July 18th, 2018
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On Track with Tracking – Improving Your Inventory Management System
Big business is a serious endeavour. There is so much to watch for, especially when it comes to profits and losses. You want to make sure your company is shipping out the product on time and that you have excellent customer satisfaction. Part of the process is making sure you have a constant supply of stock to ship out when it is ordered.
Sales keep the money rolling in so if you do not order your inventory on time, you will have delays in shipping your product out. This could cost you revenue in the long run. The best option is to upgrade to software that can assist you in your inventory, including that the stock is ordered on time, reports are created for stock shortages or overstock, to generate purchase orders, and when the inventory has been picked, packed, and shipped.
Let’s take a look at some useful ways to improve your inventory management system and keep your operations running smoothly.
Track All Expenditures
One of the best ways to keep your inventory correct and to even improve upon it is to track all expenses to inventory accurately. You need to make sure that you are ordering inventory to be replaced on time and that you are not over ordering. There is a delicate balance between not enough and too much.
If you tend to carry more inventory, you could be losing money in cases where you are robbed, hacked online, a fire breaks out, or the satisfaction of the customer changes. Then you are left holding the bag with inventory that no one wants to purchase. Make sure to track all expenditures.
Another fantastic way to improve your inventory management is to set up alarms when inventory has been changed or updated. This assists everyone involved from the manufacturer, to the supplier, and the customer. You can set the alerts to send texts, emails, or both when a large inventory order is shipped or if there are unexpected or unplanned changes to the inventory of your business.
Add GPS Technology
The ability to monitor where the inventory is at once an order has been placed is vital to any company. If the supplier states the product was delivered, but you never received the order, you are able to locate the missing goods. This will improve upon your inventory system, as you will not be placing multiple orders and spending money to get a product that you should have already received. By adding GPS technology, you are saving yourself time and money in the end.
Proof Of Delivery
Another excellent way to improve your inventory system is to use a trackable proof of delivery. With smartphones and technology with such cutting-edge nowadays, it would be a great benefit to a company to allow for real-time notifications for both the manufacturer as well as the customer. This is imperative if there is a question on whether the product was delivered to the correct address and customer.
With a trackable service, you could see the product was delivered and on time. This prevents a loss of profit to the company because more inventory would have to be shipped out.
Backup Your Data
The last intelligent way to improve your inventory management system is to back it up. If you are digital, make sure you have your system backing up to the cloud at regular intervals. This is critical to the success of your company. Your data could get hacked or stolen and having a backup will allow you to reset your system to the last known point before the interruption. If you do not have a backup and experience loss of data, you could experience severe losses for your company depending on the size of your inventory and how much was compromised.
Why Would An Inventory Management System Assist Me In My Business?
Whether you have a large or small business, an inventory system will make your job so much easier. Instead of following up to make sure the inventory has been ordered, you can receive real-time alerts when the inventory has expected and unexpected changes. You can also track expenses within the software as well as where the inventory is currently located after the supplier has shipped it.
In addition, you can receive trackable proof of delivery to prevent losses to the company. Finally, an inventory management system would back up your data to avoid severe losses to your business if an unexpected error were to occur. By following the suggestions provided, you will be on your way to great success, as you will have the perfect amount of inventory on hand!