5 Decisive Benefits of Inventory Management Systems
For companies that sell products, be it online or offline, inventory management is vital to everyday operations. It powers key purchasing, shipping, and store processes that keep your business moving.
That’s why the right inventory management system can save your company money and time while greatly improving the customer experience. A win-win in every case.
If your function surrounds inventory management, you understand the impact a good management system can have. Business leaders and e-Commerce managers also need to understand the benefits of inventory management tools to make their omnichannel operations more streamlined.
In this blog post, we’ll discover the many benefits e-Commerce inventory management systems bring to the table and how Ordazzle’s platform can help you bring order and control to your stock and logistics.
Why Is Inventory Management Important?
A critical aspect of inventory management is knowing the amount of stock a company has on hand. More than that, it’s about maintaining the right amount of items so that you never run out of items and risk customer dissatisfaction, nor do you overorder and overstock, which wastes money.
If you don’t manage inventory well, you face several risks, the most prominent of which is poor financial resource usage. Inventory is the lifeblood of retail and e-Commerce businesses, and as such, it represents a huge investment.
It includes the cost of acquiring the inventory and any taxes that may be charged on the products stored in it. Additional costs include insurance, utilities, and other expenses associated with warehousing and storage.
The investment goes beyond finances; it also includes time and effort. Employees must perform regular inventory counts.
Poor inventory management, therefore, can undercut all the time and money invested. But when done properly, the benefits of inventory management are manifold. More so when you have a dedicated platform for inventory management.
ALSO READ: Enhancing the Efficiency: A Comprehensive Guide to Automation via Inventory Management Technology
Benefits of Inventory Management Systems
From better financial efficiency to greater customer satisfaction, the benefits of inventory management add up to improved business success.
A well-built inventory control management system can provide you with many decisive advantages, including:
1. Better organization
How your stock is physically organized affects the time it takes for your logistics team to find and ship items, which impacts your order fulfilment and CSAT metrics.
With an inventory management system like Ordazzle’s, you know which products are most popular, which secondary products are combined in the same orders, and which items take the longest in transit time.
With such granular data at hand, you can effectively determine how to store and arrange your inventory efficiently.
2. Customer Satisfaction
Frequent out-of-stock items and difficulty finding products can slow down delivery and make customers unhappy.
Ordazzle’s e-Commerce system enables fast shipping through efficient storage and movement of goods. It also eliminates instances where you have to cancel an order or list products as out of stock due to insufficient inventory, thereby avoiding customer frustration.
3. Save Cost and Time
If you have precise, real-time accounting of the stock available to you, you don’t need to spend time performing tedious, frequent, and time-consuming recounts. Also, you no longer have to spend capital restocking when you know your existing stock is sufficient to quell the demand.
In short, a good inventory management system allows you to make time and monetary investments more productively.
4. Automation and Analytics
A dedicated e-Commerce inventory management software allows you to automatically collect data on existing stock, how quickly and frequently it moves through the supply chain, and much more.
With such rich data systematically tracked and analyzed, you can get insights into sales patterns, automate processes like shipping time calculations, and uncover opportunities for improvement in your existing inventory management practices.
5. Handling Recalls
Thousands of items get recalled in India each year. If an item is subject to recall, you, as a seller, must accept the returned items from customers while removing any unsold products from the supply chain.
Inventory management tools allow you to effectively navigate the difficulty and tedium associated with recalls by providing full visibility of the supply chain and tracking down where and when the seller and customers acquired the product.
Make Inventory Management Easy with Ordazzle
Inventory management is essential because it allows you to understand your inventory levels, place orders correctly, and meet your customers’ needs.
If you don’t have control over your inventory, you won’t have control over your profits. That’s just how things work. So, don’t let inventory shortages or excesses decide your business viability.
Invest in streamlined, top-of-the-line e-Commerce inventory management systems like Ordazzle’s and master multi-channel inventory management like the back of your hand.
From leveraging sales data across all channels in real-time to smart order routing and resource allocation, Ordazzle streamlines every aspect of your e-Commerce processes to create an interoperable, seamless, and automated experience for both you and your customers.
Embrace efficiency with Ordazzle’s inventory control management today. Get in touch with us to learn more!