SKUs can track the physical flow of goods, but that’s only part of the picture. The most advanced inventory management systems also account for real-time reservations across selling channels. For example, a platform that integrates sales data from a retailer’s website, app, and brick-and-mortar stores offers a more holistic view of your inventory. At these companies, operations and merchandising teams know at a glance exactly how many units of each item are in stock at each location, how many await shipment, and where they are stored within a fulfillment center or warehouse location. Automated reordering and predictive analytics ensure brands can replenish goods at key moments, such as when demand is rising but the reorder point hasn’t been reached.
Greater visibility enables bulk purchasing while cutting storage costs and embedded analytics make it possible to more accurately predict demand to make timely purchases. Automated reporting and reordering reduce costly mistakes like out-of-stocks, overstocks, mis-picks, and mis-shipments. This increases the chances you can keep shelves stocked and deliver goods quickly and correctly, which builds customer satisfaction and drives repeat business.
How to improve inventory visibility
Many businesses still use spreadsheets to manage inventory. But even the most well-organized and routinely updated spreadsheet can’t deliver real-time insights into marketplace conditions on its own or america phone number list pinpoint emerging supplier problems, such as a ship with goods that is stuck in port. It also doesn’t support flexible fulfillment options like Buy Online, Pick Up in Store (BOPIS) — which are becoming increasingly popular with consumers.
The bottom line is that manual inventory management is not a sustainable practice as companies grow and scale. But by elevating inventory data from siloed teams to the right digital platform, you can efficiently manage the flow of goods across your entire supply chain. That’s true even for omni-channel companies that sell on brick-and-mortar, social media, and app-based channels. This protects your business from easily avoidable problems like overselling online.
Digitizing and automating inventory management:
Facilitates the tracking, storage, and analytics of massive quantities of inventory data.
Ensures accurate inventory counts in real-time, lowers holding costs, cuts down on deadstock, and streamlines dock-to-stock journeys.
Enables order tracking and accountability along picking, packing, and shipping processes.