Do you own a wholesales business? Are you in the food and beverage business or retail business? It is increasingly important to keep a record of perishable and nonperishable items. There’s always a need to manage inventory to exceed customer expectations and so.
In this blog, we will uncover as why it is important to balance inventory counting and its benefits.
Why it is important to keep a record of the inventory cycle?
Some businesses who have a considerable small amount of inventory to keep a track can manage with excel sheets or homegrown software. But, where the stakes are high and inventory needs to track properly, there comes the need of investing in robust inventory management software system. In recent research, it has been validated that how critical is to keep a record of inventory counting, know the overstock and understock situations. This is helpful to exceed customer satisfaction and how businesses can lose on their profit levels and goodwill levels if the products are not managed properly and there is no tracking of stocks as what comes in and what goes out of business.
Humans are likely to make mistakes and we know it. It even intensified when there is a huge inventory that needs to be monitored and tracked. With a robust solution in place, all discrepancies will become to zero and you will know the better status of your stock and be prepared of any promotions or discounts that you can do to clear your excess stocks or so.
Thankfully, there is a software that is useful in managing stocks at all aspects. With bills of materials and whatnot. SAP Business One is an affordable and smart ERP solution that helps businesses to keep a check on inventory levels and enable businesses to check the stock level well in advance. This is helpful to exceed customer satisfaction promptly. Your customers will always be happier as they get the real picture of stocks and you would give them better as of product refilling.
Further, the software eliminates the scope of guess works by giving you exact stats and fires of your assets which eliminates human errors, work bias or any other discrepancies. The software empowers your retail, wholesale, manufacturing, supply chain or any business with direct and indirect cycle counts.
Inventory counting is highly critical for any company. When you match the actual inventory to the quantities saved in databases, you can prepare well in advance and improve inventory management. You would have a clear picture as how much quantity of particular items you need to order and reorder, which product has the highest demand and which product has the lowest demand or so. This would again help you to forecast better and you can plan your marketing campaigns and strategies according to that.
SAP Business One is an amazing software which provides critical insights that your system or any drive or spreadsheets can handle. Should you be needing any partner help or so, you can consult one of our expert team members who can guide you even better as to how an ERP software can help immensely in managing your inventory which can bring tangible business benefit to your business.