If you’re using an outdated inventory management system, it’s time to upgrade. Using high-quality software will revolutionise your operations and help you smash your targets. Introducing inventory management software to your business will allow you to:
Set, Adjust, & Maintain Your Ideal Stock Levels
Most companies set out the minimum and maximum amounts of stock they want to hold at any time. However, when you’re using a manual system, it can be hard to keep track of stock levels and it’s easy to make errors when logging and analysing data. Using inventory management software lets you track and subsequently predict sales so you can ensure you have the optimum number of products available. A high-end system will also pinpoint fluctuations in demand, so you can tweak your future stock level targets accordingly.
Improve Your Inventory Turnover Ratio
Your inventory turnover ratio shows the number of times that you’ve sold and replaced your stock, in its entirety, within a specific amount of time. If it’s in the ideal range, it indicates that you’re managing your inventory efficiently.
In order to calculate your inventory turnover ratio, you need to know your average stock levels and the total cost of the products you sold during the period in question. If you use the latest software, you can produce stock level figures quickly and easily. You can also use inventory management software data to adjust your restocking processes, so you can improve your results.
Minimise Wasted Stock
Upgrading your inventory management system from a manual one to the latest automated version could reduce the amount of stock your company wastes.
Ordering or producing more goods than you need will reduce your profits, whether you end up storing those items for longer than planned or throwing them away. Inventory management software tracks stock and identifies trends more accurately than humans can, so using it could make a real difference to your wastage rates.
Streamline Your Operations
Inventory management software can help you boost productivity. You’ll save time by automating your data logging and analysis processes and the data produced will help you to plan warehouse stock levels for optimised sales. Improving the way in which you manage your inventory means you’ll be able to support business peaks and lulls more accurately, and review your staffing needs to suit them.
Your Next Steps
Find out more about our inventory management solution and try it free of charge. Get in touch today for a demonstration.