Does your Inventory Control System have these 5 key benefits?
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If you run a retail business, one of your major concerns should be how you control your inventory. If you’re new in retail business, here is a little definition of what an Inventory control system means. According to Inc, an inventory control system is a system the encompasses all aspects of managing a company's inventories; purchasing, shipping, receiving, tracking, warehousing and storage, turnover, and reordering. It is important to have all these features in place will lead to a stress-free and management of a successful retail business. Check out our inventory management 101 post to get a clear run through of what it’s all about.
Here are 5 key benefits of having a good inventory control system for your business;
1. Inventory control system helps you to move beyond spreadsheets: As a retail business owner, your time is wasted if you’re distracted by entering numbers into spreadsheets to manually track your inventory. Naturally, spreadsheets are used widely to manage data for small businesses. However, spreadsheets can handle only small amounts of data (ranging in thousands) and lack the abilities of advanced searching, sorting or tracking. Inventory control systems help a company grow beyond the time-consuming burden of spreadsheets and manage literally any amount of data with advanced searching, sorting and tracking abilities.
2. Inventory control system would help grow your business: Your retail business might be small when you start, but as you grow, so will your inventory to become larger and more diverse. You might want to open another store, add new product types, or start selling online. Either way, modern inventory control system makes it easy to add products or sales channels. It allows you to compare sales data from right across your business outlets.
3. It helps with planning and forecasting: Being able to predict where your retail business is headed is vital. Planning how to manage the current stock levels of your business and forecasting any adjustments in these levels with its growth is vital for a retail business to succeed in today's extremely competitive world. Modern inventory control systems have these capabilities and can easily manage the optimal stock levels and forecast the capacity requirements for the future. This increases the efficiency of the retail business which ultimately enhances its service levels.
4. A good inventory control system can help you manage your business on the go: With cloud-based inventory management software, you can access your inventory data from anywhere, at any time; all you need is an internet connection. Having mobile access to your inventory is crucial if you want to expand your retail business. You can receive notifications, check stock levels, and reorder products from the road. This is more important as your business grows because you might want to open new stores. This means you might have to monitor the inventories of your multiple stores which can be challenging. But with the right system, software, managing the inventory for five stores is much the same as managing the inventory for one.
5. Helps with customer satisfaction: A good inventory control system provides real-time information to the executives, helping them to respond quickly to newest trends, promotions, seasonality, and any changes in the marketing conditions. It also helps the firm in spearheading its product delivery mechanism, assisting it to deliver products to the customers in quickest possible time. This helps the firm to serve its customers faster and achieve higher levels of customer satisfaction.
With the right inventory control system in place, you can focus on what’s important. Automated inventory control leaves you free to do what you're best at – building your business and delighting your customers.
PS: Prognostore is an Inventory Management software built specifically for small businesses. It will provide you with all of these benefits, and because it is cloud-based, you can access your data from anywhere as long as you have an internet connection. Test us out here for a free 14-day trial, and see the difference that accurate and efficient inventory management software can make for your business.