Many companies are struggling to control inventory levels while managing customer demands across multiple channels. Having an inventory management system that provides excellent inventory accuracy is necessary to remain competitive. Businesses that don’t keep a careful eye on their inventory and stock will find a host of problems. They will have customers placing orders that can’t be filled. They may misplace stock if they aren’t tracking it properly. These risks can be eliminated when using a quality inventory management system to ensure inventory accuracy.
Top 5 Benefits of Having Inventory Accuracy
If you are struggling to control your inventory levels, consider the following benefits inventory accuracy will provide.
1. Inventory Accuracy Provides Better Knowledge of Your Business
When you manage your inventory accurately, you will have a much better understanding of how much product you will need to have on hand to meet customer demands. This will ensure that you don’t have to worry about running out of items all the time. Knowing how much inventory you have also ensures that your customers aren’t placing orders for products you do not have available. There will be less of a concern of shortages without worrying about having too much inventory in stock.
2. Accurate Inventory Creates an Organized Warehouse
One of the major challenges of many warehouses is being disorganized. When you have a large number of products to store, it is easy for things to be misplaced if you don’t have an inventory management system in place. Disorganization can lead to products being lost or not tracked properly. These items will sit on the shelves and never sell because they have not been accounted for or cannot be found.
You will find many different ways that you can organize your warehouse. Some companies tend to put the bestselling items together in places that are easily accessible. Others have different locations for different types of items, keeping like items together. How you store the products can be just as important as having a system that is easy to understand so inventory can be found when needed.
3. Having Accurate Inventory Saves Time and Money
Inventory accuracy will also help you to save a substantial amount of time and money. When you keep track of items that are available and that have been ordered, you won’t have to do an inventory recount. Quality software can update the stock in real-time, so you always know what is available without needing to worry about checking it by hand.
Because you will also know which products are selling well and which ones are not selling, you will know what you may want to discontinue selling. If you have a product that doesn’t sell, it is just taking up valuable space on your warehouse shelves. Being able to get rid of the slow sellers and non-sellers will be a huge benefit. It also gives you more insight into the types of products your company should be stocking or manufacturing.
4. Inventory Accuracy Improves Efficiency and Productivity
The employees who are working in the warehouse will appreciate having an accurate inventory system, as well. When you use a system that has barcode scanners and inventory management software, it makes their work easier. They will know exactly where to find the items in the warehouse. They will also simply scan the item’s barcode when picking it rather than taking the time to write everything down manually.
This speeds up their job, and it makes everything far more efficient. It helps to improve the productivity and the happiness of your employees.
5. Inventory Accuracy Leads to Loyal Customers
Of course, accurate inventory will also be helpful for your customers. They won’t try to place orders for items that are not available, for example. Since you will have a better sense of what is selling, you are more likely to have those popular items in stock, as well. The customers will be happier because the shipping process tends to be smoother and faster, as well. This means faster shipping for them and fewer returns for your company to contend with.
Given all of the benefits that can be had with proper, accurate inventory management, it is time that you changed how you do business.
Inventory Accuracy Software for SAP Business One and Macola
Now that you have a better understanding of just why it is so important to have inventory accuracy, you may want to find a warehouse management system that can help. These systems can do more than just help with your inventory. They can provide you with a range of other features and benefits to help with your overall warehouse management and organization.
Of course, many options are available today. You need to take the time to find a system that will provide you with all of the features you need. Contact us today to learn more about inventory accuracy.