4 Signs Your Business Needs a New Inventory Management Solution

4 signs your business needs a new inventory management solution, Fishbowl Blog

Inventory management systems are essential for your business. They help track the ins and outs of your stock with precision.

However, not all inventory systems are built the same. Some inventory systems might work well for your business, while others won’t. So it’s up to you to evaluate your current inventory management solution and see if it suits your business well.

But first, here’s a list of some essential functions a good inventory management solution should do:

  • Accurately forecast stock demand and sales
  • Highlight high-selling and profitable products
  • Manage stock levels, orders, purchases, etc.
  • Prevent overstock and stockout situations

So when will you know that your current inventory management solution isn’t working for you? The following four critical signs will tell you when you’ll need to look for a new inventory management solution.

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How Port Congestion Is Causing a Markup in Shipping Container Prices

How port congestion is causing a markup in shipping container prices, Fishbowl Blog

Supply chain complications and the ever-evolving pandemic have meant strange times for the container shipping industry, including port congestion and wild price fluctuations. There’s also a massive shipping container shortage playing out. If anyone was hoping that things would eventually return to normal, that’s not looking to be the case. 

Securing $59 billion in profits for the first quarter of 2022 certainly was a promising achievement, as it set new records and was driven almost entirely by competitive pricing. However, it doesn’t change the arduous state that the logistics and shipping industry is currently facing.

Those shipping and container prices will continue, and all-time highs may also occur, but it’s still important to consider the primary factors for these trends. What else is causing a high markup in shipping container prices? Is it port congestion, demand, and freight increases, or is it something else entirely? When is the shortage going to end?

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7 Key Considerations When Creating Labels for Your Products

7 key considerations when creating labels for your products, Fishbowl Blog

With a well-designed label, a product can fly off the shelves. But there’s a lot to think about when working out how to put together this core part of your packaging, and also plenty of room for mistakes to be made.

To avoid this, here are the most important things to keep in mind when you’re developing new product labels, and why they matter.

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What Is Last-Mile Delivery and How Can Your Business Get It Right?

What is last-mile delivery, and how can your business get it right? Fishbowl Blog

Every eCommerce fulfillment stage is equally vital and should be treated as such if you want your packages to reach your customers. However, last-mile delivery often receives the most attention due to its importance, complex implementation, and hard-to-solve logistical issues.

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6 Practical Pallet-Storage Methods to Optimize Warehouse Operations

6 practical pallet-storage methods to optimize warehouse operations, Fishbowl Blog

Warehouse optimization requires assessing numerous interlinked aspects and understanding how they influence each other. Appropriate pallet-storage methods are also vital for ensuring quick access and promoting smooth warehouse movement. Learning about and applying pallet-racking tips can improve worker output and safety.

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Time to Face the Music: Lean ERP Is the Greatest

Time to face the music: lean ERP is the greatest, Fishbowl Blog

Remember the good old days when you needed giant speakers attached to a cassette player to create a proportionately huge amount of noise? Now you can do the same thing with a device that’s tinier than a driver license: Apple’s iPod.1 Smaller is clearly better in this case. That also applies to business. Indeed, we’re going to relate this to enterprise resource planning (ERP).

It’s all about volume. When it comes to boomboxes, you could turn up the volume dial to produce more sound. On the other hand, volume can also mean amount or quantity. And that is a very inventory and production planning kind of definition. So it’s not hard at all to relate the two. In this case, it just takes a little creative thinking.

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The Right Safety Stock Leads to Improved Inventory Results

The right safety stock leads to improved inventory results, Fishbowl Blog

Safety stock is the number of products a business keeps on hand as a buffer to prevent stockouts. At least, that is the basic definition. But we can better illustrate what it means by using an analogy.

It’s like how your body keeps a little bit of fat on hand to burn off when food becomes scarce. A business, just like a body, shouldn’t accumulate too much fat because that can lead to all sorts of health problems. You need to find a healthy balance between gorging and starving. That is just common sense.

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Hospitals: Inventory Management Is More Important Than Ever

Inventory management is more important than ever to hospitals, Fishbowl Blog

2010 was a terrible year for hospitals, in terms of their inventory management. Across the country, their stock of more than 200 types of medicine fell to dangerously low levels. Just about every hospital or healthcare organization had at least one drug shortage, and 82 percent delayed treatments for patients. Why? Because they didn’t have the medicine they needed, according to an American Hospital Association survey.1

Of course, 2010 was a long time ago. Not that it’s not important. But the fact is that we’ve recently been through an experience that has put previous emergencies to shame. You might even say it’s unprecedented. That’s right. We’re talking about COVID-19.

The Covid pandemic  certainly impacted hospitals and entire nations. If nothing else, it showed the importance of inventory management in hospitals. Not just to hospitals, but to every type of business. Without effective inventory management, medical supplies can’t make it to their destinations. So it’s definitely an important topic to address. It’s just interesting that most of the points that were so critical a decade ago are still exactly as pertinent to today’s crisis.

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What Is the Right Price to Pay for Inventory Software?

What is the right price to pay for inventory software, Fishbowl Blog

A question every business needs to ask is: how much does inventory management software cost.1 You can’t expect to get something for nothing. But you should be able to expect high quality for the right price.

For example, you might try something extremely cheap at first. If you use a solution like Excel to manage your inventory level manually, you’re limited by its features. Excel is not designed specifically for inventory management. So it won’t be able to automate your business processes.

On the other hand, there are incredibly expensive solutions, such as ERPs. Those types of solutions are probably overkill in many ways. First, they offer too many features that a small business doesn’t need. Second, they are too expensive. What you need, most likely, is something in between the extremes. An affordable solution that will meet your needs now and grow with you in the future.

Let’s talk more about how to find the best inventory management software for you. At a reasonable price.

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Choosing Affordable Inventory Management Software

Affordable inventory management software is out there, Fishbowl Blog

Everyone is looking for a great deal. That is the case in every part of life.1 Especially in business. We want to know we’re getting a lot of value for the money and time we put into something. This is, of course, true of inventory management software.

When comparing inventory management solutions and trying to find the best deal, you should look beyond the price tag. For instance, consider hidden costs, return on investment, ease of use, and other factors that could either sweeten or break the deal for your business. All of this will help you find the most affordable inventory management software. Not only that, but it will help you find an inventory management tool that will do the job well.

With this in mind, let’s go ahead and talk about each of the points we briefly listed above. Then you’ll be able to clearly see whether or not one inventory management solution is better than another. Because you’ll have a good means of comparison.

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