Leverage Inventory Management Software to Scale Your Business
Effective inventory management is essential for success in today’s fast-paced and highly competitive business environments.
Being able to accurately track stock levels and make informed decisions about what to reorder and when to do so is a surefire way to improve customer satisfaction and stand out from the crowd, especially in the wake of ongoing supply chain disruptions.
One of the most effective ways to accomplish those tasks is through the use of specialised inventory management software, which allows businesses to make real-time, data-driven decisions regarding the tracking, management, and optimisation of their inventories.
Benefits of Inventory Management Software
In this article, we’ll explore the benefits of using inventory software and the ways that small and mid-sized enterprises can leverage such technology to boost their growth and streamline their operations.
Increase Your Inventory Visibility
Consider whether you have an accurate idea of how many items you currently have in stock and if you’re able to clearly identify inventory that has already been allocated or put on hold. If not, it’s time to consider using inventory software.
The best inventory management software provides businesses with real-time visibility into their inventory levels and movements so they can identify any potential bottlenecks or issues that could interfere with order fulfilment.
By analysing data on sales and demand patterns, businesses can better understand how much inventory they need to keep on hand, allowing them to reduce waste and avoid tying up capital.
With the ability to locate stock by name, item number, serial number, batch number, bin, or barcode, it’s easy to sort inventory by status and track items with a degree of speed and precision that simply isn’t possible using traditional paper-based management systems.
Reduce the Risk of Errors
From inventory and putaway to picking and fulfilment, there are plenty of opportunities for human error to negatively impact your business, and that’s before we even get to issues with accounting software or entering data into spreadsheets.
Inventory management software can minimise these errors by centralising all of your stock and order management data in one convenient place, ensuring that the information you’re relying on to make decisions is as accurate and reliable as possible.
By integrating seamlessly with your existing shipping, accounting, and e-commerce software, these management tools ensure smooth transitions, and you can rest easy knowing you’ll no longer have to wait for employees to become proficient with subpar data entry programs or deal with double-entry headaches.
Simplify the Return Process
Dealing with occasional returns is an unavoidable part of doing business, but that doesn’t mean they should be an afterthought.
Automating order management with inventory software is a simple but effective way to minimise potential errors on your end while also improving accuracy and reducing the number of claims you’ll have to deal with later on.
Unfortunately, there is also always a constant risk of encountering an unscrupulous customer. Still, a robust order management system can ensure that returns are processed only for legitimate customers and that all returns fall within the allowed Return Merchandise Authorisation (RMA) window.
By linking returned products to their appropriate serial and batch numbers, you can also avoid any product switching scams.
Make More Accurate Predictions
Inventory software provides businesses with valuable data that can be used to enhance their forecasting efforts and make more informed decisions about future inventory needs, which helps them avoid overstocking, backorder issues, and running out of items, which can lead to lost revenue and dissatisfied customers.
By combining real-time demand indicators with robust planning and allocation tools, the best inventory management software makes it possible to detect potential issues before they develop, giving you the opportunity to make necessary transfers and schedule orders from either primary or alternate suppliers.
Improve Your Picking Process with Inventory Management Software
On average, roughly 80% of the average warehouse worker’s time is spent navigating through the warehouse rather than actually picking, in large part because of inefficiencies that can be solved through the use of quality inventory software.
From real-time location tracking to automated intelligent pick paths and shortest walk routes, inventory software can help dramatically reduce fulfilment times and improve overall warehouse productivity.
Tailor-made inventory management tools also allow for more complex customisation, such as matching picking strategies to optimised stock rotations — whether that’s first-in-first-out, last-in-first-out, by bin number, or by expiry date — ensuring that you are both saving time and reducing the risk of spoilage.
Not only does this help streamline your picking, but it also benefits your employees. With clear, standardised protocols and a guided picking process, an effective warehouse management system reduces the risk of confusion, burnout, and turnover — the last thing any business owner wants to deal with.
Provide Better Documentation
By leveraging the power of cloud storage, inventory management software is capable of centralising and archiving your business documentation while keeping it safe from prying eyes. Whether it’s correspondence, product info, or documentation for transactions, being able to access it all in one place makes for a more efficient and stress-free workflow.
Better documentation is also incredibly valuable when it comes to managing customer and supplier disputes or identifying areas for improvement.
Detailed, automated audit trails give you clear insights into events and times triggered by users, including relevant order and item numbers, which not only takes the guesswork out of the equation but also gives you actionable feedback that can help you prevent the same problems from occurring in the future.
Invest in the Best Inventory Management Software
If you’re looking to improve the efficiency and accuracy of your warehouse operations, then it’s time to consider the benefits that warehouse inventory management software can offer your business. When it comes to top-quality software solutions, Datapel is a clear choice.
Our innovative inventory management software is designed to help businesses of all sizes streamline their operations, make data-driven decisions, and scale their operations.
Take the first step toward optimising your warehouse operations today and request a demo of Datapel’s inventory management software built around warehouse best practices.