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Business inventory technology has come a long way in recent years, but even computerized inventory systems still have shortcomings that can put your business at risk. Accurate inventory figures are extremely important for any product-based business. If the buying and selling of products is how you keep your company afloat, then the importance of being able to track your inventory can not be understated. Despite the recent advances in inventory technology, there are still several frustrations involving business inventory processes that many companies are experiencing.
Your ability to sell products to customers depends on your company having the product in stock. If you do not have enough of the product to meet demand you will lose business. When you have too much of a product on-hand, it will result in cash flow issues that may be problematic for your business. Through the use of business integration software, and more specifically inventory management software solutions, you can track your inventory from your warehouse and back room processes, all the way to the sales floor and order fulfillment stages. Here are three solutions to common inventory frustrations that your company may already be experiencing.
Over and Under Ordering
Even with computer-based inventory management solutions, your company may depend on manual ordering performed by employees that are often inexperienced. Given the high turnover rate among retail businesses, it is likely that you will have employees performing ordering functions even though they are not completely familiar with the buying habits of your customers and the needs of your stores. This is where inventory management software solutions, like those by Maximum Computer Systems Inc., come in handy. There are many reasons to get Infor support, but it ultimately comes down to what you think your business needs. By implementing state of the art inventory management solutions, you can streamline your ordering processes through automation. By automating your ordering processes, your software system will always place the average order based on your sales over a given period of time. Of course, when needed, these systems can be manually overridden so you can alter your order to ensure that you stay in stock on particular items.
Reduce Your Shrink Percentage Through Increased Accuracy
Shrink is the measure of inventory losses expressed as a percentage of your total sales. If your business has 2% shrink, that means that your inventory losses are equal to 2% of your sales. Through the implementation of inventory management software systems, you can reduce shrinkage by tracking your inventory through every step of your company's processes with increased accuracy. This is done through the scanning of items into your system as they enter your facility, where they will be accounted for each day as the back room and sales fixtures are audited by your staff. Since studies have shown that a large amount of shrink can be attributed to retail staff and shop lifting, it is good to know that regular system audits and an inventory management system that tracks each SKU in your facility is in place, helping you combat theft and reduce shrinkage.
Simplify Your Asset Listings at Tax Time
Filing taxes is extremely difficult for any business, but it can be even more problematic when your assets are represented as the sum total of tens of thousands of products that you have in warehouses, retail back rooms and sales floors. A great way to simplify your tax filing is through the use of business integration software systems. These systems integrate your company software in such a way that inventory figures are instantly available even to your accounting department. This will not only simplify your tax filing process, but also provide you with instant financial data relating to any inventory management changes that you may make.
Businesses around the country are dealing with ordering problems, inventory accuracy issues and tax filing issues related to inventory inaccuracy and other business inventory related problems. A great way to reduce your frustrations with business inventory is to implement a business integration system that includes end-to-end software solutions designed to streamline your processes and make inventory tracking much easier. By streamlining your ordering processes, keeping accurate track of inventory throughout all of your company's processes and sharing accurate, up-to-the-minute inventory data throughout your operation, you can make your inventory processes simpler for everyone, ultimately making your operations more productive and profitable.