I eagerly read “Why inventory management is crucial for small businesses” in the Financial Post, and I found it covered many of the same topics I’ve talked about in this blog.
One thing that this article really hammered home is the fact that inventory management is an essential part of good customer service, and good customer service is a big competitive advantage. Small businesses need every advantage they can get over competitors.
“Effectively managing inventory is as much an art as a science,” says UPS Canada President Mike Tierney in the article. “Those who are good at it can curb costs, improve their bottom line and enhance customer service.”
How does effective inventory management improve customer service? It speeds up the turnaround time on customer orders, makes them leave your store happy and allows you to keep your promises.
As the economy improves and consumers start to open their wallets again, companies that have the right number and type of products to satisfy their needs will build strong relationships with customers. Having what customers want is so basic an idea that it’s at the heart of a successful business strategy.
One of the main priorities of inventory management is to meet customers’ needs. The other big priority is to keep a healthy inventory balance so businesses don’t have their working capital tied up in excess inventory.
The article suggests companies use UPS to meet their supply chain needs, but that still leaves the problem of not knowing when and how much to order. That’s where inventory management software comes in.
Fishbowl is certified as UPS Ready, so it has UPS features built right into its interface. It can help organize your inventory management efforts and keep your supply chain running smoothly. That way, you’ll have an easier time maintaining a balanced inventory, keeping your customers happy and your bills paid.