Ways Inventory Management Software Can Help Wholesalers and Distributors
Inventory management is all about making sure that you have the right products at the right price to the right place at the right time.
The most common question lingering in most of the entrepreneurs is, “do wholesalers and distributors really need an inventory management software?”
Well, when running a wholesale and distributing business, it means that you’re dealing with buying and selling stocks and supplying stocks respectively on a regular basis.
What is inventory management?
Well, as a wholesale or distributor merchant, you really need to know what inventory management is.
Let’s take a quick look of what is inventory management — it is a set of practices followed by firms, retailers, and other business entities to full the anticipated demand for goods and services across the predefined period of time hence maximizing sales volume and even profits.
The primary goal of inventory management is to help stock the finest level of inventory in your warehouse to accomplish a maximum number of orders whereas keeping the carrying costs as low as possible.
Effective inventory management means you will not be dealing with overstocking (ordering too early or too many products), understocking (ordering insufficient products or having a new shipment arrive late), and overspending (buying more stock than you can afford to keep).
Ideally, obtaining wholesale and distribution software for the inventory management can really help you saving your much time and keeping your numbers straight — because automation seems to be a great help when it comes to diminishing the possibility of human errors.
However, if you are finding into wholesale and distributing software to help with your inventory management, we have put together a comprehensive list of different ways inventory management software can really help with your business.
1. Real-time inventory updates
With the real-time inventory updates, you will no longer have to manually update all your sales into the spreadsheet at the end of each workday.
Instead, you will be able to sync different sales channels, like retail e-commerce platform such as Shopify and even the B2B e-commerce platform, comprising all your inventory software.
All you need to do is update all your inventory levels once the new shipment arrives and the system tends to adjust your stock levels every time your clients make purchases.
Another thing you will really enjoy is that by automating inventory processes, you will no longer have to worry about overselling. With real-time inventory, you will always be aware of how many products you have in stock.
This way, you can also keep track of your products when the demand is pretty high, hence allowing you even to open backorders for your clients — so you don’t have to worry losing a sale.
2. Syncing all Elements of Your Business
With the correct cloud-inventory management software which is compatible with other specialized software, you can push and pull orders between different platforms.
The primary benefit of automating your business processes is to record everything about your company deprived of having to enter your data physically.
This way, your clients will not have to call your for updates on the order fulfillment each time you send them automated shipping updates in the process until their package arrives on their doorstep.
By tracking your customer’s orders status, you can be able to avoid unexpected delays and keep your clients always smiling. With order management software, you can instantly spot delays and take immediate action to enhance the fulfilment.
3. Re-order notifications
Something that really affects customers is not being able to receive their purchased orders in time. However, processing many requests in a single day, there are high chances of missing out on re-ordering the products in time.
Also, procuring items after your client has already placed the order tends to delay fulfillment process hence resulting in poor customer experience.
Besides the inventory automation updating stock levels, it also provides inventory lock function which manages to alert you to re-order the stock. This way, you tend to eradicate unpleasant circumstances and makes sure a smooth stock-flow as per the requirements.
Nowadays, wholesale and distributor inventory demands a piece of the inventory management software, rather than using the spreadsheets and various accounts for each order which comes in.
Though the need of the inventory management software varies for different company sizes, right from the many benefits of such software, it enforces wholesalers and distributors to follow the best practices and carry out their daily tasks more productively.
If you are looking for a good IMS solutions, I would highly recommend trying out EMERGE App.