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.

7) Planning

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 web@retso.net.