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Blog post

Why wholesalers need inventory management software

07 May, 2022 | Inventory Management

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Running a wholesale business means you are buying and selling stock on a regular basis. Understanding inventory management is essential to your business, and the key to success. There are many ways to manage inventory, however, the most common among wholesalers is by using spreadsheets to define product name, SKU, description, price, and quantity. Every time a sale is made or a product is returned, business owners need to ensure each transaction is reflected in every spreadsheet to maintain accurate inventory count and financials.

Such a labor-intensive process requires constant monitoring to ensure every transaction is accounted for. This manual method is an open invitation to human error. Introducing automation into your inventory and order management process allows for a reduction in human error, and less paperwork you’ll have to deal with manually.

Thanks to cloud-based inventory management software solutions, many business owners are enhancing business operations with:

Centralized access to all products

Whether you are dealing with a single product line or multiple categories, having visibility into stock levels and transfers from one stage to another will make overall management easier.

With the ability to track products across multiple sales outlets and warehouses, you will eliminate the risks of stock-outs and fulfillment delays.

Centralized access to transactions

Using multiple spreadsheets to track and manage your daily sales transactions can be confusing and time consuming. Consolidating all your orders with a robust inventory and order management solution makes it easy to access information and allows for accurate processing of customer orders.

Instant access to sales orders details

Inventory software allows wholesalers to track sale orders in real time. This avoids costly delays processing and fulfilling customer orders caused by a reliance on email, fax or text messages, all of which can lead to loss of sales.

Automatic stock updates

It’s important while managing multiple orders in a day that you update stock ins and outs to ensure adequate availability. Inventory and order management software will help you automate your stock updates in real-time to avoid any oversights.

With inventory management software on board, it becomes easier to track requirements and make informed decisions for your wholesale business.

Reorder notifications

Few things are more frustrating than purchase order delays. Without intelligent automation, you or your customers may miss reordering stock on a timely basis, delaying the fulfillment process and resulting in a poor customer experience.

Inventory automation offers a notification feature that will alert you and your customers to reorder stock based on a set threshold while also updating stock levels and accounting journal entries in real time.

Tracking order fulfillment status in real-time

Being in a wholesale business, you’ll mostly be placing and fulfilling orders in bulk. Ensuring quick and safe delivery can be a challenge when orders are processed manually. The inability to track customer order status can lead to unexpected delays and tarnish the customer experience.

Automating your inventory management will help you immediately spot delays and take measures to enhance fulfillment.

Accept multi-currency purchase transactions

As your business grows, you’ll have customers from across the globe, which means transactions in different currencies. Allowing for an easy transaction, regardless of currency, can open greater opportunities for your wholesale business. When customers are able to purchase in their own currency, it allows them to feel safe and can lead to brand loyalty when deciding to make future purchases.

Implementing inventory management software by DEAR Systems

Today, a successful wholesale inventory business requires inventory management software that offers automated workflows. The many advantages of an inventory management system allows business owners to follow best practices and perform daily tasks more productively, regardless of size.

Make an appointment to learn more about how DEAR Systems can give your sales organization the boost it needs by automating with ease and confidence.

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