IMPACT OF INVENTORY MANAGEMENT ON SALES.
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Posted on Oct 01, 2021
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By Dennis
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Published in Business Solution
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IMPACT OF INVENTORY MANAGEMENT ON SALES.
Nearly 81% of consumers experienced an “out-of-stock” situation in the past 12 months, resulting in lost sales for retailers and lots of disappointment for in-store shoppers.
Globally, retailers recorded losses of a whopping $1.75 trillion due to mismanaged inventory.
Inventory refers to the “goods” that your company handles with the intention of selling. So what is inventory management, it is an operation that helps businesses easily and proficiently manage the ordering, stocking, storing and using of inventory (goods). Inventory management helps you know what items are in stock, how much of them are there, and where they are located.
Strong inventory management, helps you as the business owner to understand the use of your products–and how demand changes for it–over time.
As the world constantly and continually moves towards online retail, Inventory management has become more important than ever because managing inventory isn’t always easy. It can involve way too many excel spreadsheets, endless math, and tons of errors that can lead to a loss in sales.
Effect Of inventory on your business:
Inventory management helps to tell the number of potential profits and losses for your company, and poorly handled inventory, can lead to losses through inefficiencies or stocking issues.
Proper inventory management helps you have a grip and control on your costs of operation, it allows you know what you have, what is available in your warehouse, and how you can manage the supply chain properly is the backbone of business.
Good inventory management helps to create a balance between the amount of goods coming in and goods going out.
With an efficient inventory management system, you can accurately forecasts how much goods you will need based on your sales activity. This way, you can stop yourself from overstocking and knowing when you’re about to run out because
Good inventory helps you offer better customer care service because if you constantly tell your customers you’re out of stock or have to backorder because you were not sure of what was available, customers will think you are unserious and would move to use other suppliers that’s why having a proper inventory management system in place, can help you know what you have, what is about to finish and what you should prepare to re-stock
How to achieve an efficient inventory management system
Inventory management software is a tool that automates aspects of inventory and warehouse management, it has removed the difficulty associated with manual entry and error-prone inventory management system. Today, businesses are moving towards inventory management software to reduce errors and help their businesses optimize the way they maintain and order the products they sell. For your developing and growing business to achieve an efficient inventory management system investing in a technological driven Inventory management software is a must.
What Inventory Management software do I need?
The Norakle inventory Management software
What it does for your business:
1. Inventory Tracking
The Norakle inventory Management software will help you keep track of your inventory it provides a centralized view of your stock across your sales channels – it tells you how much is in stock, and where.
2. Costs Control
The Norakle inventory management software Keeps reports about your inventory and helps you understand how well your stocks are doing and which stock is doing better.
3. Improve your delivery
You never have to worry about Late delivery due to stock-outs is bound to give you a bad reputation. For tracking, it is important for you to know when the vendor is shipping inventory and when it will arrive. This helps you manage customer expectations by delivery as, when and where they want.
4. Manage planning and forecasting
With the Norakle inventory management software you can improve sales and demand using the analytics data trend it provides to you, because with the data, you can plan better and forecast which in return allows you meet your customers’ expectations.
5. Save time with managing inventory
The Norakle inventory management software, helps you reduce the time it takes to track all your products on hand and on order. Also, with the Norakle software you save time with inventory recounts if your records are in place.
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