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.
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.
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.
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.
How many times have you heard someone say that inventory management software is essential for your business? We might be guilty of being part of that endless chorus here on the Fishbowl Blog. So, why do we need inventory management, exactly?
It is like some of the arguments you may have heard for using social media.1 “Everyone else is doing it.” “You are missing out if you don’t do it.” “There are lots of opportunities out there.” And so on. Now we are not saying there is anything wrong with social media, or inventory management system, for that matter. We are just asking, are they right for you?
Right now is a great time to be alive, isn’t it? I mean, we have so much technology that makes life easier. Not only that, but it reduces the amount of time it takes to perform simple, mundane tasks. With this in mind, it’s good to step back every now and then and think about things we take for granted. Then we can acknowledge how good life is because of them. One of those things I’d like to talk about right now is effective inventory management software.
While many companies still aren’t taking advantage of it to the fullest, ones that are using it can easily forget how hard it was to manage inventory without it. So let’s go through a brief history of inventory management to see what an amazing invention inventory management software truly is.
When you take stock of your inventory, you have to have a physical count of everything you have on hand. This way, you can figure out if there is any discrepancy, which items you need to reorder, or if you need to do a stock adjustment. Instead of just doing that, right now we’re going to take stock of your inventory management. That means we’re going to delve into how you’re currently managing your inventory and dive into how to take stock. Then we’ll see what’s working and what needs to be fixed to make your company even more successful.
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:
Inventory management is all about having a system for storing and selling inventory. Combined with accounts payable and accounts receivable, it amounts to more than $1 trillion in assets. Inventory management starts with the sourcing of raw materials and ends with the selling of your products. With a good inventory management system, you will have the right amount of materials at the right time, at the ideal price.
But it’s not enough to have a good inventory management system. If you want maximum efficiency for your business, you should think about integrating your inventory management with accounting. If you are running a multinational business, then you should make that integration a multilingual one. Just by having inventory management software alone, you already have an advantage. That’s because 43% of American businesses are still not tracking inventory. Or if they do so, they do it manually.
In this article, we will go through the best practices for integrating your inventory management and accounting software. We will also look into adding a multilingual component to the integration with the help of a translation company.
Fishbowl is about to host the largest gathering of brilliant business minds in its history, and you’re invited! The Inventory Management + Growth Summit will go live on September 28, 2021. And it will feature more than two dozen entrepreneurs, QuickBooks experts, marketing specialists, and even a retired Major League Baseball All-Star!
These individuals are coming together to offer you exclusive insights into how they’ve found success in a variety of markets. If you’d like to learn how to run your company even better and receive advice from some of the biggest names in the business world, register today for this summit!
Want to know more? Here are five reasons why you should definitely sign up for Fishbowl’s Inventory Management + Growth Summit.