Windward Insider Blog
How Inventory Control Software Affects your Bottom Line
Inventory control software is an essential application of your overall business management software system – the ability to track inventory levels and manage cost control processes is a critical component of your operations. With the fluctuating needs of your customers and your business, finding the continual balance in your stock levels between ‘not enough’ and ‘too much’ is a constant concern.
Needless to say, an effective, integrated approach to inventory management directly affects your company’s bottom line.
Windward’s real-time small business inventory software empowers you to manage your stock levels and improve your cost control processes, and is fully integrated with other applications in the Windward System Five business management software system.
Get an Accurate Picture of Product Performance
Inventory control software allows you to analyze sales trends to identify your fastest moving products and to see which items may be slower to move off the shelves. This in turn enables you to understand your stock requirements when ordering and to prioritize those top performing items to maximize sales.
Looking at the bigger picture, the ability to analyze trends throughout the year and in comparison to previous years, will allow you to be more proactive in projecting estimates for sales volumes and more confident in your understanding of your inventory level requirements.
Improve Customer Service
Make sure you keep you customers happy by keeping the items they’re looking for continually in stock. Out-of-stock items have an extremely negative impact on your customers, and if it’s something they experience regularly at your business, they won’t be returning. An effective small business inventory software solution is vital to your customer service experience.
Further improve your customer relations with Windward’s CRM business management software.
Eliminate Overabundances of Stock
An overabundance of product that isn’t moving is just as damaging to your bottom line as running out of stock. Money tied up in unsold inventory is money that’s not working for you elsewhere. Stock also costs money to store and its value may depreciate as time passes. Inventory Control Software ensures you don’t end up with surplus product that takes up space and loses you money.
Shrinkage can be a very real issue for many retailers. Strict inventory control processes with effective small business inventory software provide an accurate picture of loss analysis. The ability to determine whether shrinkage issues can be attributed to stock movement errors or to theft will allow you to implement procedures to decrease margins lost – whether by improving loss prevention practices or tightening inventory movement procedures.
To learn more about the importance of inventory control software, see our past post: Inventory Management Software: The Cost of Stock Imbalances.