Stock control measures, mistakes, and how to fix them

Stock Control Measures Mistakes and How to Fix Them

Small businesses and start-ups face a lot of issues that other larger, and more established companies may not, and one of the biggest is properly managing stock control measures. Many sources quote that small businesses are destined to fail if they are unable to coordinate inventory control measures adequately, some sites even list this as the top reasons businesses tank. Despite this staggering statistic, there’s still a high number of startups or small businesses that don’t establish systems to manage their inventory or warehouses. Like any other aspect of business though, this problem can be avoided – even eliminated – if stock control measures are taken and your company learns how to recognize these issues immediately. Stock control measures and mistakes Some of the most significant mistakes companies make when making stock control measures, are listed here: Measuring performance comprehensively with stock control measures How are you supposed to know how well your business is doing if you do not measure your performance? How can you narrow it down to one way to measure it? The good news: You don’t have to! There are many ways to measure your company’s performance, and it’s important to figure out which way works best for you. SCENARIO: Where are you falling behind? Maybe it’s obvious your company’s performance is lacking – but if you can’t figure out how or where you’ll never be able to adjust or rectify the issue! As an example: One of the most overlooked aspects of businesses is customer satisfaction. Are you listening to what your customers are saying? … Read More

Retail Inventory Management Software; Efficiency Expedited

Retail Inventory Management Software Efficiency Expedited

What is inventory management software? Before explaining what retail inventory management systems are, we’ll quickly glance over what inventory is. Inventory is any product that a business sells to make a profit. Naturally, as a business grows the quantity of product (inventory) sold will grow with it. If you don’t have systems/software already in place, your business can quickly outgrow itself and become disorderly. But, if you do have the right systems in place, your business will be ready to handle growth and capitalize on it. A retail inventory management system helps a business organize, track, manage and monitor its inventory. This helps ensure that product isn’t lost, misplaced, miscounted, or unaccounted for. These systems typically come with various products, apps, and processes to help you do this. Why is retail inventory management software important? An inventory management system gives your business control. Business owners must have control over their workflow, inventory cost, and know how to optimize their inventories for their particular business. That’s what these systems do. They allow you to optimize, customize, and enhance your control over your business. These systems record and organize the data a business needs to run efficiently such as inventory location, pending orders, reorder schedules, etc. This information gives the business owner/manager the power to control the business in the best way possible. What are some specific uses for inventory management software in retail? Letting retail inventory management software automate processes benefits a business in many ways. Here are a few that are specifically helpful: Effective re-order schedules lower operation costs by limiting … Read More

Is Inventory Management the key to your bottom line?

Is Inventory Management the key to your bottom line

Is inventory management the key to your bottom line? If you are in the business of selling products, your inventory may be your most important asset. If growing your business is your goal, then you must make inventory management your primary focus. In merchandising, inventory is the backbone of your business, and a healthy inventory management system will keep you on top. Take an in-depth look at how you’re handling your inventory today, if you are ready to take your business to the next level. It can make all the difference as to what shows up on your bottom line. Here are some benefits of building a robust inventory management system for your business: Your cash flow will strengthen Your inventory turnover will instantly improve You will be freed up to experiment with new markets Inventory management and cash flow When you manage your inventory properly, you get access to hidden cash. Cash flow gets stifled when you hold on to the wrong type and amounts of stock. To manage your inventory properly means that you will have the correct amount of inventory to meet your customers’ needs.  Not too little—not too much. And certainly not the wrong kind! This goes to say that you will have the optimal quantity of the right inventory to meet your customers’ needs. This also means you will reduce your expenditure on up-keeping of the wrong inventory. When you maintain the right inventory in the right amount, you will not have to worry about running out of stock. Sometimes when you run short on stock, … Read More

Build your Inventory Management System with asset tracking

Build your Inventory Management System with asset tracking

All businesses want to keep track of their assets and their inventory – often using an inventory management system to do so. What we mean by ‘assets’ is the sort of things that are used within the organization to help the business operate. For example, things like IT systems and computers, office equipment and stationery (photocopiers, staplers, etc.), warehousing equipment, tools (such as forklifts, trucks, ladders), as well as the people who work within the company. Inventory, on the other hand, is made up of the goods and products that the organization holds in stock to sell to customers. This inventory may be housed in a warehouse, or it may be held on your behalf somewhere else (e.g. in a distribution center). How an inventory management system works From the earliest days of commerce, retailers have needed to keep track of their stock. You can probably go back far enough to store owners who would have been using an abacus to count the items they were keeping. Then through the ages to pencil and paper and towards more recent times, when a spreadsheet would have been the most common inventory management system that was used. Since the internet inventory software solutions have become more common, with cloud-based systems being quite standard nowadays compared to a few years ago. Fundamentally, what you need to do is keep an accurate record of each item you hold in stock and how many there are. Many more elements go into how inventory management systems work – such as taking account of geographic location, seasonal predictions, … Read More

3 Reasons why an Inventory Management System is vital to business

3 Reasons why an Inventory Management System is vital to business

Any business that involves the manufacture, distribution, sale or use of products and commodities will likely be using an inventory management system to manage and control its inventory. Manufacturers and producers need to keep track of their raw materials and finished products. Distributors, vendors, and retailers want to know how much inventory they have in their warehouses, physical stores, and other sales channels at any given time. Even organizations that don’t necessarily engage in the sale of goods apply inventory management processes to monitor and regulate the use of company assets. No matter what type of business you run, inventory management systems are essential in helping manage and control inventory so you can increase workplace productivity, control costs, and realize more profit. So much time and money can be wasted when optimum inventory levels are not achieved, which is why business owners and inventory planners put a lot of effort into having an efficient inventory management system in place. Excess inventory means operating capital sitting idly when the money could have been put to better use. On the other hand, insufficient inventory can cause a business to lose customers due to out-of-stock situations. An inventory management system helps businesses make better projections by integrating all supply chain processes to prevent any of these undesirable scenarios. How an inventory management system helps grow your business 1. An inventory management system optimizes cash flow A healthy cash flow ensures seamless business operations. Especially for small businesses that do not have a significant operating capital to work on, having just the right amount … Read More

Inventory health check: How to improve inventory management

Inventory health check- How to improve inventory management

Business executives understand that effectively managing their inventory is important but often are at a loss as to how to improve inventory management. Many base their decisions on assumptions that aren’t necessarily true. Two examples: the belief that the best way to reduce inventory is to improve the accuracy of sales forecasts, and that good customer service requires high levels of inventory. Both of these assumptions can lead to problems. Achieving optimal inventory levels is vital. Not only does it reduce costs, but it can also serve as an indicator of the overall financial health of a company. Attentive analysis of the factors involved can help you to improve inventory levels by 20 to 50 percent. So, how healthy is your company’s inventory management? The following ten questions will help you assess the effectiveness of your organization’s inventory control practices, and discover how to improve inventory management control within your organization. Your inventory health check starts here: 1) Do you set these three inventory levels for each item: Safety, replenishment and maximum? Safety = The minimum amount of stock needed to ensure that you won’t be caught short if you encounter a problem in the supply chain, such as a manufacturing glitch or delivery problem. Replenishment = How much to order at regular intervals (e.g. every two weeks) to replenish stock. Maximum = The maximum amount to keep on hand. Breaking it down this way helps you to make intelligent decisions about what are appropriate inventory levels, and thereby improve inventory management. It ensures you will rarely have out-of-stock problems, … Read More

Inventory management advantages – How it can improve your business

Inventory management advantages - How it can improve your business

How inventory management advantages can grow your business Inventory management advantages are endless and can help your business prosper. With Inventory Management software you will make better business choices, boost profits and save valuable time. Retail businesses really benefit from effective inventory management. It sets them apart from competitors still using manual methods. Here’s how the benefits of inventory management software can positively impact your business: Effective decision making Making quick and efficient decisions is easier when you have instant insight into inventory levels, profit turnover, and product information all in one easy-to-manage system. You can sync various devices and cash registers and make immediate changes across all linked systems. Manage all your inventory in one place Inventory management advantages are great if you have multiple warehouses or a chain of stores. The benefits of inventory management software let you manage all outlets in a single system that’s also accessible through mobile devices and barcode scanners. Reduce expenses The benefits of inventory management software are that real-time inventory movement and product information is always available. You’ll get alerts on the number of goods on your shelves and any item shortage. Having this information on hand increases productivity and allows you to make correct and timely decisions regarding stock levels and repurchasing. These insights are useful as they help cut down expenses by eliminating the risk of under or over buying. This software can help you put savings back into your business due to reduced operating costs. Integrate inventory data and ecommerce Want a complete overview of your business? Inventory management software can … Read More