3 Recommendations On How To Effectively Manage Inventory
As an e-commerce firm, inventory management should be a top priority. Nothing is worse than telling a customer you can’t ship an item they bought because you actually don’t have it.
Inventory management challenges are too sensitive to ignore or wish away as it can make or break businesses. To be fair, managing inventory isn’t an easy task. Its pain is akin to a sore throat for some eCommerce firms because it is time consuming and cumbersome to track.
That said, there should be a balance between carrying too much inventory which ties up business capital and too little inventory which results in missed opportunities for sales.
In the long run, both can rob you of sales, ruin your customers’ experience and tarnish your brand. In order to gain competitive advantage, organizations need to manage their inventory efficiently.
Recommendation A: Cut down on manual and paper-oriented processes.
Here’s why :
- The inability to capture critical visual evidence of supplies or deliveries can lead to dissatisfied customers who make claim of poor quality or damaged products.
- Manual processes are time-consuming, costly, and prone to error.
- Paper forms containing vital information are vulnerable to loss and theft and often suffer from illegible handwriting.
With an enterprise mobility software like Formelo, the vulnerability of important data is eliminated. Formelo empowers your team with digitized paper forms, checklists, and process guidelines that are accessible in an easy-to-use mobile app, so you have access to the information you need, anywhere, anytime. How cool is that?
Secondly, Formelo reduces the cost of printing, storage and document retrieval because the information you need is stored and accessible within the Formelo app. Information stored within the Formelo app can also be updated on the go which minimizes error and ensures you are up to date with important information.
Finally with Formelo, you can capture photos to provide visual evidence of any transaction.
Recommendation B: Improve information flow between field workers, suppliers and the head office :
So, how do you tackle incomplete and inefficient information flow with Formelo? Good question!
Your verification agents can easily monitor and update information even when offline. This will help you manage effectively the nagging problem of how to verify that your merchants have the orders advertised on your ecommerce site, down to the last detail.
In addition, considering that time is money, Formelo provides the ability to get signatures & fingerprints from people directly on your mobile device so that you can conclude transactions faster.
Recommendation C: Track Inventory, Improve Performance & Reduce Operational Costs:
Managing inventory help speed up shipping processes within the warehouse. When you don’t rely on manual entry, you can quickly know that you have the inventory on hand to ship. You’ll have more control over your inventory and be able to track it over different locations.
With Formelo you can track and forecast sales. Tracking your sales means you can estimate how much inventory you’re going to need on hand during different parts of the year. This helps you avoid making or ordering too much or too little.
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