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 Software – Is your future in the Cloud?

Retail Inventory Software - Is Your Future in the Cloud

The superior benefits of on-demand-solutions coupled with the proliferation of ecommerce and the growing preference for multi-channel retailing are fueling renewed interest in cloud-based retail inventory software. In this article, you will learn why the growing preference for cloud-based retail inventory management software is moving many retailers across the globe to replace their conventional on-premise solutions with on-demand cloud-based solutions. Retail Inventory Software – the big picture Several studies have been published by well-known market research organizations on the global retail inventory management software market. These studies were aimed at breaking down the market into distinct segments to provide a more in-depth view of the market. In the report published by Credence Research, the market was analyzed in terms of the deployment model (on-premise or on-demand), end-user (traditional retailers or off-price retailers) and geography (North America, Europe, Asia Pacific and the rest of the World). The target audience for the report was Industry Investors, Inventory Management Software Solution Providers, Distributors, and End-users. The report provided the target audience with in-depth insights to enable them to make informed strategic decisions related to opportunities in this market space. Based on information from this report and others like it, the target audience now has a better understanding of where the market is going and what it will take to be competitive and successful. This renewed focus on the global retail inventory management software market by key players will ultimately benefit your business by delivering competitive products and services from which to choose. The current state of the market for retail inventory software Up until recently … 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

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

How to manage stock inventory: Top tricks to boost efficiency

How to manage stock inventory- top tricks to boost efficiency

Many factors go into running an efficient business, but one of the most important considerations is the way you choose how to manage stock inventory. To maintain a smoothly-run, efficient inventory system, it’s important to track how often the inventory turns, that is, how many times you sell through your entire inventory (or whatever is financially equal to that). Many companies track this differently – some calculate it monthly, others choose to do so weekly or quarterly. Whichever you choose, calculating how often your stock turns and managing your inventory will help you keep your budget in line, learn how often to reorder, and teach you which products work best for your company. Check out this list below for tips and trick on how to manage stock inventory: How to manage stock inventory: Know your market & know yourself: No one knows your products or needs better than you, but make sure you’re considering everything when determining your inventory. One of the best ways to manage inventory is by meticulously acknowledging the types of stock you have. Do you only have finished products? Do you need to have raw materials on hand to create your products? Make sure you always have the right amount of product on hand. Keep a sharp eye on the market. You know what works for your store and what doesn’t, but make sure you’re also tracking inventory trends happening around you. If you notice some items flying off the shelves while others are sitting dormant, adjust your inventory. Make sure you’re always staying true to … 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

4 Best practices for efficient inventory management

4 Best practices for efficient Inventory Management

Maintaining proper inventory levels is never something we think about when we start out in the business world. We’re too worried about the sales funnel, repeat customers, and where to spend our profits. But we quickly find that inventory management is very important. If your company’s inventory management system is constantly letting you down, there’s no time like the present to upgrade. You can turn this area of weakness into a strength. Inventory management can also help reduce costs which will contribute towards improving profitability. Here are four best practices to install in your business to improve your inventory management: #1 –  Invest in inventory management software immediately Digital technology is not a passing fad. It is a necessity for any business. This extends to your inventory management system. If you are still using paper bookkeeping methods and order forms, an upgrade is necessary. Too many businesses are moving too fast to keep up without digital intervention. You’ll thank yourself in the long run. You will cut down on manual processes and can then use those vital staff-hours for more profitable endeavors. When you choose inventory management software, you can: Eliminate paper record keeping Enable more corporate social responsibility through helping the environment Provide accurate inventory counts Follow a product along the supply chain. #2 – Make better forecasts with inventory management system data When you use digital technology, data becomes your ally. The trick is to determine what data is important. Big data is a term people often throw around in regards to inventory management. But just because it’s listed on … Read More