Interestingly, a research paper published by JEEER concluded that small-size firms can gain a lot more from “increased inventory efficiency when compared to medium and large size firms.” And one of the best ways to do this is with stock management software.
But you might be wondering what are the specific benefits of using such software? Also, are their software options available for small business owners on a low budget?
This guide will let you know five clear benefits of using stock management software. We’ll also let you in on a tip for managing your stock without having to spend a small fortune on expensive software options. So let’s check out the benefits!
-
Improve Productivity
When you adopt a systematic and organized inventory process, you free up loads of time for you to focus on other aspects of the business. All the menial and boring tasks that you had to stress over with your inventory control will be reduced drastically.
You can now purchase inventory software that automates many of these tasks. We’re talking about things like tracking items that you are selling, auditing, and checking stock levels. Furthermore, these software types will make it easy for you to link up to payment applications to help you with purchase orders and invoicing.
-
Increase Your Profits Through Stock Management Software
When you invest in inventory management software, you can gain various insights about your business to help it become more profitable. For instance, you will be able to see which products sell better than others, and then change your stock levels to fit better with demand.
As well, you can lower the levels or get rid of any stock that’s not selling so well. This type of warehouse management is what larger operations do every day, and you should do it too!
-
Become Less Wasteful
If you’re a business that sells perishable goods, you might have to throw loads of out-of-date stock out on a regular basis. Good inventory management practices can reduce this wastage.
Inventory management software can alert you which stock items are coming close to being unsellable. Once you have this info, you can then put all these items on priority sale before they become dead stock. This way you save a lot of money that would otherwise be thrown down the drain.
-
Improve Your Customer Service (Stock Management Software)
Offering poor customer service can do some real damage to your company’s future. Once the bad reviews are written, it can be an absolute nightmare to try and turn things around in a more positive light!
The key is to get your customer service right from the start. One aspect of good customer service is providing the goods and services that your customers want in a prompt and consistent manner.
Managing your business inventory well is crucial to meeting customer demands. For example, when you are running low in stock of a popular item that you sell, inventory software can alert you to replenish that stock on time.
Without software, you can be left scratching your head and becoming overwhelmed as the demand for your products grows. So it’s best to be prepared for growth so that you never disappoint your customers. And by doing this, you are more likely to maintain customer loyalty.
-
Track Your Expenses Accurately
You need to monitor all the expenses associated with your inventory. Without doing this, you may find big holes in your accounting reports and wonder where the money went! And knowing accurate info about your expenses ensures you have a realistic understanding of how your business is performing.
Inventory software will offer you real-time updates on the costs and revenue you receive. You’ll then be able to cross-reference the financial info with your stock to make sure they match up.
-
Consider Using Excel Templates
Now we’ll let you in on a tip if you’re a small business that can’t afford expensive software. With the right inventory spreadsheet template in Excel, you can track and manage your stock.
Excel is a much cheaper option than bespoke software packages, and you’ll be surprised by how powerful it can be. Here are some of the key benefits of using an Excel template for your inventory management:
- Simplicity
- Speed
- Scalability
- Flexibility
- Analysis
- Forecasting
Since Excel is one of the most popular software platforms in the world, it’s not so hard to adapt it for use with inventory management. An Excel template will provide you with a simple and fast way to deal with your management needs.
Then, as your business and stock grow, Excel can provide you with all your scalability requirements. The reason for this is that it’s so flexible. If you need to make any adjustments to cater to new products or processes, there’s going to be a way to do it in Excel.
Excel, like bespoke inventory software, will let you analyze all the important data about your inventory. With this data, you can make forecasts to better understand the direction of the business and how it will perform in the future.
And don’t worry if you are terrible with formulas. When you invest in some of the top excel templates for inventory management, all the key formulas you need will be included in the package.
Plus, you might be interested to know that there are many industry-specific templates you can choose from these days to suit your particular business needs. For instance, you can get manufacturing, warehousing, or just general inventory management templates.
Enjoy the Benefits of Stock Management Software
You should now have a much clearer idea about the benefits of stock management software. When you invest in such software, you can elevate your business operations to new heights. It’s also worth considering looking into the Excel template options out there too!
Read more advice like this on our blog.
