No matter what size a company is, keeping track of inventory can be a daunting task. However, an efficient inventory tracking system is key when it comes to solidifying your company’s long-term success. When you have an established system to track purchasing trends and see how they compare to product volume; you will be able to better serve your customer’s needs. Every business owner knows that without customers a business exists without a purpose. Catering to client needs with professionalism and efficiency is essential whether you have ten regular customers, or thousands of them knocking on the door.
Inventory control software gives you a digital advantage when it comes to updating inventory. It also saves you time by eliminating the need for manual inventory tracking. The software automatically keeps you up-to-date on where your inventory is located, areas that need to be replenished and product availability. At the touch of a button, these programs can also perform product assessments and pricing calculations. Here are five industries that have a lot to gain by utilizing inventory control software:
1.) Small businesses-While bookkeeping and inventory within a small company may not be necessarily complex, it can be costly. Inventory control software eliminates the need for start-up businesses to hire an employee to count inventory manually. It can also save business owners time by avoiding the need for longhand calculations and fines that are associated with errors on IRS forms during tax season.
2.) Retail-Inventory control software not only tracks individual store inventory, but can provide a comprehensive assessment of multiple store locations. This greatly benefits companies that host nation-wide locations.
3.) Transportation-As an industry whose foundation lies almost entirely on logistics; incorporating a system that is able to track inventory movement as well as warehouse statistics, is imperative to successful management and profits.
4.) Distribution Centers- Expecting centers within the distribution industry to provide manual inventory efforts is a nearly impossible task. When dealing with potentially hundreds upon thousands of orders on a weekly basis, the distribution industry would benefit greatly from an automated inventory system that allows for quick access to product availability and shipment statistics without the hassle of manual tracking.
5.) Online Businesses-virtual businesses and contractors tend to have a higher volume of potential clients as their services can be accessed digitally, and do not require proximity to headquarters. Inventory control software allows online companies to manage a high quantity of orders and keeps owners on track with product availability. This leads to greater customer satisfaction overall.
The benefits for online companies and freelance contractors
Where small business and online companies collide, inventory control software may be even more helpful. Many individuals are striking out on their own to create personal online businesses as a way to combat a struggling economy. Websites like ebay.com and etsy.com have created business portals where those looking to support themselves, their families or earn supplemental income can try their hand at online trading, auctions and sales. Ebay sellers and auctioneers who are successful will find themselves inevitably faced with a substantial amount of inventory and hopefully, a competitive number of buyers or bidders.
In these cases, inventory control software may be the answer to keeping track of when to purchase more inventory and keep track of what has already been shipped out to customers. It’s software that works for the single man or woman running a rather large, but independent online company. Similarly, those who are buying and selling on etsy.com are dealing with vintage inventory. When working with a clientele base that values history and authenticity, knowing what is available and making sure you can guarantee delivery and quality is of the upmost importance. Inventory control software can take the worry out of negotiations by virtually tracking product availability for you in advance. This can avoid a great amount of hassle that could arise post-delivery if issues are not addresses beforehand.
Additionally, online freelance contractors are also dealing with a similar scenario. Often, a single person is attempting to manage multiple contracts simultaneously. Individuals in this situation may want to utilize inventory control software as a way to save time on projects by not having to do each and every calculation and inventory count by hand. More time for working on a contract means more deadlines met and ultimately, greater profit in the end. Inventory control software mimics bringing an accountant on board for a freelance contractor and can ease some of the statistical worries that often plague a newly established online company. Whether you are a freelance writer, project manager, artist or other type of service provider, this software may be an investment worth the price in peace of mind.
Whether it’s being utilized industry wide, or integrated into a private business, inventory control software aims for quality and efficiency when it comes to keeping a company’s statistics in line with their big-picture goals.
Caitlyn Knuth is an Iowa native who was in love with writing before she could even spell. She published her first poem at age 13 and from there, decided she wanted to see the world and capture it on paper. From 2006 until 2010, she lived and studied in Paris, France as she worked towards a graduate degree in Global Communications at The American University of Paris. Opportunities to work at The International Herald Tribune and train at the CNN Paris Bureau allowed her to develop a diverse and flexible style of writing across multiple genres.