According to the 2017 “State of Small Business Report”, almost half of small businesses do not track the state of inventories or do it manually. Deliberate ignorance of stocks is expensive. Studies show that retailers around the world are losing $ 1.75 trillion a year due to easily preventable stock management problems such as:
- $ 642 billion in preventable returns
- $ 634 billion in lost sales
- $ 471 billion in surplus
This is equivalent to almost 12% of global annual retail sales.
Thus, the cost of illiterate stockpile management, or lack thereof, is high, as the data confirm.
Automating your inventory can save millions of dollars a year. Instead of manual inventory management and operations, powerful cloud-based inventory and order management solutions can greatly simplify and increase business e?iciency. The main task of such systems is to ensure the constant availability of goods in the needed quantity at the right place and at the right time since the automated ordering of goods, their on-time delivery, redistribution to the warehouse, the store is carried out according to a clear algorithm.
Advantages for you and your customers:
1. Reducing the level of excesses.
2. Reducing lost sales.
3. Working capital release.
4. Rational use of storage space.
Real-time inventory management
To transform your business and become a fast-growing company, you need to get your data instantly. It’s almost impossible for a multi-channel business to update and synchronize all processes manually without the software. Human resources are not unlimited.
Optimization with the help of intelligent systems
The correct system o?ers a clear inventory management algorithm. This allows you to track sales trends through channels and customers and make the right decisions about the purchase and distribution of goods. Similarly, smart inventory management helps you to better understand the demand, the impact of seasonality, and how to adjust inventory to maximize profitability.
Freeing up time for more global challenges
Inventory management automation allows managers to reallocate their time to more important strategic tasks.
An enterprise that aims to scale up requires automation because the cloud software algorithm helps to redistribute inventories. This significantly saves time and reduces the cost of delivery.
The advantages of using automated systems are invaluable.