Inventory management is a decent practice for any organization. If you are not watching out for your inventory or checking stock consistently, you are setting yourself up for significant inventory errors and difficulties. Proper inventory management truly can make or break your business!

Let’s take a look at the top 10 reasons to digitize your inventory management system:

1. More Precise Ordering

This may appear glaringly evident but its significance couldn't be overstated. The items you purchase and put on the rack is probably the greatest investment that you make in your business. How might you know what to order and keep on your racks if you don't have the foggiest idea what you hold? Regardless of whether you are physically making orders, utilizing our recommended ordering, or a blend of the two, you have to recognize what you have so you will know what you want.

2. Customer Service

Ever approach a store agent for your preferred item and watch them bungle around, running from the rack to the warehouse while you persistently hang tight for them to make sense of it? Having an exact inventory in your retail management framework disposes of this issue. Your staff can rapidly and effectively tell your consumers whether you have an item available right from the point of sale. The correct system can even reveal to them where to discover it.

3. Vendor Management

Best case scenario, our providers can be genuine partners, helping us to expand our sales and deal with our inventory all the more successfully so we evolve together. Even from a pessimistic standpoint, they short ship, add on additional things, and send us expired or damaged items. Utilizing our purchasing and receiving software as part of your inventory management cycle will guarantee that you are getting precisely what you requested and can undoubtedly track and react to those times that you don't.

4. Employee Efficiency

Your employees have better things they can be doing than looking for an item and physically receiving. Enable your staff to give the extraordinary customer support you presumably recruited them for by giving them the tools they have to precisely handle inventory as proficiently as possible. Investing the time to follow your inventory adequately will make ordering, accepting, and that dreaded year-end inventory tallies a breeze. Working with the correct partner will make this process accurate, efficient, and productive.

5. Avoid Expired Product

There's nothing more terrible than a discount item since it's drawing near to its expiry date. Powerful inventory management will help you to identify old dated and expiring items. Effortlessly run a report to recognize what might be moving toward its expiry date and ensure that you're promoting adequately to get it out the entryway before you are compelled to stamp it down or write it off.

6. Avoid Damaged Product

The more extended an item sits on the rack the more probable it is to get a knock, dropped, and harmed. Cloud ERP Inventory management cycle checking helps to identify sluggish things so that you can blow them out to make space for items that will be helpful in selling. Having a cycle for following your expired or returned item is a significant part of inventory management. This will permit you to identify trends and patterns that are costing you money.

7. Cost & Margin Control

We understand that inventory is perhaps the greatest investment that we make in our business. You wouldn't invest in the financial exchange without knowing what amount your stocks are worth and what your return is, would you? Appropriately utilizing an inventory management framework will give you the control you have to amplify benefit while identifying trouble spots. More developed frameworks permit you to all the more precisely track inventory an incentive on a FIFO (First In, First Out) premise while accounting for limited time expenses and vendor discounts. Precise inventory cost can likewise be figured into recommended ordering. Least stock levels can be set dependent on inventory cost to guarantee that your frameworks are recommending you re-order low turnover products as long as their cost falls inside an adequate limit.

8. Loss Prevention

Nobody needs to consider this but as indicated by the National Retail Security Survey inventory loss is around 2% of sales. In case your store does $1M in sales every year that is approx. $20,000 vanishing from your bottom line. Inventory recoil occurs in various manners that Inventory Management will lower. Shoplifting, employee theft, paperwork blunders, and vendor fraud are the main sources of shrink. These problems are completely addressed with powerful Inventory Management frameworks. The number will not be zero but innovation can help you get your inventory loss as near it as could be expected under the circumstances.

9. Cash Flow

We love working with independent companies and SMEs. One of the most significant issues for SMEs to oversee is cash flow and this might be the most significant advantage of a viable Inventory Management framework. Our software will legitimately influence your cash flow by helping you to evaluate your inventory investment and boost inventory turnover to enhanced cash flow, increment margins, improve sales, decline shrink, enhance client support and improve staff proficiency.

10. Knowledge is Power

Our clients are experts in what they do. Regardless of whether they are prompting a patient on drug interactions, recommending the best cut of meat, choosing the ideal tomato, or finding the correct solution for a health problem, they are pioneers in their industry. Our reporting and investigation solutions are only here to fortify their experience, insight, expertise, and gut intuition to help them settle on choices to enhance their business. Online dashboard detailing and investigation are incredible but just if there is exact data to cover. Having the correct tools for inventory management will guarantee that you can settle on choices dependent on the most ideal information.

EndNote

A robust inventory management tool can help an organization to swiftly take benefit of the changing market needs at low prices. We at TYASuite always thrive our best to cater to the ideal experience you can have in the business with affordable Inventory Management Software.

Try TYASuite plug and play Inventory Management software which offers you the right services at reasonable prices. Grab our FREE DEMO version now!