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:
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.
What are the goals of good inventory management? Inventory management helps businesses be successful.1 That is as much of an understatement as saying the sun’s surface is warm. Of course inventory management is a crucial part of any business’ success! There is no denying that fact. After all, it is how you obtain the goods you need to fulfill orders and keep your customers happy.
With smart inventory management, your business will enjoy many benefits. The following are the top 10 positive results of good inventory management:
What is true inventory control? It means you have all the necessary tools and training to accurately count, receive, reorder, and predict your inventory1 in one warehouse or multiple locations. Fishbowl offers true inventory control, which empowers you to bid farewell to Excel spreadsheets, stockouts, hand counts, and other headaches associated with manual inventory control. Warehouse inventory management software frees you to say hello to increased automation and cost savings.
If 2020 was the year that exposed businesses’ weaknesses, 2021 is the year when they are fortifying themselves and transforming those weaknesses into strengths. Improved inventory management is at the core of how many are accomplishing this feat. These are the top four inventory management trends that may prove vital to the success of your business in the coming year and beyond.
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Backed-up inventory, debt not paying itself off, head in hands wondering what to do — it’s a common experience among many business owners. At the end of the day, it’s really the most common reason any business ends up failing — because income isn’t thought out or protected, according toThe Hartford. However, some business owners are changing their way of doing things. A more reasonable way to start a business may be with a subscription-based model.A subscription-based business model can save you money and eliminate risk. Now, it’s understandable if this sounds odd or deterring. After all, outside of something like Netflix, how many subscription models does the average person buy into or rely upon? Regardless of your lack of participation in such things, it may be a better idea than you think, and this is why.(more…)
Streamlining your inventory and making sure it is well managed can be challenging and complicated, especially if your wholesale business is growing quickly. As more retail orders come in, stock levels start requiring religious monitoring. In times like these, managing your inventory using pen and paper (or even spreadsheets) just doesn’t cut it anymore. You need to come up with other ways to streamline your inventory management without it being a drain on your resources.Of course, the best solution is to use the right technology, like cloud-based online inventory management software, that will enable you to keep track of your stock and provide you with real-time inventory updates. But did you know that the way you manage your orders is also super important?How you handle your ongoing and upcoming orders can help you achieve an inventory system that runs smoothly. Good order management lets you predict your future demand, gives you better visibility over your stock, and provides you with a bigger picture of your sales trends.(more…)
The Forecast module is a Fishbowl Plugin that is part of the Fishbowl interface. This is a bit different than separate solutions provided by Fishbowl and other companies. There’s nothing to download or install. You simply have to get the right credentials and then activate the Forecast module through Fishbowl’s Plugin module.The Forecast module uses sales numbers and other information across a certain time period to predict upcoming sales, quantities, and costs. It then presents all of this data through a number of filters and chart types.Here are the features you’ll find in this module:(more…)
A successful business starts with identifying the right audience in which to market your products or services. And while this target market is key to your success, you must also select a segment that is large enough to sustain your business, whether you’re catering to a specific gender, income group or lifestyle. But you must also be able to gauge your consumers’ actions by using some of the available tools and properly interpreting the results.The following are some ways you can better anticipate your customers’ actual behaviors, which can mean the difference between success and failure.(more…)