Having the right inventory management software is vital to all retailers, both small and large. With so many different inventory management software solutions on the market, it can be tough to figure out exactly what you’ll need. In this guide, we’re going to be discussing what benefits you’ll receive to once your inventory management is streamlined.
Automated Inventory Management
Most retailers don’t have the time, resources and capacity to always count inventory manually. This is where inventory management software can help.
It can allow you to maintain accurate stock counts, reduce errors, and avoid time consuming manual entry of items, location bins, pick orders, and inventory receiving. Real-time inventory reports allow you to compile and analyze essential data, like transactions by site or warehouse, itemized inventory levels by SKU, or individual customer purchase order history.
Automatic low stock level notifications ensure you will never lose out on another sale due to stockouts. Set automatic re-order points down to each bin location and preferred vendors for each inventoried item.
Know Exactly What’s In Stock
Do you know exactly what physical products you have in stock right this very minute?
The last thing you want to do is stop your warehouse activity to find out. Selling products that are out of stock can be very harmful to a business operating today. A few angry customers can take to social media with their frustrations and the next thing you know, all hell is breaking loose.
On top of that, customer support is going to get slammed and tie up the phones. The warehouse team will be scrambling to find these “hidden” items and you’re not starting to get the picture of why “accuracy” is key.
Knowing what products you have in real-time is key to making the right decisions later, such as reordering points, forecasting, picking list and safety stock.
Order Filling Accuracy
How accurate are your fulfilled orders?
The right inventory management software can help you fulfillment, ensuring orders are accurate and being shipped to the right addresses.
Most customers are not going to take a second chance on a company that shipped the wrong product or shipped to the wrong address. This is exactly why you need order filling accuracy.
Order accuracy is much more than just shipping to the right address, the picking better be accurate too. Stock should be positioned strategically too.
On-Time Orders
Are your orders being sent on-time?
With options such as Amazon Prime, customers expect to get their orders fast.
We always recommend having multiple shipping options for your customers, this often leads to higher conversion rates too.
You always want to deliver on your shipping promise. If you promised the customer they’ll receive the order in 2 days, make every effort to make it happen.
Inventory Turnover
How long are you holding inventory?
Slow inventory turnover can cost your company a lot of money.
Without inventory management software, you may not know to what extent. If you’re tracking inventory manually, you’ll have to do a count to know for sure.
The goal is always a quick turnover with inventory.
Stock Losses
How much stock have you lost?
Stock that is not moving harms your business.
You should always be monitoring your stock value and write-offs.
You want to move dead stock as quickly as you can.
POS Tracking And Reporting
If you know how important data collecting is and tracking your retail KPIs, you’re going to want to make sure you’re also using POS data.
Accelerated Analytics is one of the global leaders in POS Reporting and EDI 852.
The decisions you’re making for your company will always influence your success or failure. Why not be equipped with the most accurate POS data you can have so you can make accurate decisions?
Our POS reporting software is powerful but easy to use. We’d love to show you some screenshots and how we can help your company. If you have a few minutes, get signed up here and we’ll show you everything.
Have a question? Want to talk on the phone? You can reach us during business hours at 941-746-2073.
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