics made easy!
Without an organized inventory management system, you’re paying your employees to dig through files, whack through spreadsheets and run into every aisle of the warehouse every hour to acquire the current data manually on a daily basis. This not only hampers the overall efficiency of the employees but also increased chances of false data because of all the confusion. Instead of doing it manually you can make the data easily accessible to your employees through the inventory management software, that would make your employees both happy and transparent about the figures.
- Knowing Your Inventory:
Image Credits: Lodging Magazine
Often times employees ransack warehouses to get that one piece of inventory document that carries the records of the total items ordered and items delivered. With the accurate inventory management system, you’d always be aware of the exact location of your inventories, as well as keep track of the exclusive items that are asked by your customers without having to spend a lot of time and energy into it.
- The Closing of Sales Would Be Seamless:
Image Credits: vpshosting.com.hk
The price you may have to pay for having an incorrect inventory management system can be huge, starting from an employee informing a customer that an item is out of stock, only to discover it is in stock later, or even letting the person to go to a different store as they lack the item in stock for themselves. This may harm your brand name in a diverse way, but with the right inventory, all these problems would be cut down immediately because of the transparency of the software with the customers.
- Delivery Dates On-Point!
Image Credits: handshake.com
At the end of the day, delivery schedules and timings are all that matters to build that relationship with your customers where they can trust you for on-time deliveries and quality of ordered goods. You would not want to keep your customers waiting just for the delay in receiving the fresh inventory by you from the sellers. With an effective inventory management, you wouldn’t only be able to receive all inventories at an instant but also track the location of the goods en route to the warehouse.
- Change vendor orders, anytime!
Image Credits: B&M
Once you’ve decided on getting an inventory management system for your business, the first thing that you found out that there are certain products in your stocks that are more in numbers than needed to be in the stocks. In this way, you can have a big sale and decrease the orders of the same product from the seller in order to clear it out before any new arrivals.
- The Benefit of Re-Ordering:
Image Credits: BudgetPetWorld.com
When you’re using the manual system, then you’re probably using doc files in giving purchase orders and has higher chances of potential errors while entering the wrong item number, describing item specs incorrectly, or miscalculating currency exchanges. In case of doing it through an inventory management system, you can copy recent purchase orders and select specific item number numbers and specs from a dropdown so order errors can not bother you anymore.
WayIndia provides the right approach to your inventory management and operates with all of these benefits, all in a cloud-based system for easy availability. Are you ready?