Having too much or too little stock can be costly. If you want to turn a healthy profit, it's important to keep track of your inventory. If it is too large, you'll likely have a hard time shifting it all and may encounter problems such as warehouse storage, tax, depreciation, and insurance costs.
Similarly, too little stock means you can't offer customers the products they want. If orders are flying in and you don't have enough stock, you’ll be forced to splash out on costly last-minute solutions.
Even worse, you could lose valuable customers to competitors if you can't offer them the products they want.
Luckily, Sage inventory management software uses inventory trackers to keep you and your customers smiling.
Inventory management involves tracking and controlling your business’ stock.
If you sell goods to customers or vendors, you'll know that carrying the right products can be difficult and costly. Successful inventory management helps you improve customer relationships and avoid tons of leftover goods. Asset tracking software can make this process easier.
Just-in-time (JIT) inventory management systems help to increase your company's efficiency by only stocking products when they're needed. Reducing your inventory minimizes costs associated with storing and maintaining unsold products.