Let’s shake up a few common assumptions about inventory management.
It’s Going to Be Hard
If you try to comprehend everything going on in your inventory all at once, then yeah, it can seem ridiculously hard. But if you get into a rhythm of handling jobs one at a time and keeping things moving in and out smoothly, it doesn’t seem so huge anymore. Inventory management software can really help segment jobs, speed up the receiving process, automate reorders, and do other things to make managing inventory much easier.
The Way I’ve Been Managing Inventory Is Good Enough
When a company first starts, it’s not going to require a complex inventory management system. But as it grows, its way of doing business needs to evolve, as well.
How much time does it take to pick, pack, and ship an order? What if you could do it much faster? That could make a big difference in your customers’ experience if they can get their orders quicker and more reliably. By looking at each of your inventory procedures and updating them to match the times and your current needs, you’ll be better off in the long run.
I Don’t Need Inventory Management Software
If your client base is growing, your product line is increasing, and/or you’ve got more than one location, it’s a good time to start looking into inventory management software. The complexity of running a system on paper or in Excel spreadsheets just gets to be too much at some point.
If it’s an issue of cost that keeps you from looking into this option, inventory software can usually pay for itself pretty quickly by increasing efficiency and reducing waste after it’s implemented.
Service Providers Don’t Have to Worry as Much About Inventory Management
If you’re a service provider and you don’t actually sell or ship physical products to your customers, you might think that inventory management software isn’t as important to you as it is to retailers, wholesalers, etc. But you can definitely still benefit from it.
You most likely use materials, equipment, and other items that you need to keep track of and put to use in providing your services. Those are your inventory/assets. To keep your business running smoothly, you need to keep track of your supplies and make sure you have enough on hand to meet demand. It’s not all that different from companies that sell products directly.
Managing inventory can be a lot easier if you modernize the way you do it and use a software solution. Plus, service providers need to monitor their inventory levels just as much as other business types.
There are many other misconceptions about inventory management, and I’ll do my best to keep clearing them up so businesses can have a better chance of finding success.