Why Having An Inventory Tracking System Matters to Your Business
When you’re running a business, things can get hectic to the point that you can lose track of important tasks. This is especially true when you happen to be a busy business owner dealing with the day to day activities (and stresses) of running a business.
When your business grows, your sales also grow. When your sales grow, the demand for your products increase and your supply will need to be restocked. With this cycle of supply and demand, it’s important that you should never lose track of your inventory management.
The inventory is the core of the business and the even the smallest disruption and imbalance can be dangerous to your company. Furthermore, it’s crucial to monitor your inventory so you can make sure that you’re not short of supplies. You also have to make sure that you don’t have extra supplies because that could mean your products are not selling or that you purchased more than what you needed.
Your inventory and stocks are also at risk of factors such as theft, damage, or spoilage. Hence, keeping track of your stocks also lets you know when you need to restock, how much you need to restock, and how much you are going to spend.
With the help of technology, devices and different kinds of software for various industries have been created. In the world of business and retail, both hardware and software are produced to help business owners easily oversee their stocks and goods.
A prime example is an inventory management system that tracks your goods, from its production, packing, payment, shipping, and selling. It makes use of technology so that the process of monitoring and maintaining becomes easier for business owners. This can then help business owners save money and time that they can redirect to more important matters.
Furthermore, here are some of the advantages of having an inventory system listed by Robert Lackard:
#1 Inventory Balance
With a system, you will be able to gauge how much inventory you need. This will help you avoid shortages or excess, thus you have stocks that are just enough.
#2 Inventory Turnover
A tracking system will make sure your stocks aren’t spoiled or obsolete.
#3 Repeat Customers
When you constantly have stocks that people always need, customers will always come to you to acquire your products.
#4 Accurate Planning
You will be able to have the appropriate amount of products on hand. You can also plan ahead for any seasonal changes and make sure that your stocks will still last when these changes in the market arrive.
#5 Warehouse Organization
When you know which of your products are the top sellers, you can organize your warehouse to make sure that those products are easily accessible. This can lessen the time spent on picking, packing, and shipping.
#6 Employee Efficiency
You can train your employees to make use of your software and other tools so that they can be more efficient and effective. This will save both their time and yours.
#7 Inventory Orders
The tracking system can help you make smarter decisions about when and what stocks you should order. This, in turn speeds up your ordering process.
#8 Inventory Tracking
A tracking system will be beneficial especially if you have more than one location for your store. With the system, you can coordinate each location’s different demands and supplies. This way, you can also easily access the inventory of other locations even when you’re far away through your software. No need to travel all the way to your other store or call employees and take them away from their main job.
#9 Time Saving
You no longer have to manually recount your stocks and double check if your records are accurate. Hence, no need for you to go through and have your staff lift and move boxes and crates for you.
#10 Cost Cutting
A system will help you avoid spending money on products that are not selling as much as others. You can then redirect your money to more important aspects in your business or products that actually sell better.
This is why an inventory monitoring system is important for businesses, whether small, medium, or large. For instance, the FIFO Inventory System by Syntactics Inc is a cloud-based Inventory Management and Sales system that allows users to input their transaction whenever and wherever they want as long as they are connected to the internet. It also gives owners and managers reporting tools to show the inventory’s status.
Here are some of the reasons why FIFO will be beneficial for your business:
#1 Efficient Inventory Management Track inflow and outflow of inventory and keep track of cost and minimize overstocking.
#2 Fully Customizable
Tracking that you can fit according to your needs
#3 In-Depth, Real-Time View
Be in charge of your inventory anytime, anywhere.
In addition, FIFO also has features that will do more than help you manage your inventory and sales. With FIFO, you can also monitor receivable and payable accounts and view inventory balances and sales reports. The system is also inclusive of free hosting, user training, and technical support.
Check out more information on the FIFO Inventory System here.