Why Is Inventory Management Important for Your Business?

There are several risks that you run if your business does not use inventory management software. These range from wastage to non-compliance risk.

Shortages and Surpluses

Your most popular items move very quickly through your inventory. If you do not have clear numbers on how many of these items are in stock are where in the supply chain they are, you run the risk of making the wrong decision when placing orders. Therefore you could end up with a shortage or surplus.

Losses

Not automating your stock management leaves the door open for human error and may lead to lost or misplaced items. This creates unnecessary confusion for you and your staff.

What’s more, if you have a warehouse and hire seasonal staff over the Christmas period, they will need to act quickly in a system they are not familiar with and waste time looking for items.

Wastage

When a product’s expiration date is not written into a smart software, it is very difficult to keep track of and make sure the right products are prioritised for sale. This can lead to wastage and losing money invested in that product.

Non-compliance Risk

This refers to the risk that is run when a distributor does not comply with the regulations that their suppliers follow. When a product recall happens, you run the risk of dispatching recalled, no longer suitable for sale, items.

Relieve Stresses with Stock Management Software

KMsoft’s StockAssist software saves you money, time, and stress. Here are the solutions we provide to avoid and resolve the problems listed above:

Prevent Shortages and Surplus with Data

StockAssist does not only allow you to see the stock you presently have in detail, but to analyse your past operations so that you can better plan for the future.

Find Anything Fast

You simply cannot lose any product when your entire stock is labelled and computerised. In StockAssist’s Product page, you can search a product by name in order to find its location, or you can select a place in the Locations page and see all product stored there.

Prioritise to Avoid Wastage

You can enter expiry dates into StockAssist, and it will make sure that products with earlier expiry dates get sold first.

Eliminate Non-compliance Risk with Traceability Automating your stock management software means being able to eliminate this risk because of the level of traceability of supply chain that becomes available to you. Any issues can be dealt with quickly and effectively.

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