Poor inventory management can really hit a business hard.
A lack of visibility and control can have an impact on everything from the supply chain to stock availability to customer satisfaction – and speed and efficiency have become commodities defined by the demands of the customer and highly competitive markets.
Go faster, do more, cut costs – it’s a constant juggle that can as rapidly become a circus as a success.
This begs the question – what exactly must a business do?
The answer lies in the right inventory management platform and working with industry experts that actually understand the problems inherent in the industry.
As a company, you don’t want to have to learn an entirely new business just so you can run your own.
This is where it becomes critical to find a partner that can help you define your inventory requirements and provide you with the toolkit you need to meet them – a partner that understands how to leverage technology to deliver functionality that changes the way you see your inventory.
Finding the happy customer
There is one thing that every business wants: a happy customer. This happy customer buys more, stays for longer, and keeps your business, well, in business.
Unfortunately, in a market where there’s plenty of competition and shiny offerings, customers are spoiled for choice and hard to hold onto.
They may forgive one mistake, but endless problems and challenges around stock-outs and availability will see them rapidly move to a competitor.
This means that your business has to be fast, it has to minimise risks such as stock-outs, and it has to ensure that the customer gets what they want.
These, in turn, affect budgets and profits and customer delight. In fact, research has found that organisations run the risk of losing significant sums of money if their customers don’t get what they want.
This is particularly true when it comes to the supply of popular products and services – if the stock runs out, customers do too.
The problem is a lack of visibility into levels and availability that limits how well you can manage your stock in the event of an unexpected crisis or problem.
You therefore need a solution that can give you ample warning about any stock-out so you can manage customer expectations well in advance. You also need tools that allow you to improve the speed of delivery, stock management and inventory.
The happier medium
Fortunately, technology has completely transformed how organisations manage their inventory, stock-outs, deliveries, customers, and expectations.
Systems have evolved to the point where they can offer you immediate insight into the status of stock so you can make real-time decisions that fundamentally affect your business.
This translates to saved time, increased sales, and improved efficiencies.
Enter the era of optimisation and transformation, where stock is tightly managed, ordering is seamless, and excess inventory isn’t hanging on the bottom line.
NETSTOCK has worked with leading companies to resolve challenges around delivery and time to market, providing an optimised inventory solution that’s designed to minimise risk while maximising speed and efficiency.
The platform helps companies to save time on planning, forecasting, and ordering with a system that includes internal transfers, order prioritisation, and visibility into order volumes.
It also translates legacy challenges around inventory and supply chain management into a language that every business understands – sales.
Selecting the right tools to stay on top of your inventory is one step – the next is picking the right partner that knows exactly how to do just that.
Reach out to NETSTOCK and unpack your inventory management challenges with their team of experts. Click here.
This article was published in partnership with NETSTOCK.