As a manufacturing or product-based business, efficient stock management is a big part of running a smooth operation. But the way we manage stock and inventory has changed radically in the past decade, in no small part due to the evolution of inventory technology.
With cloud-based inventory management systems now available for even the smallest business, and direct integration with your accounting and finance systems, there’s no excuse for not being in control of your inventory and stock purchasing. But with the ups and downs of the global supply chain in 2023, what can you do to get more from your stock, your inventory systems and the capital locked up in these stock assets?
New ways to enhance your inventory management
With today’s inventory management solutions, it’s never been so easy to have complete oversight of your stock levels, popular products and restocking information. Data is king and the more information you have at your fingertips, the easier your stock management will be.
Let’s take a look at some important ways to get more from your inventory management:
- Use the latest inventory management systems – when you use cloud-based inventory management software you get the benefits of real-time tracking, accurate forecasting and seamless inventory control. This gives your operational efficiency a boost, reduces errors and optimises your stock levels, all of which can make your business more efficient, productive and profitable.
- Integrate your inventory app with your finance and business platforms – by integrating inventory management tools with your finance and business platforms, you streamline your workflows, automate key processes and synchronise your stock data. With all this info at your fingertips, you can make better business decisions, cut down the time-consuming manual tasks and enhance the performance of the business.
- Keep your stock management lean and agile – embracing lean stock management means only producing or ordering in the stock you actually need. This helps you to optimise your inventory levels, reduce carrying costs, minimise wastage, avoid stockouts and align supply with genuine customer demand. This cuts unnecessary waste and spending and makes your stock operations far more effective and profitable as a result.
- Sell off your surplus stock to free up cash – if you have stock sitting idle, why not sell this dead stock at a discount to turn these assets into cash? Your inventory management software can quickly identify surplus stock, allowing you to run targeted sales strategies such as discounts, marketing campaigns or customer events to liquidate excess stock. This is a fast way to generate additional revenue and boost your current cashflow.
- Reevaluate how big your warehouse capabilities need to be – could you move to a smaller warehouse facility to save cash and be more effective? The data you get from your inventory management software gives you deep insights into your stock movement. This gives you the evidence you need to decide whether downsizing could reduce overhead costs, enhance your operational efficiency and improve profitability.
Talk to DFK Benjamin King Money about getting in control of your inventory
Being the master of your inventory and stock management is an incredibly valuable skill for any product-based business. If you want to get in complete control of your inventory, switching to a modern cloud-based inventory management solution is an investment you won’t regret.
They will advise you on the best inventory software tools and how they integrate with your accounting and business platforms. They will also share the best tips on how to improve your operational efficiency, stock management and overall revenue generation.