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Nov 11

Inventory Software: “Now, where did I put those?”

The business environment today is full of uncertainty. There is a constant threat of a double dip recession, the issue of business financing and the growing concern of a consumer base that is at best unsure, and at worst indifferent. This reality means businesses must have enough inventory to capture sales, but not so much that they lose money through high financing costs. So how does a company decide between too much and too little inventory? Well, some rely upon guesswork, others continually mull over sales forecasts and yet others try to manage inventory with an excel spreadsheet, which is neither live nor accurate. However, the right inventory management software can not only reconcile inventory, but it can link together the entire mobile business application of a company so that individuals in the field have as much information as those in the warehouse. So, how can the right inventory software empower your company to better manage its inventory? Read on!

Finding that middle ground between too much and not enough inventory is never easy. However, it is easier when your company has an inventory software program that is live and able to link your entire mobility software network into one cohesive unit. Regardless of whether you’re the team leader on site managing the customer’s installation, the program manager managing an entire production team, or the manufacturer waiting for that time critical part, your company needs an inventory software program that moves as fast as your market does. However, it’s one thing to claim that a company needs a software program, but it’s something else entirely to substantiate that claim. Therefore, here are some direct benefits of ensuring your company has an inventory software platform that links your entire mobile network into one. The focus is to provide as much information to those in the field, as those working at the head office.

  • Reduce lost business due to inventory stock outs
  • One of the immediate concerns of managing inventory via an excel sheet is that the excel sheet is only updated when it’s updated. In essence, it’s not a live system and therefore doesn’t capture transactions as they occur. However, the right inventory software platform can track the receipt of incoming shipments of raw materials, while keeping abreast of shipments of finished goods. This helps to reduce lost business and lost sales due to inventory stock outs.

  • Better manage customer expectations
  • Regardless of whether it’s the project manager on site, the salesperson at the customer’s facility or your warehouse employee receiving a shipment, your company’s ability to manage your customers’ expectations is entirely dependant upon timely information about inventory. You only get one shot to impress a client, but you can blow that opportunity without the right enterprise mobility network.

  • Lower inventory financing costs
  • The longer your company retains inventory, the higher your company’s financing costs. One of the biggest factors of high financing costs is inaccurate inventory counts. In fact, not having an accurate count means you’ll either purchase too much or not enough inventory, and neither of these outcomes is acceptable. Success in today’s business environment means companies must be able to match inventory to customer demand. Without that ability, your company will lose business and will incur high costs to finance its inventory. It’s just that simple.

  • Reduce inventory obsolescence and damage
  • Let’s assume your company is an integrator with a large project to install. You’ve provided your team leader with a rugged mobile computer, a computer that provides him or her with insight into the inventory levels back at the warehouse. This mobile computer will allow this team leader to reconcile inventory at the site versus the inventory at the warehouse. They can then make decisions on the spot that help to reduce the incidence and costs of inventory obsolescence and damage. Now, is this possible with an excel sheet? No, it isn’t!

    It would be wrong to assume that these items above are the only benefits of using an inventory software platform and linking it to your mobile network. The benefits are that companies are able to access the company’s inventory in real time. They can make decisions that impact their inventory without fear or concern about how accurate that information is. They can assess the per-unit freight on incoming and outgoing shipments and come up with strategies to reduce these costs. In essence, the right software can make all these things happen and more.

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