Enhancing inventory management with technology
Inventory is one of the most important components of any retail business. Inventory holds the entire stock of marketable goods of the organization. The complexity of managing all products in an inventory is overwhelming. A single product in an inventory could have its variants in colour, size, design, make, and much more. If the records are not properly tracked and maintained, it could result in a huge loss for the organization.
Organizations that manage the inventory manually incur huge losses in their business due to erroneous, untimely, and inaccurate inventory management. Organizations that adopt a technological solution for the same can improve inventory management and benefit the business multifold. In this article, we would like to share how organizations benefit by implementing a technological contemporary of an inventory management system.
1. Automated inventory tracking
An ideal inventory management software is easily integrated with the store's POS solution. As soon as a sale is rung up, the stock numbers get updated in real-time. Retail employees can have easy access to these numbers, so they are aware of the items that are in stock and the ones that are about to run out of stock. They do not have to quickly ‘visit and check at the back of the store' to know whether a product is available or not. This, consequently, saves a lot of time and effort that is spent in manually tracking all supply levels. Additionally, this enhances the customer's experience as they do not have to wait while employees check the stock.
2. Automated stock replenishment notification
A great inventory management software notifies the user as to when an item is about to run out of stock. The software has a provision to trigger an alert the users when an individual item has reached its minimum threshold. The management can place orders for replenishment of the product(s) accordingly. Not only does this automation make it easier for the management to reorder items but it also enhances the customer experience - customers do not have to leave disappointed that their desired product has run out of stock and is unavailable. This helps increase loyalty among customers, thus, increasing sales.
3. Easy purchase order placement
The retail staff that uses paper or spreadsheets to manage the inventory of a business needs to go through all records of a time period before placing purchase orders for existing or new products. Post that, they need to contact distributors and vendors individually for these products. Instead, if the staff uses a technological inventory management system, it enables them to place required purchase orders in a few easy steps. This reduces the time taken in the entire process and the risk involved in missing out or inaccurately placing purchase orders for certain orders. The platform thus makes the staff more efficient in this task and allows them to focus on other crucial aspects of the business.
Along with these, there are many other benefits that businesses can draw by using a competent inventory management system. Ginesys’ inventory management system is one such platform that empowers the organization to scale up their business by automating all functionalities associated with an inventory.