Any business that wants to grow in 2016 must search for opportunities that increase revenue, whether they be at the storefront, in the warehouse, or anywhere else along the supply chain. Even if your business doesn’t primarily deal in selling finished goods and products, you too can benefit from the power of traceability. Here are a few things you should know to help you incorporate traceability into your business, as a means of finding new opportunities, and increasing sales:
Essential Traceability Tools for Business Opportunities
Traceability allows you to easily identify products, and confirm inventory levels, no matter how frequently your goods move, or change before reaching the customer. All of this is done using intuitive menus, lot numbers, and intelligent tracking technologies, often powered by your warehouse’s inventory solutions. This ability is essential for businesses that turn raw materials into finished goods, or deal with perishables and other food products.
However, traceability can still benefit businesses outside these specific industries. In general, lot traceability enables any business to improve inventory management, and inventory versatility in existing warehouses, and retail stores. Knowing where goods are, and where they’re coming from is simply a smarter way to manage your inventory, whether it’s arriving at the warehouse, or leaving in a customer’s bag.
Bundling Can Build Product Value
Traceability has another advantage for businesses seeking new ways to sell the goods they already have. Bundling is a common method for improving sales, both by selling less popular goods, and by improving total sales from each customer. This is achieved by encouraging customers to buy products in certain groups, or bundles for a small discount, rather than purchasing the items separately. It can also work to rotate stock, introduce new products, and generally better market your goods.
The only way to bundle efficiently is with lot traceability, as the technology enables businesses to quickly combine goods without losing track of inventory information. Keeping track of your inventory is important, since it enables a seamless process for monitoring goods as they arrive at the warehouse, are bundled into another finished product, and reach the customer. If anything is lost along the way, you’ll know the facts without having to dig around for information.
How Lot Numbers Improve Business Relationships
Another way traceability can grow your business is by improving customer support, and business relationships through smarter inventory management. Traceability does this by giving you a quick, and easy way to maintain quality assurance across your entire company inventory. If returns start to rise on a certain product, you can easily trace the lot it originated in, even if it was bundled with another product. This can be extremely important for ensuring customer satisfaction, even if you don’t deal with perishable goods.
Another important part of traceability is its wide usage across the industry, especially among large, corporate clients. Major food sellers across the United States depend on traceability to vet food quality, and ensure safety for customers. The same is true for any major business with a reputation to defend, as traceability gives you, your business partners, and your retail stores a way to confirm the origin of any good that sits on your shelf. Countless businesses require this granular information control when working with new customers.
Enabling Traceability for Your Business Today
Traceability is just one way to strengthen your business in 2016, no matter what’s inside your warehouse. Running a successful business depends on realizing the value of new technologies and services, which is why it’s important to consider powerful inventory management software that can offer traceability, and other warehousing modules. QStock Inventory is one such software solution. It can offer traceability, alongside a host of other services, such as Intacct integration, Drop Shipping support, and other warehousing strategies. If you’d like to start the year off right, be sure to contact us today to learn more about how QStock can help you meet your inventory needs.