Successful businesses operate efficiently in the key areas of finding clients, finishing projects, and managing inventory. For retailers of all types, efficiency where inventory is concerned is paramount.
"The long hand version of inventory management is where you physically hand-count every item and list it in a ledger or spreadsheet. This can cost a fortune in man-hours, especially considering how often it has to be done to stay truly accurate," said Carolyn Knight of Ordoro.com. "If you’re running any kind of online retailer and operating out of a warehouse, then you really have no choice but to implement inventory management software."
Having up-to-date, accurate counts of your inventory so that you can do reorders is doubles as an important customer satisfaction tool. Nothing drives customers away faster than not having what they need when they need it.
"The unfortunate fact of the matter is that with the ever-expanding world of online retail people can get what they want from multiple sources. So, it’s up to you to have what they need the moment that they come looking for it," said Carolyn.
Space is also very valuable, and if you have a lot of money tied up in inventory that isn’t moving, not only is it taking up valuable space, but it’s also eating up your investment capital.
Inventory management software can keep track of everything for you and make sure that everyone linked into the system from the warehouse to the shopping cart generated by the customer on your website is fully equipped with the right information about your stock.