Inventory Management Today: Exploring Your Many Modern Software Options
Nothing can be as important to your business as managing your inventory: knowing what you have to sell and what you need to restock can be a challenging job, especially as your company grows and takes on ever-more stock.
The good news is that inventory management doesn’t have to be a hassle. If you do it correctly, you can focus on other aspects of your business, like making more sales and finding new clients — you know, the really important stuff. There is software out there that can help you do just that. Here is a short guide to finding the right program.
What is Inventory Management Software?
Companies like BizSlate Inventory Solutions provide software that can help you track your inventory accurately. But how does it work?
Inventory management software tracks, organizes and monitors your product sales, purchases and other important metrics that allow you to follow along in real time. The first step is to affix an RFID radio transmitter or barcode onto each product in your inventory. This has been a standard practice for years now, but traditionally the systems used to follow the products lagged. When the product is sold or moved to a new location, it is scanned and recorded. With the right software, there is no lag in this system and you can see how your inventory stands at any moment throughout the day.
For smaller business or companies that are just starting out, this may not be a concern — but it should still be on your mind. The sooner you implement inventory management software, the better you will be in the long run. You plan on growing, don’t you? If you start early, then once you reach the point you need it, you will already be familiar with it.
Here are a few other reasons you may want inventory software:
If productivity is suffering because of inefficiencies, then inventory management software might be right for you.
Nothing can kill productivity faster than having your employees search a warehouse for an item, only to discover that you were out of stock two days ago. An episode like this is just wasted time that could have been spent doing something that mattered. With inventory software, you will avoid this situation altogether, as every single product is individually tracked in real time, so you know when you sell out of something or if it has been moved to another location.
Inventory software is also easy to learn, so productivity should not be affected while your employees are learning the system. Multiple people can learn at the same time as well, so you can get your staff trained quickly and get back to work.
Controlling costs is a vital goal in running a successful business, and inventory can be a major point of loss or gain. With inventory software, you can find you break even points and total ROI for your entire inventory so you know what you have and what you will get for it. This will help bring a balance to your bottom line and should help you pay for the new software in no time.
The proper amount of inventory will help you straighten out your cost vs. revenue as well. Having too much product on your warehouse shelves ties up cash that you could put toward your business, and having too little inventory is a wasted opportunity to make more money. Both of these problems are eliminated with inventory software, as you can create a customizable par list on each product so you always have the right amount on your shelves.
In the past, employees would input data into spreadsheets in order to total up and track your inventory. The problem with this is that if there is a small mistake, it can throw your whole inventory off — to either side. A decimal in the wrong place or an extra zero on a line can be the difference between stockpiling way too much of a product or quickly running out of it.
The inventory management software helps fight errant data. The radio transmitters and/or barcodes allow employees to use handheld devices in the warehouse to properly track the product in real time and the software lets you follow along. And because the software is automated, you can avoid the small human errors that are bound to show up and wreck your inventory.
Upgrade you inventory management today and watch as you costs decrease and your revenue increases.
Eric Lituchy is the CMO at BizSlate, a cloud-based Inventory Management software for SMBs. A results-driven marketing executive with a record of accomplishments across ecommerce, cloud services and the subscription businesses. Focused on generating revenue through expert digital marketing, conversion optimization and management of high performing teams. Eric is a digital pioneer and serial entrepreneur.