Why an Inventory Management System is a Business Asset
Well-managed inventory is one of the most critical assets a goods-based business can have, but it can be tricky to keep this area of your business running smoothly. If you’re involved with both physical brick-and-mortar stores as well as e-commerce, then having accurate inventory is even more crucial to your success. If you’re still managing inventory manually, it might be time to consider upgrading to an inventory management system.
An inventory management system, such as ‘Dear Systems’ or ‘Cin7,’ is a software-based system that manages your business’s products through the entire supply chain. A robust system should track and manage everything from purchasing and receiving to shipping, warehousing, and returns. This should provide your company with a clear view of current inventory, forecasts for upcoming needs, and flags for where your inventory could be improved. In turn, this allows your business to have the stock your customers are looking for, every time.
There are many great reasons to implement an inventory control system. Here are our top 3:
Minimise stock issues: forecasting inventory needs accurately means your company can avoid investing unnecessary capital into overstocked products. Likewise, you can also prevent product shortages, keeping your customers where you want them – in-store.
Track product movement: your inventory control system doesn’t just keep track of numbers. A well set-up system can also make sure orders are fulfilled on time and, most importantly – correctly.
Maximise order fulfillment: a sound inventory control system can tell your warehouse staff where the product is, how many are in stock, and when it should be reordered. Keep deliveries flowing smoothly and quickly.
It can be challenging to know when to switch to a new system, and the logistics can be overwhelming. There’s a good reason that many companies enlist the assistance of specialists to transfer their inventory into the new system; this is a great way to save time and ensure accuracy from day one.
If you don’t know whether it’s time to switch, ask yourself a few questions:
Am I still counting stock manually?
Do I often run out of products or have far too much of one thing?
Is my end-of-year stock full of significant discrepancies?
Do I struggle to find information when I need it?
Would it be difficult to scale my inventory process if the business grows?
Have you answered yes to one or more? It’s time to think about investing in a system your business can rely on.
How can Halkin Business Partners help?
At Halkin Business Partners, our specialists have successfully assisted many companies in their move onto an inventory management system. We’re long-time partners with Dear Systems and Cin7 – both top-notch, leading inventory platforms. With long-standing experience in inventory management systems, we can help your business select the right platform for your needs and seamlessly transition your existing inventory into the system.
