Nearly 81% of consumers experienced an “out-of-stock” situation in the past 12 months, resulting in lost sales for retailers and lots of disappointment for in-store shoppers. Globally, retailers recorded losses of a whopping $1.75 trillion due to mismanaged inventory.
If you are still managing your inventory on a spreadsheet or worse, not managing at all, then your business might be suffering and it’s high time that you streamline your Inventory Management processes. Managing inventory can be very challenging, and when you are a growing business it can be really painful.
If you are facing issues in tracking your inventory and if it is getting difficult for you to optimize your warehouses and storage facilities, then you have come to the right place.
Software for stock management automates what used to be a time-consuming, manual process of counting each item one by one and recording it on paper.
Digitising this process not only makes it more accurate, it saves valuable time.
A good system will help you keep track of your inventory and offer a centralized view of stock across sales channels – how much is in stock, and where. It will also allow allocating inventory to specific sales channels, which is important if you have warehouses and distribution centers at multiple locations, thus, enabling warehouse management.
Keeping reports about your inventory helps you understand what stocks are doing well, versus which are just taking up shelf space. Lack of the right inventory at the right time can mean back orders, excess inventory, etc. These drive up costs.
Late delivery due to stock-outs is bound to give you a bad reputation. For tracking, it is important for you to know when the vendor is shipping inventory and when it will arrive. This helps you manage customer expectations by delivery as, when and where they want.
The software can help you improve demand forecasting by analyzing data trends from well-performing stocks. This minimizes your holding and handling costs, improves revenues and frees up cash flows. Also, by planning and forecasting – you deliver on customer expectations better.
With a good Stock management solution, you can reduce the time taken to keep track of all the products you have on hand and on order. Additionally, you save the time taken up in inventory recounts if your records are in place.