Do You Need Inventory Management Software for Your Small Business?
Any business with inventory should carefully consider its value, how it is managed, and what impact it has on their bottom line. This requires strict monitoring and control of what comes in and goes out on a weekly or even a daily basis. In addition, it requires solid process management, software and accountability. However, this is often much easier said than done, especially now, when businesses are operating in an omni channel world, where creating seamless customer experiences across all purchase channels is a requirement from consumers. Product and inventory data is usually delivered across different channels and in different formats. This makes overseeing inventory across all the needed channels a daunting yet crucial task.
Inventory Management for Small Business
Small businesses need to track inventory in the most efficient and accurate way possible in order to avoid losses that would stretch their already limited resources and budget. For example, small businesses worry they are underselling or overselling on e-retailing platforms like Amazon. While they don’t display all their products in an effort to avoid this, they cannot show zero on Amazon either. This dilemma is usually the result of poor inventory management and can be overcome with the help of a strong multichannel platform that improves how inventory is managed.
Solutions to Poor Inventory Management
Experts often blame the mind-set of small business entrepreneurs for not adopting more dynamic solutions. They often mistakenly associate automated inventory management solutions with larger companies. Many also think investing in a more robust inventory management solution will end up costing more than it is really worth to them.
In addition, there are those who believe that installing and using inventory management solutions is just too complicated. They think spreadsheets can save the day for them without realizing that Excel is ineffective in managing big inventory data. Using Excel to manage inventory requires switching between multiple spreadsheets and managing pivot tables. It is also important that each person referencing the inventory data uses the most up-to-date version of the file. This itself, can be a time-sucking chore.
What is the Solution?
Today’s companies simply cannot afford to poorly manage their inventory; more importantly, they cannot afford to ignore how poor management impacts their bottom line. That being said, it is also true that not all small businesses are able invest in expensive inventory management software systems. However, things are much easier now, thanks to inventory management apps that make tracking and managing stock easy and cost effective.
They are great options to explore, rather than wasting time manually updating inventory spreadsheets. A lot of these apps even make tracking data for multiple supply locations and order points a piece of cake! They update product counts frequently to make sure everyone is almost instantly on the same page.
A quality inventory management system not only collects and compiles data but also produces insights to help businesses make decisions. It alerts businesses immediately when supplies reach a dangerously low levels, allowing businesses to take action before their stock numbers hit zero.
Looking for an inventory control solution for small business that provides real-time or at least near real-time synchronicity between the various channels will benefit anyone who does sales, whether online or in a storefront.
How do you track your inventory? Is it time for an upgrade or is your current system working just fine?
TRXio – Even Your Boss Can Use It
TRXio, which offers inventory tracking small businesses, keeps users informed as they track and manage inventory and assets through every stage of business. The cloud-based system provides end-to-end, real-time tracking and management of an entire inventory, including product shipment details, in-house location levels, vehicle inventory, job specific product use and warranty management. TRXio delivers inventory enlightenment to create consistency, recover hidden profits and increase employee accountability. TRXio integrates with many popular software platforms, including D-Tools, QuickBooks Desktop and QuickBooks Online. For more information, visit our website or contact us at 844-868-7225.
photo credit: Like A Boss via photopin (license)