Proactivity is the key to organisational success. Finding the best formula can be a challenge. Today, we take a look at how inventory management software can boost efficiency, reduce wastage, and save time.
But first, what is inventory management software…?
Inventory management software is very different to a traditional Excel spreadsheet. It is an advanced data analysis system that tracks the movement of goods throughout their lifecycles. This has practical applications, such as preventing wastage and ensuring that warehouse space is optimised. It also has more esoteric effects, such as improving brand identity by improving responsiveness. Inventory management systems keep things flowing smoothly, efficiently, and logically, and this enables companies to become proactive.
Why Does Proactivity Matter?
Businesses have two choices: being proactive or reactive. When an organisation is reactive, it waits for a cue before responding to an issue. This means that valuable time is lost, and the chance of irritating your customers increases.
Proactive companies can see ahead with 360o vision. They can scope the horizon, optimising the strategic trajectory whilst dodging problems. According to Brad Birnbaum, writing for Forbes, this enables companies to “truly delight” the customer. Truly delighted customers mean truly delightful sales increases.
Keeping An Eye On Data
“Whether we like it or not, 90 per cent of the world’s combined data has been generated over the last two years” – Peter Hosker
It’s a sobering thought that today’s business means dealing with mountains of data. 175 zettabytes of it, as the IDC famously announced in 2018. On the one hand, this is excellent news for both consumers and companies. More data means more information, and this results in enhanced planning, responsiveness, and customer service.
On the other hand, it means a radical re-think of how business is done. Thankfully, high-quality inventory management software is able to track the status of products, identify and respond to negative trends, and provide deep analysis. By knowing what the data means, companies can enhance their decision-making and adopt a swifter, proactive approach.
Reactive companies will always lag behind. Competition is tight and the audience is increasingly savvy. Proactive decision making is not only admired, but is increasingly considered to be a baseline expectation. Inventory management systems help organisations to look ahead, plan ahead, and increase their agility. By tracking the status of products and forecasting future sales figures, managers are empowered to make choices that reduce waste and sail with the trends rather than against them.
At Reflex Planning we specialise in the proactive approach to forecasting. Contact us today to find out more.