If your retail operation in the midst of expansion where you are examining ways and means of becoming a more efficient enterprise, there are a few ways to achieving this target. One would be to bring in more staff, to move location or to introduce a quality myob inventory management system that comes attached with a series of significant benefits.
There will be moments as an owner when space, supply and demand all become issues that require immediate retention and the overall structure of the business can suffer as a result.
What the case studies have proven from those companies who have invested in an inventory management system is that the chain from the request to the order, the shipping, the warehousing and the selling becomes seamless.
Here we will discuss how that comes about.
Cuts Down On Labour Costs
During the annual stock take bonanza that accumulates hundreds of hours of tracking, labeling and recording to filtering for products on various shelves on a daily basis, the management of inventory can be incredibly arduous if left to traditional means. From the analog model of writing down reports to waiting for suppliers to catch up with orders, the sheer labour involved to continue a large scale retail operation can be a major drain on human resources.
By utilising an inventory management system that equips workers with a greater skillset, insight and ability to master tasks with greater levels of efficiency, this investment will only work to benefits the bottom line of the company. Measuring units becomes simpler as does the location of labels, the ability to track and monitor incoming goods and a raft of other routines that are drawn out without this technology on hand.
Centralised Data
If we boil down what an inventory management system is essential bought for, it is to warehouse the data that is on hand as much as it is for the physical products in the warehouse. Recording what items are shipped in, what items need to be moved and what product is actually in transit between cities, states or countries is paramount to the process working without interference.
From the courier to the supplier and staff on location at the outlet itself, there is a need to track in real time the progress of this information and to do so from one hub. This is where a quality inventory management system pays for itself.
Stronger Analysis For Decision Making Purposes
What a world class inventory management system will be able to offer a business in 2018 is fairly vast. One of the major advantages that will be underrated is the ability to access forecasting applications and comprehensive reports that track all of the data in a variety of formats.
From graphs to financial run sheets and tables that identify in demand stock and quantities of dead stock, the staff will have no excuses not to be informed for all facets of inventory matters. This information can then be used to make decisions on sales, discounts, commercial partnerships, shipping agreements and marketing endeavours, all departments that can be filtered back to the inventory management system.
Summary
Having examined what benefits can arrive from implementing an inventory management system, there are some issues and challenges that could arise during the transition of this platform – whether through an update or a new system altogether. From failing to follow procedure without the right documentation or working on an outdated process that has become out of sync with the latest software development, there will be a need to inform and educate staff on the correct processes.
Due diligence is paramount when we talk about the capacity of an inventory management system, yet if this is respected and illustrated with clarity to those that will be using it, the benefits are there for all to see.