Increase Profit with Effective Inventory Management

Inventory or stock management is one of the crucial things that will determine whether your company will run well or not. Good inventory management is important so that you can always meet customer needs and prevent unnecessary accumulation of goods.

Are these the only advantages of having good inventory management? Of course not. Here are the useful things you can get from right inventory management.

1. Balance Between Inventory And Sales

What happens if your inventory in the warehouse is far more than the market demand? Of course, this can trigger a budget deficit in your company's finances. While, if the amount of inventory is below customer demand, the company can actually lose money because it loses the opportunity to make a sale.

This can be prevented by careful stock management. By analyzing the data on the entry and exit of stock and sales of goods on a regular basis, you can predict how many products you need to prepare to meet customer demand. There are no more cases of excess stock or stock-out that can harm your business.

2. Predict And Plan The Right Sales

Having accurate stock data available will help you make smarter business decisions. The data can be used to monitor the sales of which products are worth keeping, and which ones should be considered discontinuing.

In the long term, you are very likely to achieve sales closing at fantastic value thanks to an accurate business strategy. Who does not want the company to keep gaining profits?

3. Timely Delivery of Goods To Customers

There are many cases that occur when the warehouse manager or the employee who deals with stock issues does not really know the quantity, what types or items are available or must be purchased as soon as possible from a regular vendor. This can result in delivery errors or delays in the delivery of goods to customers.

The accuracy and immediacy of delivery of goods become even more significant for those of you who sell online. Wrongly delivering goods can result in customers giving a low rating and reluctant to shop again at your outlet. Therefore, it is important to manage inventory thoroughly and routinely. 

4. Ordering Raw Materials to Vendors On Time

When you know exactly what is in your warehouse, then you will easily re-order directly to the vendor whenever you find out that there is an inventory that is lacking and needs to be added.

In addition, you will also find it easier to place orders that suit your needs. Only by collecting data from previous stock reports, you can place the exact same order, so you do not have to worry about ordering the wrong product.

Key Takeaway

Equipped with inventory management features, Nimbly is here to make it easier for you to monitor inventory in real-time. Monitor inventory by integrating it into your daily audits, perform quick and accurate stock counts with digital forms, and receive notifications when the stock falls below the preset amount.

Want to know how to integrate Nimbly into your business operational processes? Contact our team.

About Nimbly

Nimbly transforms manual operations audit processes into app-based checklists for front-line workers to generate reports instantly, centralize insights in real-time, and ensure thorough issue resolution.

Table of Contents

Free F&B eBook: Learn from the Industry Experts

FREE eBook 8 Powerful Ingredients for F&B Success in the COVID and Post COVID Era

Read this article in your native language!

No Fluent Forms Found

Related Articles

November 3, 2021
How to Prevent Inventory Loss from Low Product Quality
Inventory loss prevention is about reducing the risks of problems that cause shrinkage in inventory. Read the basic guide and the tool to use in the application
December 14, 2020
How to Land More Sales During Holiday Season in the Pandemic [Infographic]
See the infographic below to learn how your business can adapt to the new normal of holiday season shopping.
January 29, 2020
Cegah Penyusutan Stok pada Bisnis Retail dengan 5 Cara Ini
Penyusutan stok pada bisnis retail adalah sebuah ancaman nyata. Memang lebih menarik bagi pebisnis retailer untuk mempelajari tren terbaru, strategi mendorong penjualan, dan berfokus pada […]
No more content to load.

Let's have a chat !


[email protected]
+65 9066 9695
+62 8212 3069 155
+1 214 736 3470
+63 950 172 5155
© 2021 Р2022 , Nimbly App