Inventory Management System: Your 24/7 Stock Manager
Imagine your favorite coffee shop. You walk in, yearning for your daily latte only to be informed that they have run out of coffee beans. Annoying, isn’t it? Now, consider trying to manage a business where the above scenario is happening frequently with regards to multiple products. That’s the reality businesses have to deal with in the absence of proper inventory management.
In today’s world an inventory management system is nothing but a digital warehouse manager for your business. It is a software that keeps constant track of, organizes, and automatically optimizes your stock levels. In simpler terms, an inventory management system is like having a hyper-organized assistant who never sleeps. This assistant is constantly monitoring and keeping track of your business’ stock.
What is an inventory management system?
Your inventory management system may seem like an invisible layer to your business. After all, you’ll be able to check in on stock levels, shortages, and any replenishments, with instant information that tell you what you have on-hand rather than having to track through spreadsheets or guessing how much you’ll need for re-supply. Your inventory management system puts you in charge, to eliminate waste, reduce guesswork, and provide value to your customers so that you can sleep easy knowing you can meet their needs.
Reasons Why Businesses Should Use An Inventory Management System
Manually tracking and managing inventory is as easy as unicycling while juggling, and has an equal amount of risk. Businesses today generate thousands of transactions on a daily basis rendering the use of spreadsheets, manual counting, and keeping detailed logs close to impossible.
An Inventory management system tracks and counts products, but also has the capability to foresee future needs of the business. Having that is tantamount to possessing a crystal ball that graciously informs you of the ideal time to reorder best selling items to prevent reaching strike level low stock where you run out of the inventory.
The Complicated Inner Workings of a System
On its most fundamental level, an inventory management system consolidates that hodgepodge of processes in a business. For instance, when a customer places an order on your online shop, the system disables the item from your inventory, changes the stock figure at the number of units sold, updates bookkeeping records, and if required, sends alarm to order more stock. It does all those complicated work like checks automatically.
This means they have technologies which can systematically track data in real time. You are not working with figures that were created yesterday. Because of instantaneous movement, sales, returns, and stock level adjustments are done in real time across different sales channels. It does not matter whether the customer made a purchase in the store, online shop, or through other outlets because stocks will be in sync with the business.
Enhanced Productivity for Your Business
Say Goodbye to Stockouts
Which is fuelled further in this case by an almost but not completely artificial intelligence. These systems need advanced algorithms which monitor your inventory levels and sends predefined alerts based on the preset minimum. In highly advanced frameworks, systems can also make orders by themselves based on preordained instructions.
Increase Profits
Relatives on top of an increasing business prefer to spend their time on things. They do not want to waste their time doing tediously boring tasks like counting how many stock keeping units, stock keeping units there are, planning around shortages, restocking and everything else. Other people prefer to focus on the strategy while letting the system tackle the more boring stuff like accounting.
Intelligent Choices
Based on feedback of the progress, tracking concerns on things sold over a period can provide an indication of which some are taking off, while others are flopping. Because stockouts are virtually eliminated, businesses will have more precise data as to what products need increased quantities during peak activity periods and what products need decreased activity in order to strengthen their bottom line.
Cut Down Human Errors
Based on feedback of the progress, tracking concerns on things sold over a period can provide an indication of which some are taking off, while others are flopping. Because stockouts are virtually eliminated, businesses will have more precise data as to what products need increased quantities during peak activity periods and what products need decreased activity in order to strengthen their bottom line.
Enhanced Customer Experience
Customers have greater trust in a company that keeps them coming back if needs are met by always having products within reach and providing accurate stock level details.
Different Flavors for Different Needs
Inventory systems come with different styles and features. Small retailers might prefer simple inventory management along with stock entry through barcode scanning, so large distributors will need higher-level features like management of several locations within a branch and sophisticated supply chain connections.
Cloud systems are popular nowadays becuase they can be found anywhere at any time, with no need for extra hardware and updates being done automatically. Imagine accessing your inventory while enjoying a cup of coffee from a cafe instead of having to use a filing cabinet overflowing with spreadsheets
Key Features That Actually Matter for Inventory Management.
When scanning inventory management systems for your business, ensure that they come with a few essentials including real time monitoring, automatic order replenishing and increased system interconnectivity with your e-commerce site, accounting service, or other business tools.
Insightful patterns and seasonal trends are things you haven’t noticed or discovered before, like which products sell better on a specific day, or how different product categories change over the seasons.
Receiving, picking, and cycle counting are now easier and only take minutes instead of hours through the use of barcode and QR code scanning.
Making the Smart Choice
Buying software is not the only thing involved in implementing an inventory management system. It’s a complete change in your business operation. The benefits in carrying costs, efficiency, and stock-outs will quickly offset the initial cost of implementing new software.
The first step is to address what is consuming your time the most. Are you constantly running out of in demand popular items? Are you dealing with inventory that sells slowly? Perhaps you are spending a bit too much time on manual tasks. The correct system will solve these issues.
Ready to Transform Your Business?
Watching and managing inventory does not have to be a headache all the time. The right inventory management system will allow you to turn confusion into order and reactive plans into proactive ones.
BusinessEzee helps growing businesses like yourself by giving you all employees access to the same user-friendly interface with powerful and innovative technology that will help with automation, which allows companies to improve operational workflows and increase their profitability.
Revamp your inventory control today with BusinessEzee’s proven methodologies. Get in touch us today for a tailored demo and see firsthand just how seamless inventory management becomes when you are equipped with the adequate instruments.