Have you ever wondered how websites like Amazon and Aliexpress successfully manage thousands of stock options? Do they have a magic wand that allows them to track their products? Probably not! Magic is not real; however, technology is, and all these businesses use an inventory management system. Not sure what it is? Here is a brief introduction.
What is an Inventory Management System?
Inventory management systems help track the in-storage inventory of companies, retailers, factories, etc., categorize them, and facilitate the shipping process. They are generally solutions that require a monthly or a yearly subscription, and most of them come with customer support and a quality service guarantee.
Can They Improve Your Business Efficiency?
Inventory software can help you save time and money and can improve any outdated manual system which you could use to calculate and manage your stock. Not sure how? Here are 4 ways these software can improve your business efficiency.
1. They Keep Your Stock Updated
An inventory management system allows you to add electronic tags to each product, specifying its category and price. Then, it calculates the number of items for each product and adds it to your overall stock. Afterward, when a customer buys a product, the system reduces the count automatically, which means you don’t have to keep track of your stock manually via long spreadsheets anymore. Furthermore, some systems can even send you email notifications when a product is almost sold out, so you don’t have to check your product list to see what is running out.
2. They Are Mobile Friendly
Your warehouse manager doesn’t have to be present in the warehouse to track the company’s stock anymore. Many companies offer mobile friendly inventory management software that helps you track your stock even from another country. This means you can even monitor the work yourself instead of simply leaving everything to one manager.
3. They Track Your Shipping Process
As long as you are a service provider, you need to ensure the products advertised on your website are delivered on time. Different areas could have their own shipping companies, which means late or wrong product deliveries could happen. To solve that problem, an inventory system can easily help you track a parcel the moment it is sold, its pick-up time, and its delivery time. Websites like Amazon use an inventory management system to track the shipping process of both their own products and partner products.
4. They Provide Professional Stock Analysis
You can use an inventory system to get an overall analysis of your stock. It could analyze your products and show you the ones the customers prefer the most and those that were rarely sold during the last couple of months. Therefore, it can help you avoid overstocking or restocking the products which you don’t need.
As a business owner, it is better to work hard, smartly. Remember to research the best software you need, compare benefits and prices, and choose the offer that fits your needs the most. This way, you ensure your business flourish and avoids pitfalls that many companies fall into when they start.