Why Every Small Business Needs an Inventory System
August 7, 2023
About 75% of struggling small business owners cite disorganization as a contributing factor to their issues. Because messy systems lead to lower productivity, it's important to implement systems that nip mix-ups in the bud.
A high-quality inventory system can help get any business back on track. Read on to learn how these technologies can help you run more smoothly and efficiently within limited timeframes.
It Saves Time and Money
Inventory management software helps you find and organize inventory. You'll be able to easily know how much stock you have and where each item is. This means you won't be dredging through stock to find things that aren't there or are in a different place.
This helps you find things quickly. You'll be able to get shipments out on time. Plus, since finding stock won't be a hassle, you'll have time to focus on other things like order accuracy and transforming data into insights.
Inventory management technology also helps you control your costs. You'll be able to scan the QR codes of every piece of inventory on your smartphone. This means that no one will need to waste time sitting there and plugging numbers into a specialized computer system.
You'll save money because you won't need to hire as many people to do easily-automated tasks. You also will reduce operating costs since you won't need to buy extra scanning technologies or computer systems. It's all done within a mobile app.
Automation Becomes Easier
Managing inventory for small businesses is an easy task with automation. People won't need to worry about entering stock-related data manually. Filling out forms by hand also won't be an issue.
When you get software that offers many different automation features, you'll free up worker's time. They'll be able to work on other high-priority tasks and leave menial grunt work up to a computerized application.
Shortages Aren't a Concern
Inventory shortages are a huge problem for businesses trying to fill orders efficiently. If you run out of a product that someone orders, you'll be unable to fulfill their request.
This won't just lead to you needing to refund money and missing out. It can also be frustrating for both B2B clients and consumers who just want to get their orders. You'll lose credibility, profits, and customers in the long term.
You'd also need to scramble in overdrive to replace the missing inventory. This might manifest in paying for expedited shipping to get orders out fast. It might also later lead to ordering too much stock and dealing with overstocking-related issues.
You don't want that, and the right inventory management software stops it from happening. Our technology offers real-time stock visibility in the app. You'll be able to see when you need to order something so that your popular offerings are always available.
You'll also get reliable consumer behavior insights because of our built-in AI tools. You'll learn what inventory is most important vs what you can deprioritize. This lets you make good business decisions that keep customers satisfied.
It Stops Overstocking
Overstocking is almost as big of an issue as understocking. It takes up warehouse space that you need for other items. It also forces you to redistribute employees and technology resources so that you can move stock that you don't need around your space.
Inventory management technology doesn't just keep track of inventory that you need to restock. It also foreshadows what you might not need to buy so often. You'll be able to see what you're low on and what you already have enough of.
You also will be able to look at your inventory history within the app. This will let you see your sales history and predict what there will be demand for in the future. You won't accidentally overstock something that most people aren't interested in buying.
Orders Are More Accurate
Automated technologies and real-time insights also mean more accurate orders. Returns cost a small business about 66% of the item's initial price, so you'll lose a lot of money when you send orders out incorrectly.
A good inventory management system will make sure that you scan the appropriate items to send to buyers. It will make sure that you don't mix up orders and send them to the wrong person, too. You're less likely to give the wrong order to the wrong supplier as well, which could cause a lot of problems for B2B businesses.
You'll Have More Satisfied Customers
A more efficient system means orders get out both faster and more accurately. This will let customers know that they can count on your business to meet their demands. They'll develop more brand loyalty and work with you over and over again.
This is a surefire way to get more money in the short term. But it also can lead to long-term growth since satisfied customers will give you a foundation for future business. They'll leave good reviews, make repeat purchases, and recommend you to those within their industries and social circles.
Make sure that you audit your inventory management software periodically. This will help you find inefficiencies that are hidden behind larger operations. It will give you the chance to see how you can boost performance and satisfy customers even more.
Get a Top-Notch Inventory System Today
Now that you know how a top-notch inventory system can simplify your small business operations, it's time to get started. Britecheck is committed to providing you with the best tools for organizing and tracking inventory.
Our team works with businesses of all sizes by providing several packages that you can choose from. Contact us to learn more about our product's capabilities, pricing, and more.
