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5 SIGNS YOUR
BUSINESS NEEDS
AN INVENTORY
MANAGEMENT
SYSTEM
By Advantage Business systems
ASK YOURSELF THESE
QUESTIONS
Stressing about stock? Scared about shrinkage? Don’t know how much stock youhave to hand?
If you’ve answered yes to any of these questions, your business might need a better inventory management system!
Have a read and see if you can relate to any of these issues:
#1 - RUNNING OUT OF
STOCK FREQUENTLY
It's a sign that your forecasting system isn't
keeping up with how much you're actually selling.
Of course there will be times when your sales and
marketing works well and you'll run out of stock.
But it shouldn't be a frequent occurence!
The right solution will show you, your sales team
and your warehouse staff what stock you have
on hand, how much of it you have and where your
stock is at any given time.
#2 - DISCREPANCIES
BETWEEN STOCK
PURCHASED AND SOLD
During end of year stock check, you want to make
sure the numbers between what you’ve purchased
and sold add up.
You can account for a certain amount of shrinkage
in stock (breakages, spoiled stock etc.)
But if you’re constantly adjusting your anticipated
stock to match up what you’ve sold – something
certainly is wrong with the way you track your
stock!
#3 - YOU HAVE NO
IDEA HOW MUCH
STOCK YOU HAVE
No clue about what stock your business is
carrying? That’s a sure sign of needing an
inventory management system!
With a decent system, you’ll be able to
generate reports at a click of a button to help
you understand exactly stock you’re carrying.
Things like that go a long way to making
informed decisions about overall strategic
goals for your business and the wider supply
chain.
#4 – YOU DO TOO
MUCH MANUAL
COUNTING
Every now and again, a manual count is a
useful exercise to undertake. You can check
the accuracy of your inventory and audit for
potential discrepancies. But this shouldn’t be a
frequent undertaking.
If you’re relying on manual counts to find out
what stock you do and don’t have, it can be a
time consuming task. Not to mention, you and
your team are only human – mistakes are
bound to happen!
#5 - YOU OVERSTOCK
BECAUSE YOU CAN'T
FORECAST
Are you losing precious cash by overstocking
your warehouse? As obvious as it sounds, a
balanced approach to acquiring stock is
required for a successful business and to
ensure you aren’t overspending on your
warehouse.
Having surplus stock can mean that you
might end up selling that stock at a cut price,
just to clear your warehouse in preparation
for new stock that you know will sell better.
You need a system that'll help you forecast.
SOUND FAMILIAR?
Relate to anything in this download?
You can start to make changes now.
Advantage can provide the tools and
teach you how to take control of your
inventory and forecasting.
Don't believe us? We can prove it. Read
this case study to show how we solved
Kiddylicious's inventory woes.
