As a manufacturing or product-based business, you must prioritise efficient stock management. This is crucial for running a smooth operation. However, our approach to managing stock and inventory has changed radically over the past decade. This shift is largely due to the evolution of inventory technology.
Cloud-based inventory management systems are now accessible to even the smallest businesses. They offer direct integration with your accounting and finance systems. As a result, there’s no excuse for losing control of your inventory and stock purchasing.
With the ups and downs of the global supply chain in 2023, you may wonder how to optimise your stock and inventory systems. What steps can you take to unlock the capital tied up in these stock assets?
New ways to enhance your inventory management
Today’s inventory management solutions make it easier than ever to gain complete oversight of your stock levels. You can easily track popular products and restocking information. Remember, data is king. The more information you have at your fingertips, the easier it becomes to manage your stock effectively.
Let’s take a look at some important ways to get more from your inventory management:
Use the latest inventory management systems
When you use cloud-based inventory management software, you gain several benefits. These include real-time tracking, accurate forecasting, and seamless inventory control. As a result, your operational efficiency receives a significant boost. Furthermore, this software reduces errors and optimises your stock levels. Ultimately, these improvements can make your business more efficient, productive, and profitable.
Integrate your inventory app with your finance and business platforms
Integrating inventory management tools with your finance and business platforms allows you to streamline workflows. This integration automates key processes and synchronises your stock data. With all this information at your fingertips, you can make better business decisions. Additionally, you can reduce time-consuming manual tasks and enhance your business performance.
Keep your stock management lean and agile
Embracing lean stock management means producing or ordering only the stock you actually need. This approach helps optimise your inventory levels and reduce carrying costs. Additionally, it minimises wastage and prevents stockouts. Lean management aligns supply with genuine customer demand. Consequently, this strategy cuts unnecessary waste and spending, making your stock operations more effective and profitable.
Sell off your surplus stock to free up cash
If you have stock sitting idle, consider selling this dead stock at a discount to turn these assets into cash. Your inventory management software can quickly identify surplus stock. This enables you to implement targeted sales strategies, such as discounts, marketing campaigns, or customer events to liquidate excess stock. These strategies provide a fast way to generate additional revenue and boost your cash flow.
Re-evaluate how big your warehouse capabilities need to be
Could you consider moving to a smaller warehouse facility to save cash and improve efficiency? The data from your inventory management software provides deep insights into your stock movement. This information gives you the evidence needed to determine if downsizing could reduce overhead costs. Furthermore, it can enhance your operational efficiency and improve profitability.
Talk to us about getting in control of your inventory
Mastering inventory and stock management is an invaluable skill for any product-based business. If you want to gain complete control of your inventory, consider switching to a modern cloud-based inventory management solution. This investment is one you won’t regret.
We’ll advise you on the best inventory software tools and how they integrate with your accounting and business platforms. We’ll also share the best tips on how to improve your operational efficiency, stock management and overall revenue generation.
Contact our business advisers for more information on 0161 761 5231 or email theteam@horsfield-smith.co.uk.
