Are you a retailer, wholesaler, distributor or manufacturer? If so, Inventory is the core of your business. Poor inventory management is one of the main reasons why small businesses fail. Having a robust inventory management software is key to running an efficient and profitable business.
Inventory management software is an application designed to manage inventory, sales, purchases, and shipping. An inventory management system alone cannot efficiently optimize your inventory, nor ensure minimal stock-outs – at least without manual intervention and adjustment. Unless, it is integrated with accounting software like Quickbooks, Xero, ERP or sales channels such as Magento, Shopify, or POS.
The three benefits of having an integrated inventory management software:
Inventory Optimization Based Upon Better Decisions
Although there are other benefits of having an integrated inventory management system, these three can significantly impact your company’s bottom line.
With an integrated software solution, your online marketplaces are always in sync with the stock available. The sales team knows the exact amount of stock available to close a deal. This helps warehouse workers to pick, pack and ship orders, as received. The purchasing team does not need to confirm inventory levels before buying products and can have an exact, real-time view of the levels. This reduces errors and ensures that the right quantity is purchased every time. Buying excess inventory ties up your cash on hand.
Recalls are painful. They often can get daunting and it is the most significant issue faced by the manufacturers, wholesalers or retailers. Their businesses depend on prompt actions taken to resolve this issue. An integrated solution helps recall products quickly, no matter what channel it is sold on.
One of the key advantages of using inventory management system is that you can simplify various processes within your company. Specifically, it ensures that information passes from employee to employee and department to department with little or no delay. This results in fewer mistakes and ensures everyone is on the same page.
Without real-time visibility and communication, orders can be mixed up, inventory misplaced, and productivity hampered. Every person needs to be able to know what’s happening at any given moment. Advanced inventory management software provides you with this needed visibility.
Inventory Control is important for both, customer and investor satisfaction. Customers want “Fresh” product on demand, and investors prefer no working capital tied up in inventory. Balancing these conflicting objectives is tricky and might incur extra costs.
Activities such as storing, counting and reworking inventory incur additional working capital. Hence, this reduces the availability of the products your customers want. Planning the right level and amount of stock requires everyone to have real-time visibility of your inventory.
Why Scalable Inventory Management Software?
Inventory and integrations must be real-time, flexible, simple to use, reconcilable and scalable. Being real-time ensures complete visibility to your customers, employees and that your financial reports are always up to date and accurate.
Continuous changes in business processes may require adjustments to the integration. Users do not want to always think about the possibility of the integration working. Scalability is sometimes forgotten about when choosing the software, but if ignored it will come back to haunt you when your company’s success overloads it with high transaction volumes.
Benefits of Scalable Inventory Management Software
Scalable inventory management software allows you to grow and expand your business. During this process, your system should not be the one that limits your growth. In fact, it should enable you to grow further or you end up switching to a new system which hampers your business’s growth and productivity. Furthermore, it reduces costs and saves money by not having to switch systems.
A Scalable inventory platform provides better collaboration. This gives you enhanced visibility and more control over your business. By knowing your company’s fluctuating inventory levels, suppliers can ensure their product is available at the warehouse when your customers need it. Being real-time provides the best visibility to your customers and supply chain partners. It also ensures that your financial reports are always up to date and accurate.
Scalable inventory additionally leans out your business operations by streamlining your system. This makes your operations, supply chain leaner and more responsive. Many companies use supply chain partners to manage their inventory levels and customer shipments. To do so effectively, the inventory system must be integrated not only with the company’s back-office systems but also with third-party systems.
A system like ours can do the job effectively. Check out Brahmin Solutions, a central platform for your business. Schedule a demo of our inventory management software for leaner business operations, enhanced visibility and increased productivity.