Keeping accurate inventory levels is important. We all know that. But still, it’s all too common to see a business struggling to grow because they are spending too much time trying to get a handle on their stock levels, struggling to communicate stock levels to their customers or sales channels, and struggling to place and receive purchase orders in a timely fashion. Something’s not right.
Whatever software you use, accurate inventory relies on accurate and timely data management. Everyone in your team needs to believe in the importance of accurate inventory.
The need to have strict inventory management processes as well as software was raised yet again, when recently I was chatting with a guy that runs a number of retail stores in the local region. We were talking about the different systems he runs in each store. In one store, he has an up to date Point Of Sale system, fully integrated with his suppliers, connected to a central server, barcode support... the whole shebang. In the other he has a old DOS based program running on an archaic old PC under the till. Which store do you think has the most up to date stock levels?
It's the second one. The one with the old DOS system. Having a decent system is only part way to having accurate inventory... the staff that are running the shop on the flashy modern POS software have made a pigs-ear of the stock levels, whereas those on the old DOS kit are doing just fine.
One reason is the mental attitude of the team. Everyone needs to understand that keeping inventory up to date is one of the most important things you can do as a retail or wholesale business. Regardless of the system you run, you need to have processes that you and your team will stick to.
In fact there’s one Brightpearl user that’s recently gone live that has deemed it a sackable offence to pick an item from a location that is not the one on the packing note. Harsh, maybe, but it goes to show how much it matters to keep inventory in check.
To help you and your team understand why inventory management is so important, we’ve put together a whitepaper that goes into more detail. Grab a coffee, close your office door and have a read!