Good thing the Mayans were wrong about 2012, because the new year brings new opportunities and a chance for businesses to re-evaluate their inventory management and order management software. Rather than trying to commit to a new year’s resolution that might not stick, wholesalers and retailers should identify headaches in their stock management and take small steps to making these better. Improving inventory management software is one way and will benefit the business by reducing warehouse costs and freeing up more time. However, for those still unsure about a new system for the new year, here are some common troubles that you could be leaving in the past…
Not having enough stock is one of the worst administrative issues that can happen, but it does. Plenty of businesses have had to turn customers away because they simply don’t have the products available to sell them. Growth faster than expected can leave staff rushed off their feet to the point that they neglect stocktakes and find themselves having to shut the door on customers… customers that might not come back. A well-adjusted inventory management system and well-tuned software tells you in advance that stock is down, so you never have to say no again.
Tracking inventory can be hard, especially if it’s stored off-site or away from other operations. With stock moving between warehouses at the hands of human error, the odds of losing inventory are quite likely. Unfortunately lost inventory equals lost income and that’s something we best leave back in 2012. Inventory and order management software such as TradeGecko has a tight grip on the incoming, outgoing and stock on hand, so that the likelihood of items going walkabout is minimal.
Ineffective order management and delivery management can jam up the system and prolong the completion of a sale longer than necessary. You want to get that product out to the customer as soon as possible, so they’re happy and you can move on to the next order. But a poorly conceived inventory management system doesn’t cater to high volumes of customers, each of whom have different demands. Stock management software allows you to record individual requirements and service large numbers of customers without compromising customer service.
Not Knowing Your Business
With so many admin tasks to complete, it’s easy for businesses to get caught up in operations and to ignore information right in front of them. Understanding how inventory moves can be a huge strength for businesses, telling them what sells well and what doesn’t. Knowledge is power and a failure to understand your own business leaves the door open for competition. Inventory management software not only tracks your stock, but educates you on how it performs in your business, so you can use this information to make better decisions.
Happy New Year and Happy New Systems!