Inventory Management Tip: Know Your ‘Stock Options’

When running a business, whether private or public, you need to keep a close eye on your stock. But you don’t have to look to Wall Street to check the stock that matters most. That’s actually your inventory stock. You can do that right from your computer by using Fishbowl Inventory. Stock market graph, Fishbowl Inventory BlogHere are four “stock options” you can keep a close eye on with Fishbowl’s help: Inventory Levels – With the scan of a barcode, you can look up the number of any product you have in your warehouse(s), on your shelves, and/or in transit. This is extremely useful because you can see in real time which products are well-stocked and which ones need to be reordered. Multiple Locations – Whether you have one warehouse or a hundred warehouses, you can keep track of all the inventory items in them through Fishbowl Mobile. This enables you to transfer products from one location to another if demand for those products happens to be higher in one place than another. Product Sales – When you’re able to see product levels across all of your locations, you’ll likely begin to notice certain trends. Some products sell better at certain locations and times of year. When you have this information in front of you, you can make smart decisions about how much inventory to keep on hand at any given moment. Vendors – Your vendors are the lifeblood of your company’s operations. They supply you with parts, products, and other materials you need to function properly. It’s a good idea to develop relationships with multiple vendors so that you can compare their performance. Then you can focus on doing business with the ones that are most reliable and offer the best prices. Your most important stock is found in your stores and warehouses. There are many “stock options” that Fishbowl Inventory helps you keep track of. The four I talked about above are just a small sample. Sign up for an inventory software demo right now to see all the ways you can benefit from using Fishbowl.