Managing inventory is important in all aspects of a business. This can help you gain visibility across your entire supply chain. With an inventory management solution in place, your business will enjoy many benefits.
Here are the top 10 perks:
1) Increased Sales
Businesses who actively manage their inventory report a 2-10% increase in sales.
2) Increased Information Transparency
Know when items are received, picked, packed, shipped, kitted, manufactured, etc. Also, know when you need to order more, when you’re over-stocked, or under-stocked.
3) Shorter Lead Times
Businesses who actively manage their inventory report a 50% reduction in lead times.
4) Lower Costs
Effective inventory management practices help result in decreased inventory write-offs, plus lower inventory holding costs. Carrying extra inventory can be very costly for your firm.
5) Improved Delivery Performance
Real-time inventory updates improve the flow of goods to customers.
6) Increased Employee Efficiency
Good inventory management solutions save time. Less time spent on managing inventory results in greater productivity for you and your clients.
7) Accurate Planning
Stay steps ahead of the game and always have the right amount of products on hand by making decisions based on inventory trends.
8) Decreased Stock-Outs
Businesses who actively manage their inventory report a 10-25% decrease in stock-outs.
9) Increased Customer Loyalty
Improve your accuracy and efficiency, and your customers will love you for it. They’ll trust you to fulfill their needs, and you’ll have exactly what they’re looking for when they come back for more.
10) Increased Inventory Turnover
Optimize the value of goods you have and increase inventory turnover by keeping fewer slow-moving products on hand, while increasing your stock levels on profitable goods.
Want to learn more about an efficient inventory management system? Click here