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.
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.
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?
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.
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.
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.