Inventory takes the centre stage in most businesses. Managing inventory should be very easy for the staff. The systems in place should do the heavy lifting, staff needs to follow the simple instructions only. Most business owners really wish to get such systems in place. Sumtracker makes that wish true! Let’s see top 5 ways inventory management can increase your profits.
How Sumtracker can help optimize profits?
- Central place to manage inventory on multiple channels
- Quickly find products and update their stock
- Know which products are low in stock
- Manage your purchase decisions effectively
- Reports and logs to track the movement of stock
1. Central place to manage inventory on multiple channels
E-commerce sellers have to sell on multiple channels to reach their audience. Managing the inventory manually on each platform quickly becomes overwhelming and error prone. You need a central inventory dashboard that can control the inventory on all the different platforms you are selling on. This removes day to day managing of inventory on each platform. With Sumtracker, you get a simple and powerful inventory dashboard that can help you maintain real time accurate inventory information on all your stores.
2. Quickly find products and update their stock
It should be extremely easy for you to find the products you are looking for and update their stock. Searching products on multiple criteria such as their name, sku, category, current stock levels, suppliers, barcodes, or location can make it easy to find what you are looking for.
There can be different ways in which you can update the stock. For example, quick look up, through a document having all products listed down, uploading a simple CSV file or through an API. It can be a rewarding experience if you have these options available in your Inventory management software.
3. Know which products are low in stock
Nobody wants to stock out on products because they overlooked that it is going to go out of stock. Getting low stock alerts is the key to be aware of which products to order in a timely manner. It should be a single click operation to find the low stock products in the inventory software.
4. Manage your purchase decisions effectively
Purchase is the single most important point of expense. Having great relationships with your suppliers can really give the extra advantage required to compete. To make this happen you need to focus on keeping your purchase orders optimized. Purchase orders should have the right mix and quantity of products. To make decisions related to the optimum products to purchase you need to look at your sales performance of each product and make projections for future requirements. Sumtracker provides detailed sales and purchase reporting to make such decisions.
5. Reports and logs to track the movement of stock
Inventory management involves daily data entry. Staff has to perform all actions on the software directly to ensure no transaction gets left behind. This also removes any paper work and double entry. If data entry is done in real time you can keep track of delays in your processes and address them quickly. Sumtracker provides reports and logs to track movement of stock. If there any delay or mistake you can take an action. For most accurate tracking you have to reconcile stock at periodic intervals.