Virtually every company with inventory needs a modern sales inventory management system to streamline their operation and stay competitive.
However, sometimes it isn’t exactly clear how this type of software can benefit your business. You might be on the fence about upgrading, concerned about compatibility issues, worried about dealing with a new learning curve for the software, or maybe you feel pressed for time. But, implementing inventory management software is much easier than you think; and it can instantly improve your logistics in several ways to get your business moving faster than ever.
Below are 6 clear ways that sales inventory management software can impact your business for the better immediately:
#1 – Lower Your Costs
Your business might be running, but if you are struggling to keep up with it, unnecessary costs will start to pile up. Products running out of stock will cost you in potential sales; product shipments might arrive at unexpected times when you don’t have the manpower to stock them.
Or perhaps you have found that you order too much product way too often due to relying on guesswork instead of analytics and automated ordering. This type of inventory chaos is estimated by The Retail Owners Institute to cost small businesses an estimated extra 30%.
When you lack efficient inventory management, you incur several extra expenses such as overtime, insurance costs, product depreciation or expiration, and general stress and fatigue.
It’s all unnecessary with modern DEAR sales inventory management software that can help you stay on top of everything with minute-by-minute updates on stock levels, replacement order status updates, and easy reordering of low quantity or backordered products.
#2 – Frees Up Worker Time
DEAR sales inventory management software offers a range of automation features to free up worker time – such as the automatic generation of SKUs to manage extensive product lines, automated product data generation, streamlined stocktake with fast barcode scanning and more.
This will save your staff countless hours if they are currently manually handling any of these tasks. Adding more automation to your inventory management also reduces human errors and helps you avoid those extra costs related to them, with the main benefit of speeding every process up and allowing your workers to focus on other priorities.
#3 – Keeps a Growing Business Organized
If your business is growing, it’s easy to get overwhelmed with all of the manual inventory management steps that you may be forced to take care of. Perhaps your current manual process has been working up until now, but the workload is just starting to pile up way too much.
Now might be the perfect time to test out a robust sales inventory management system like DEAR. As your business grows, things will only get more chaotic and difficult to manage when you can’t rely on automation for as many processes as possible.
Rather than dealing with the headaches of trying to track and manage your inventory manually, there are many benefits to upgrading to intuitive inventory management software like DEAR that can be quickly integrated with your existing business as it scales upward.
#4 – Improves Your Cash Flow
A simple model largely determines the cash flow of your company – cash is used to purchase inventory, and when your inventory is sold it results in cash or receivables. Improving the speed of this cycle ensures that the upfront investment you are spending on inventory is paid back profitably as soon as possible.
If you are manually managing your inventory, it’s easy to over-purchase and thus tie up too much of your cash within your inventory. Not to mention, when there’s a demand for out-of-stock products, that also will lower your cash flow due to lost or delayed sales. An unhealthy cash flow often results in suppliers receiving delayed payments and cash reserves dwindling unnecessarily.
As a result, you have every incentive to automate several steps of your inventory management so that 1) your product stocks remain at sufficient but not excess levels and 2) in-demand products are always readily available. This lowers your upfront inventory investment and maximizes the efficiency of your sales process, ensuring that you can maintain and grow your cash reserves and establish a healthy, consistent cash flow.
#5 – Helps You Avoid Inefficient Strategic Decision Making
The strategic decisions you are making in regard to the type of products you are stocking, upcoming products, and new products to seek out should never be based on guesswork. However, many businesses are operating in this manner, taking shots in the dark when it comes to some of the most impactful product decisions that can affect their bottom line.
With the easily accessible inventory reports that the DEAR sales inventory management system can provide you with, it’s simple to determine where your greatest product demands are in recent months and where you might want to expand.
When you are fronting the money to invest in new products, you will always want to carefully analyze your current data to determine which ones are worthwhile and offer the highest possible return, and that’s yet another logistical area where inventory software helps.
Likewise, it’s also easy to make inaccurate choices on variety of other strategic decisions related to your inventory management when you aren’t relying on reports and analytics such as deciding on which products to promote and push, choosing pricing and more.
#6 – Lets You Focus On Growth
Dealing with the minutia of tracking inventory manually and resolving errors that come from delayed orders or overstocking is wasteful in so many ways, but it also diverts you from being able to focus on the growth of your business.
By automating several inventory processes with a sales inventory management system, you’ll be able to spend those extra hours on finding new key suppliers, working on marketing campaigns and analytics, developing advertising materials, and anything else that can help your company keep growing. With inventory streamlining software like DEAR, many of the small hiccups that slow your operation down can be avoided altogether. You can even use the software to expand your business across multiple locations while keeping everything nicely organized and fluid.
If you have been dealing with some of the inefficiencies and headaches mentioned above, DEAR inventory management software is well worth a try.
With a 14-day free trial, there’s no risk to get started today to see how our inventory software can transform your business for the better!