Explore how a cloud-based inventory management system could help you perfect fulfilment, save time and boost your bottom line.
Having too much stock, or not enough, can cost your business dearly. If you don’t have the products your customers want readily available, you might have to pay extra for an express order – cutting into your profit margin. Or worse still; lose the sale to a competitor.
With too much inventory, on the other hand, you could find yourself paying for storage or warehouse space that you wouldn't otherwise need. Excess stock might also have to be insured, secured against shrinkage, depreciated and taxed as an asset. All of this will eat into your working capital, reducing the amount you have to invest in things like product development, new equipment and marketing. That’s why planning and managing your inventory with precision is key to business efficiency.
Excellent inventory management is about understanding the supply and demand patterns for your business, then making sure your warehouse operations, physical stock and ordering procedures are aligned to meet your company’s needs. Here are our top tips on how to achieve this:
The first thing to consider is what you’re currently getting right, and where improvements can be made. Talk to the relevant team members and make sure you understand what each aspect of your inventory management process does, and why, so you can identify problem areas.
Make regular stock reviews part of your inventory management routine and keep your records up-to-date. Remember that tracking what you bought against what you sold isn’t necessarily a reliable measure, as some items are bound to get lost, stolen or damaged in storage.
By tracking and recording how often you need to restock various products, you can start to get a grip on customer buying patterns and any seasonal fluctuations in demand. This will help you plan for dry spells and busy periods, facilitating better inventory management and stock control.
Effective inventory management systems ensure you never run out of stock completely. At the very least, you should make it a policy to place an order and replenish stock items when they fall below a set level. Using agile stock control and sales software can automate this process, cutting out the risk of lapses in product availability.
This strategy can increase company efficiency by stocking products only as they’re needed for sale. This helps you avoid product waste due to damage or expiration, while decreasing the costs incurred in housing and maintaining unsold inventory.
Many small and medium-sized businesses operate in highly unpredictable environments. Dynamic mobile inventory management software allows you to take charge of your expenditure and navigate choppy waters to stay profitable.
With integrated inventory management software in place, you’ll have easy access to live data and reports. Use this information to make better decisions about what to stock, how to price your products, and which items to discontinue.
By investing in automated inventory control software, you’ll be able to streamline key elements of your purchasing process, including replenishment and records of all purchase orders, helping build up accurate, strategic data.
In a competitive marketplace where digitally-savvy customers have easy access to online price comparisons, speed and quality of service has never been more important. Fulfil customer orders quickly and accurately with inventory software tools that offer instant insight into stock levels, customer details, shipping information and more.
Fulfilling orders faster typically means you’ll get paid quicker. As long as you don’t allow invoicing and purchase order admin to slow you down, which can cause delays and impact your cash flow. Automate these processes using powerful inventory software programs and apps with accurate live data that make collecting payments easier.
Getting your stock levels and availability right can save your business a lot of money, and keep your customers coming back for more. With stock control software you can analyse live sales and inventory data, producing quality forecasts to help you hit your target fill rates, minimise stock-outs, and make the most of your inventory.
With accurate inventory forecasting and the automation of many routine tasks, an agile stock control system gives you more free time and money to invest back into your business. Instant access to live data – from any computer or mobile device – means you’ll be equipped to make better decisions across your supply chain.
