Businesses that have heeded the signs that it is time to implement an Inventory Management system will immediately begin to benefit from the system’s capabilities once implemented. Let’s take a look at five of the more high-level benefits of using an inventory management system like Cin7. From better, more accurate data to enhanced efficiencies and time savings that translate to cost savings and customer satisfaction, it is time to experience this new and exciting phase of business growth. Just like proper bookkeeping supports growth, it all starts with accurate and up-to-date data.
Like having up-to-date books, knowing the real-time status of your inventory is paramount when making forward-looking decisions. An inventory management system like Cin7 provides businesses with valuable insights into their inventory performance. By analyzing data on stock levels, sales trends, and customer demand, businesses can make informed decisions about purchasing, pricing, and marketing strategies. This helps to optimize inventory levels, reduce costs, and increase profitability. Imagine focusing on the slow-movers by increasing marketing, or ordering more of a product that is already a big hit with consumers. Only great data will support these initiatives.
Happier customers mean more sales and repeat business. The best way to keep the customers coming back is by having what they want in stock and being able to ship in a more timely fashion. Cin7 enables businesses to fulfill customer orders more efficiently and accurately. With real-time inventory visibility, businesses can avoid stock-outs and backorders, ensuring that customers receive their orders on time.
Imagine knowing the best warehouse to ship from for specific orders to reduce time and cost in shipping expenses. When you understand where your inventory lives, you increase your ability to make cost-saving decisions like this. Speaking of cost savings, let’s explore our third benefit.
By having a clear view of inventory levels, businesses can optimize their stock levels and minimize excess inventory. This helps to reduce carrying costs, such as storage and holding costs, and prevent losses due to expired or obsolete stock. Food or drink brands can especially benefit from access to this data, where major losses can be incurred when expiration dates and spoiled goods are at stake. Knowing when to move slower velocity products through the bargain bin retailers could salvage some revenue that may have been lost due to a lack of timely oversight.
Cin7’s ability to narrow down and delineate the finite details of your cost of goods sold can also allow for potential cost savings.
Knowing the cost and trends of the small parts that go into creating your finished goods means the potential to source lower-cost items or create more lucrative vendor relationships.
The combination of knowing the finite COGS in addition to better oversight of velocity could open the door for discounted supplier costs when they have a better understanding of the timing and consistency of your re-orders.
Now that an inventory management system has been implemented, it is time to retire that overwhelming manually updated spreadsheet that has been acting as your main source of inventory management. Manual inventory management can be prone to errors, leading to discrepancies in stock levels and inaccurate data. Cin7 eliminates the need for this type of manual data entry and ensures accurate stock counts, reducing the risk of stock-outs or overstocking.
Say goodbye to those time-wasting tasks like calling warehouses to get updates, and meticulously double-checking your spreadsheet calculations. With Cin7, businesses can streamline their processes and reduce the time and effort required for inventory management.
Automated processes such as barcode scanning, real-time tracking, and automated replenishment help businesses save time and reduce human error.
Now that it is time you have decided that your inventory management is ready to be upgraded to the next level, you will soon begin to experience these key benefits. By reducing time spent manually entering data, knowing the up-to-date data of your inventory, and being able to proactively plan for restocks, you are on the way to being able to scale that business and make more money. So many benefits are here, and we’ve only scratched the surface!
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Accountfully and CIn7 have partnered up to provide the ins and outs of basic to advanced inventory management in this special Inventory Management 101 Series. If you manage inventory and seek more precise control over your cost of goods sold and more insight into your greatest asset, consider implementing an IMS to support your goals.
For more information on Cin7 and its products, visit our expert partner page, where you will get to know the product in detail and read client testimonials.
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