Inventory Tracking Software
No doubt you’re adopting technology to keep ahead of your competitors and to be a step ahead of your customers’ demands. Inventory tracking and inventory management tools are important for today’s companies. Having a targeted and comprehensive inventory tracking software can save businesses a lot of money, and help them pursue operations in a more successful way.
Building on the specific kinds of management principles, companies can use the advanced technology of inventory management and inventory tracking tools to make inventory handling processors leaner and more agile. Implementing these strategies can increase the return on investment from these types of systems. . One of the most fundamental benefits of inventory tracking is that it reduces the amount of inventory that companies have to keep on hand.
Realistically, in order to sell on more channels and ultimately grow your business, the use of an inventory management system becomes a fundamental necessity. And as brands grow out of small warehouse space and into larger facilities, so does the need to efficiently manage inventory.
Ask yourself this - do you have to log in and out of different selling channels to list your products and process orders? Are you having to manually adjust your stock levels on each platform every time you make a sale? These are common bottlenecks that arise as an online business grows and more often than not result in human error. This then leads to disappointed customers and at best, a bad reputation
Benefits of Inventory Management System
- Centralized Storage
The more stock locations you have to govern, the more difficult it becomes to manage orders and direct products to the right customers. With an adequate warehouse tool in place, you will be able to track the availability of all products and services, and thus maintain customers promptly informed on the status of their orders.
- Streamline end-to-end inventory.
With online inventory management, stores can often track inventory using smartphones, tablets and dedicated barcode scanners. Better yet, store owners with multiple outlets can track and manage all sites in a single dashboard.
- Meet Demand Quickly
Inventory management systems also help companies better serve their customers. With all of these inventory features on hand, it’s easier to concentrate on quick shipping. Inventory processes help firms meet supply and demand curves with rapid responses. This leads to happier, more loyal customers and, ultimately, a higher level of repeat business.
- Adjusted order frequency.
Despite of distributors perceiving stock shortages to be the worst possible scenarios, we’d ascribe that attribute to overstocks. Leaving products to waste or paying for their storage and maintenance is where businesses lose the most of their money, and that’s why inventory management software is so useful. Being able to track their actual stock supplies, companies can re-order from vendors in the right moment, or adjust the order frequency in a more suitable manner.
- Automation of Manual Tasks
Nobody wants to be sitting around doing manual data entry tasks or complex manual calculations with every purchase order. It’s best to leave it to software to automate these common tasks for you. Software should let you email quotations and sales orders directly while on the go. Customer checkout their purchases using an online cart. These purchases are automatically entered as sales orders in your system. This saves you selling time and needless data re-entry.
- Fewer mistakes such as overselling
By synchronising all of your online marketplaces and webstores, you can be sure that your stock levels are adjusted each time you make a sale, in turn reducing the chance of overselling.
- Keep your customers happy
Well, it reduces your time to fulfillment for a start. With an inventory management system you’re able to keep fast-selling products in stock (from your analytics and reports remember?) and fulfill them immediately. With personalized service and accurate responses at any moment of time,
your customers will be more satisfied than ever. They will be able to track the status of shipped orders, without facing the risk of a late notice that the product they expect is no longer available.
- Lower operation costs.
Inventory management software provides visibility into what is on store shelves and waiting to be stocked. With automated reporting, bar-code scanning and streamlined logistics, it is easier to determine promotion efficacy and make strategic decisions regarding vendors, purchasing and item pricing. 70% of companies moving their supply chain to the cloud reinvest savings back into their business.
- Achieve efficiency and productivity in operations.
- Minimise inventory costs and maximize sales & profits.
- Integrate your entire business.
- Automation of manual tasks.
- Maintain customer happiness.
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