11 Jan Most Common Problems with Inventory Management
Managing inventory is a complicated task. It also comes with a lot of pressure. If you order too much, you have to figure out what to do with it, but if you don’t order enough, you could lose profit! Fortunately there is an answer. Here are a few problems that can be solved by implementing great inventory management software.
If you’re still using a spreadsheet or paper to manage inventory, you’re behind the times! Spreadsheets solve a lot of problems, but keeping track of large inventory on a spreadsheet is dangerous and inefficient. A spreadsheet can be accidentally deleted and it is very difficult for more than one person to work on it, especially simultaneously. Software specifically built to keep track of your inventory solves both of these problems and many more.
Ordering the wrong amount
Running out of even one or two things can be disastrous for a retail business. Because of this, many stores inevitably buy too much product and this can cause problems. Carrying too much inventory can mean running out of space, which often leads to selling goods at a discount. Good inventory management software can forecast what you’ll need. This can prevent both running out of materials, and running out of space.
Inventory records and stock levels will always be inaccurate. Over time, miscounts, theft, and other forms of loss make records less and less reliable. However, inventory management software, especially when paired with advanced tracking equipment such as handheld scanners, can help keep these counts as accurate as possible and ultimately make your business more efficient and profitable.
Are you looking for an all in one solution for your inventory management problems? Contact us now to discuss our market-leading Connect software, we specialize in finding individual solutions that will meet your company’s needs now and in the future!