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

10 Best stock control software tips for inventory management

10 Best stock control software tips for inventory management

10 Best stock control software tips for inventory management Wondering how the big businesses do it? Here are some of the best stock control software tips to help you manage inventory more efficiently. Various experts have defined inventory stock management as the process of coordinating and supervising the supply, storage, recording, and distribution of stock. The aim of which is to maintain adequate stock levels, enough to satisfy demand without any over-supply or loss. By decreasing the amount spent on inventory, the best stock control software helps companies maximize their profits. However, all businesses suffer from some degree of inventory stock management problems. The most common cause of this is “shrinkage,” which is caused by theft and administrative errors. Shrinkage accounts for losses that amount to at least 1.4 percent of all sales per annum. While the best stock control software focuses on cutting down human or administrative errors, it is still important to know how stock levels can affect your company. This is especially true for businesses that are trying to expand their operations. Inventory stock management can affect how much the company makes, as well as customer satisfaction in your products and services. The best stock control software tips Here are ten inventory management tips that can help your company improve its inventory stock management: 1. Check all your stock Every time a supplier delivers new stock, your first step should be confirming that it is exactly what you ordered. This rule applies to both the number and quality of the delivered inventory. This might seem like an … Read More

13 Reasons to use ecommerce inventory management software

13 reasons to use ecommerce inventory management software

Good ecommerce management is essential for accurately tracking inventory operations and efficiently managing multi-channel selling on marketplaces such as Amazon and eBay. If ecommerce inventory management is done poorly (which is often the case when executed manually) your business will suffer as a result. No ecommerce business should have to experience profit loss or a decrease in custom due to management errors, especially when these problems are easily avoided with ecommerce inventory management software. With ecommerce inventory software you can prevent problems such as stock outs and overselling. Not only is this the most efficient way to manage your ecommerce inventory, but this software is beneficial to many other areas of your business. 13 Ways ecommerce inventory management software benefits your ecommerce business: 1. Track all your inventory with one system With ecommerce inventory management software, it’s easy to keep track of your inventory all in one place.Each stock movement that occurs in your warehouse is easily tracked, as ecommerce inventory management software gives you a complete view of stock levels in real time. With such an accurate overview of your ecommerce inventory, you can prevent stock outs and avoid unfulfilled orders by distributing stock from existing inventory, enabling you to fulfill customer orders efficiently. 2. Avoid overselling With stock levels continuously changing, accurately updating ecommerce inventory levels manually is virtually impossible. Without accurate stock updates, you’re at risk of overselling which not only leads to loss of sales but unhappy customers.If your clients are sold a product that isn’t available, they will leave negative feedback and are unlikely to shop with … Read More