As your business has continued to grow, so has your inventory. Thus, it may have started to get harder to track your inventory in ways that will satisfy you and your customers. Fortunately, more and more online systems are now available to assist in this crucial yet massive aspect of your business. If you are making the switch to an online system or perhaps preparing to upgrade your current inventory tracking system, here is how you can use your online system in an efficient manner.
If your company is not already using barcode scanning for your inventory, you are well behind your competitors. However, an online system can change all that. Since most online systems in use today can be easily integrated with scanners and other mobile devices, you can use only a few workers to get a massive amount of work done.
With most inventory tracking systems used by companies big and small, cloud-based technology has revolutionized how work gets done. To begin with, your data does not have to be stored at your company itself, making it much more secure. But more importantly, multiple employees can work on the system simultaneously, allowing more work to get done.
Whether you are looking to implement NetSuite WMS or other online systems, expect to have an online system that will allow for real-time tracking of inventory. This is critical for businesses that have multiple locations or do much of their business through e-commerce, since being out of stock of a high-demand product means a great loss of profits. Especially useful during peak selling seasons, real-time tracking can help generate reports showing stock and variance levels, while helping to eliminate confusion and human error.
While a smaller business may be able to rate, organize, and track inventory on a single Excel spreadsheet, this won’t work well if you have a larger company. Instead, you should use your online system to compile running inventory totals. Since these can be customized to show daily totals or even totals per shift, you as well as managers and other employees will know which items are selling best at certain times of the day. As a result, you can more easily analyze sales and profits, adjusting your inventory accordingly.
By utilizing an online inventory tracking system to your advantage, you can keep pace with your competitors and also satisfy the demands of your customers.