Benefits of having retail inventory management
If you are a company that has stock, managing and maintaining your inventory is important in all aspects of the business. Inventory management helps businesses get the success they need to stay ahead of the competition.
Here are 10 pints of why having effective inventory management is key:-
1) Increase your sales
Businesses who manage and maintain their inventory well report a 2-10% increase in sales.
2) Transparency of information
Have key information of when items are received, picked, packed, shipped, kitted and manufactured.
3) Lead times shortened
Effective inventory management reports a 50% reduction in lead times.
4)Getting Costs Lowered
Efficient inventory control practices will result in decreased inventory write offs/write downs, plus lower holding costs.
5) Delivery Performance
Real-time inventory updates will definitely improve the supply of goods to a customer.
6) Employee Efficiency
Save your employees and partners time with less time spent on managing inventory. Greater productivity for you and your customers.
Keep ahead of the game and always have the right products to hand and make decisions based on inventory trends.
8) Decreased Stock-outs
Effective management of inventory will result in 10-25% decrease in stock-outs.
9) Better customer loyalty
By improving our companies accuracy and efficiency your customers will rave about it. They will trust you to fulfill their needs and requirements and that you will have what they are looking for when they return for more of the same.
10) Increased Inventory Turnover
If you optimise the value of your goods you have and increase your inventory turnover you will increase your overall stock levels of profitable goods.
If you are looking for an Inventory system, look no further than Retso. For a no obligation meeting to discuss your requirements please call 0115 9 844 988 or email email@example.com.