As your businesses really begins to grow and expand, the sheer process of staying on top of inventory tracking and your orders can become costly and time consuming. Frustrated by the restrictions of time-consuming admin tasks, often maintaining an accurate inventory gets prioritised poorly and can end up costing your business. These 3 tips help you to really get to grips with the importance of a well managed inventory, as well as offering some real, industry leading advice.

If you want to see more expert advice and tips, download our free white paper “10 Reasons Accurate Inventory Tracking Matters” now.

When you step up your business expansion, particularly when moving into multiple channels, taking control of your stock and inventory is often stressful and time consuming. But how can you remain focused on inventory tracking? What are the benefits of keeping an accurate inventory?

1. Fewer missed sales.

Failing to maintain an accurate inventory can lead to missed sales, double selling and ultimately lost profit. Rather than rely on memory, or a trip to the warehouse, use up to date stock reports to optimise the process.

From seeing what is selling quickly, to re-ordering efficiently, stock reporting software can change your business from the ground up, and ultimately make a difference to your bottom line.

2. Early problem detection.

Every business has hiccups, it’s how quickly and accurately you can respond which defines your success. Maybe a step in the warehouse process is slightly wrong, or you’ve been recurrently re-ordering a poorly selling product at the wrong times.

Noticing these small problems before they snowball can make a huge difference. Jumping on an error quickly becomes easy and clear when the process is laid out in front of you in an accurate inventory report. For more on the topic, check out the white paper “10 Reasons Why Accurate Inventory Tracking Matters” now.

3. Reduced warehouse costs.

When you have a fully functioning system for accurate inventory tracking, the pick-and-pack process runs far more smoothly. Rather than spending time checking on stock, or being held up with unnecessary tasks, the warehouse team can now process more orders in less time, cutting costs and allowing you to do more in less time.

Follow this advice for maintaining an accurate inventory or check out our white paper “10 Reasons Accurate Inventory Tracking Matters” for more advice, and you will be on course to success in no time! 

Have you got any other tips for expanding retailers? We’d love to hear from you below - just drop us a comment.

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About the Author

Passionate about ending the reign of click-bait, Joe Walton is all about creating engaging, practical content for multichannel retailers at Brightpearl.