Inventory Management | 10 Minute Read
If you have comprehensive knowledge of the stock that you have and real-time data insights that a good inventory management software offers you, your personnel do not have to scramble to search for a product once the order comes in or have to wonder whether a particular product is available or not.
You are able to stock items that are in demand, place repeat orders for items that you know are running out soon and if you know you cannot get your hands on an item, you can remove it from your ‘sell list’. This ensures great operational efficiency and you are always one step ahead.
You can prepare for emergencies and have enough time on your hands to address any problems that can occur. This helps you adopt an organized approach to running your business. In the long run, it is this approach that fuels business growth.
Profitability is a huge problem for small businesses. Most businesses cannot remain profitable over a course of time and shut shop. One reason for this is the inability to invest time and attention on the core areas of the business because their time is consumed elsewhere in a non-profitable activity.
Inventory control especially the kind of control brought about using cutting-edge software ensures that the time businesses are spending on managing their inventory can be spent elsewhere in top-line activities that help generate more revenue and thus make a business more profitable.
There is another element to this; by prioritizing and optimizing inventory management, businesses are actually stocking up on products that are actually getting sold or have a very good chance of getting sold. This increases profitability.
If you are a small business retailer, you must contend with rising customer expectations. Today, an average customer expects a business, irrespective of its size, to meet really very high standards when it comes to customer service.
For e.g., many expect super-quick delivery times; others expect the facility of changing a product after an order is actually en-route; there are others who are extremely disappointed if they find a product is out of stock; there is a section who feels irritated when they are unable to find an item that is as per their size and there are again those who expect to be notified immediately when an out of stock product is available again.
As a business, you can fulfill many of these expectations if you are able to get a handle on your inventory.