With good software inventory management reporting, you are often left with a conundrum. Do you use the data or do you push it aside? Do you actively respond to it on a monthly basis or do you file it away for later?
A difficult challenge in managing your software is not always in the mechanics. You can figure out many tasks involved with selling, tracking, and storing. The serious long-term challenge comes from the reports. You are offered many different ones, but not all of them will be immediately useful for your business. You need to review the reports which are imperative to your business flow and which reports are just noise.
We know that information is power and reports can help you make informed decisions. But sometimes it is just too much. There is only so much time in a day. So what is imperative and what really is extra information? We offer three quick tips for determining how to apply the reports of inventory software.
Organize by Three Tiers
It may be helpful to divide all your reports by three distinct categories. These can generally be broken down into:
- What information is invaluable?
- What information is helpful but not vital for day-to-day-operations?
- What information is non-important?
You may find that all information is key in one way or another. But this can help isolate certain areas that are not directly helping your business. It also helps priorities the right tools for your business. Apply the tools that most easily provide these reports.
Apply the Tools You Most Immediately Understand
DEAR Systems tools are designed to help in multiple different areas of data reporting. When you apply a new inventory management system, you may be a bit overwhelmed. We suggest you focus in on a few areas. You can prioritize this by applying tools and resources you have a better grasp of. Not only will this reduce any learning curve, but you can begin to decipher and react to the information provided right away. There is no long process of explaining and understanding the data. More importantly, you need to know how to respond to it. If the numbers are no good, what do you do? How will your actions impact the data and improve the situation?
Make decisions based on the data. You can review inventory turnover rate, sales volume by product, current sitting stock, and a whole lot more. Our tools help you find these numbers. But you don’t want to always jump headfirst into an area that is either non-conducive to your business success or simply hard to respond to. Ease into more complex tools.
If you want to expand your scope faster, we suggest our next leading strategy for report data management.
Hire Experts to Review Specific Reports
All information is helpful to some agree. We certainly aren’t saying that some data reports are pointless. But, their importance varies based on your business structure. What you can do to help apply all the data as needed is to hire team members specifically for reviewing each area. For example, a team can monitor profit margins specifically by reviewing this specific part of data reporting.
Kickstart your business strategy with DEAR Systems inventory management. You can help get the right reports to the right places, and create logical strategies for future growth. You can review your inventory at any time, add automated workflow funnels, and make proactive decisions based on extensive reporting. Harness the capabilities of our system to see gamechanging results.