4 Tangible Benefits of Using an Inventory Management Solution

Inventory management is one of those practices every company knows they need to spend more time on, yet few are willing to put in the effort required to stay up-to-date and current. Well, the good news is that revolutionary new software and solutions have significantly reduced the commitment required to efficiently monitor and manage inventory. However, these solutions are worthless unless you put them to use for you company.

The Rapid Evolution of Inventory Management

rapid-evolution-of-inventory-managementInventory management – particularly warehouse management – has evolved rather quickly and significantly over the past few decades. Just a hundred or so years ago, warehouse management consisted of using a pen and paper to track processes and identify inventory levels. With the emergence of new technologies in the mid-to-late 20th century, inventory management processes were streamlined and automated (to some degree) with the assistance of computers.

Now, in the 21st century, these systems have evolved from complex, skill-specific technologies into easy-to-use, automated programs that virtually any employee can be trained to use. In fact, modern inventory management solutions are so efficient and accurate that they actually allow companies to take a step back and focus on other important business-related tasks.

As internet and cloud based technologies continue to evolve, it will be interesting to see where the industry goes and how existing solutions become even more sophisticated and streamlined.

4 Specific Benefits of Modern Inventory Management Solutions

While business owners who are unfamiliar with the ins and outs of advanced inventory management solutions know there is some value in using these technologies, they typically struggle to understand or unpack specific, tangible benefits that will improve their company’s efficiency and bottom line. Understanding that, let’s take a quick look at some of those benefits:

1. Enhanced Visibility

Modern Inventory Management

While some businesses use inventory management solutions for peace of mind, others rely on that increased visibility to actually close sales. For example: Some companies need to know exactly how much inventory is in stock in order to close a deal. This is typically the case in industries where products move very quickly; ordered and delivered within a matter of hours. When a client calls and requests an order, the salesperson must be able to tell them exactly how many units are in stock. If inventory levels are unclear or running low, the client will buy elsewhere. If there’s an adequate amount in stock, the deal closes.

Furthermore, the purchasing department benefits from the enhanced visibility that advanced inventory management systems provide. They need to verify stock levels prior to ordering more product and having an accurate, real-time picture of those levels reduces error rates and ensures the right quantity is ordered each and every time.

2. More Productivity and Efficiency

One of the biggest advantages to using an inventory management solution is that you’re able to simplify various work processes within your company. This ultimately leads to enhanced productivity and improved efficiency.

Specifically, an inventory management system ensures information passes from employee to employee and department to department with very little delay or hesitation. This results in fewer errors and ensures everyone is on the same page at all times.

Without real-time visibility and communication, it’s easy for orders to get mixed up, inventory to be misplaced, and productivity to be hampered. Everyone at every level needs to be able to find out what’s happening at any given moment. Advanced inventory management systems permit this.

3. Better Shipping and Delivery Accuracy

When it comes to inventory management, few things are more costly and time consuming than shipping the wrong goods to customers. Not only does this damage your reputation with your client, but it also results in additional costs. You’ll have to pay for the items to be sent back, resend the correct items, and restock the returned inventory. In the mean time, this lack of accuracy may have resulted in a loss of sales from another client if the inventory they were attempting to order showed up as out of stock.

By implementing an inventory management solution, you can verify the accuracy of orders at every stage of the pick, pack, and ship process. This enhances efficiency and greatly reduces your warehouse error rate.

4. Stronger Customer Service

In crowded marketplaces, strong customer service is one of the biggest selling points a company can offer to clients. By efficiently handling orders and accurately delivering goods in a timely manner, you can show existing customers that you’re worthy of their business. In the end, you’ll enjoy lots or repeat business and may even pick up a few referrals along the way.

The QStock Inventory Difference

The QStock Inventory DifferenceWhen considering inventory management solutions, you have a handful of choices. However, most businesses are starting their search with our robust and proprietary technology.

At QStock Inventory, we’re a turnkey solution provider that’s proud to offer real-time web based integration with Intacct. And because we’re experienced and well versed in all aspects of warehouse and supply chain management, you benefit from working with a solutions provider that actually knows what they’re talking about.

Our inventory management system compliments Intacct Cloud Based solutions with real-time control and error-free warehouse transactions (using RFID technologies and wireless barcodes). In fact, we guarantee you can achieve 99 percent accuracy by controlling your inventory with QStock and Intacct integration by following our Best Practices. Seamless FedEx and UPS parcel carrier integration, batch and discrete work orders, and Electronic Signature Capture and proof of delivery are just a few more reasons to find out more. What are you waiting for?

Contact QStock Inventory Today

At QStock Inventory, we’re proud to offer premier inventory management solutions to our customers. Whether it’s food distribution, eCommerce, consumer goods, electronic devices, or anything in between, we have a solution that’s right for your company. From inventory control and warehouse management to direct store delivery and RFID technology, we have the tools and products you need to push your growing business in the right direction. For additional information regarding any of our solutions or services, please don’t delay in contacting us today!

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