Good Inventory Management: The Real Deal
With running a business comes great responsibility – tracking sales, analysing reports, and managing employees are just to name a few.
What you need to know is: proper inventory management can make or break your entire business.
Here is why you need a good inventory management strategy:
- Have a more organized warehouse
Once good inventory management becomes a habit, you will automatically have a more organized warehouse – otherwise, you will have trouble managing your inventory in the future.
Inventory management software like Oscar POS can be used to give reports on which product sells, and which does not. Now more popular products can be more accessible than others. Order fulfilment processes will flow quicker – and customers become happier.
- Get accurate inventory orders
Once you manage your inventory well, you will always have the exact values of every product in your warehouse. This kind of effective management will help you keep a balanced inventory – without product shortages or excesses. You can thus run your business smoothly.
- Boost efficiency and productivity
A good inventory management strategy involves the use of an inventory management software like Oscar POS. Such systems do the heavy lifting for you by eliminating all manual processes an inventory needs.
They introduce efficiencies in your business by providing insights and reports, letting you know things like how frequently is your inventory turning, or what is your inventory GMROI (gross margin return on investment).
Now, you can invest time in more important areas like sales, data analyses or marketing – and not on recounting goods over and over. Manual tasks are cut down dramatically, and efficiency increases.
- Customers come back wanting more
The best thing good inventory management can bring to a company is more customers. Having the right product at the right time will please any customer – and the only way you can do that is by knowing how your inventory is laid out.
Inventory management software help by giving you accurate updates of what item you need, what is selling and what is not. Features like low stock alerts and predictive analytics inform you beforehand what is running out, so that you can immediately restock – because nothing is worse than your customer leaving empty-handed.
After all, the equation is simple: satisfied customers = improved profits and well-earned exposure.
- Pilferage reduced dramatically
More often than not, owners cannot control shoplifting or petty theft caused by employees. You can avoid the uncomfortable conversation with an employee or the costly expenses you’d have to bear by tracking your inventory well.
The best solution for this is to use inventory management software. Systems like Oscar POS set barcodes for your items and their storage locations – now you know where they are stored and how many items reside at each storage location.
To ensure a profitable company, you need to plan for it. In the real world, make sure you have proper arrangements of everything within your warehouse – so that no material gets wasted, and all space is utilized.
In short – it is no understatement that inventory management is just one of the many cogs that make up a fully functional machinery, capable of running a business to success.