What is real-time inventory management and why does it matter? Real-time inventory management is the process of keeping track of inventory sales and purchases as soon as they occur by using software that gives the entire company a picture of what’s happening. It allows your organization to have the information it needs to react faster to specific needs in the supply chain. Real-time systems record every transaction immediately, to allow for greater accuracy than periodically updating the inventory at certain intervals. Here are the benefits of real-time inventory management and why you should implement it in your supply chain.
Better Customer Experience
One of the primary benefits of real-time inventory management is the enhancement it brings to your customer experience. Without it, you can find yourself in this unfortunate scenario: you have a customer who is ready and able to make a purchase from your store, but you lose them because you don’t have enough stock for them to buy the product. This issue may not be a big deal if it happens the odd time, but if, due to your poor inventory management, this occurs multiple times, it will impact your immediate sales potential with your customers and your long-term brand reputation.
Real-time inventory management helps you maintain an organized warehouse. This type of inventory management will help you keep track of where your products are moving, whether in or out of your warehouse, for a comprehensive warehouse management solution.
Another huge advantage of embracing real-time inventory management is gaining better visibility of what’s happening to your organization’s inventory. This is extremely important during critical periods such as peaks, like the busy holiday season when you need an optimal level of inventory on-hand.
Better Order Accuracy
Real-time inventory management provides you with a better idea of the inventory you have in stock, so you can prepare your customer orders quickly with less risk of errors. With a better understanding of your on-hand inventory, you can provide better information to your customers when they shop online or in-store and manage their expectations. You will also be able to reduce the chances of backorders or mistaken shipments.
Detailed Reports Helps Businesses
The detailed reports provided through real-time inventory management are useful for quick management meetings and presentations. These systems can produce reports at any time, so your management team has the data to respond to sudden changes in supply or demand.
Real-time inventory updates ensure you always have current information to work with. You can set up automatic reorder points on your products to notify you when they are running low. When an item is sent out for sale, the inventory count updates, so you can be aware of what you still have. The bottom line is that automatic updates help you do your job more efficiently.
Your supply chain needs to grow as your business grows. Scalability is important, and many organizations state that once they adopted a model with real-time inventory management, they experienced scalability as one of the benefits.
Saves Time and Money
Real-time inventory management also brings monetary benefits. It helps organizations keep track of the products they have on hand and which products are set to arrive. It keeps your inventory counts accurate, so you don’t need to do frequent recounts and waste valuable time. Your records will be accurate, thanks to the real-time inventory management software’s reports, so you can save money and make the right decisions.
Increases Efficiency and Productivity
Real-time inventory systems come with a variety of devices that work together to increase efficiency and productivity. Some of these devices include barcode scanners and software. They eliminate manual processes and the errors and mistakes that come along with them. They also allow your employees to focus on other important areas of the business.
Reduces Overall Stocking Levels
When you know exactly how often your customers buy each of your products, you can make accurate predictions about how often to restock certain items. This helps you make better use of your warehouse space, as you won’t have to stock up on products as often or in such a high quantity. You can set up just-in-time ordering to order items that are beginning to run low, so customer requests are met every time.
Contact APS Fulfillment, Inc. for Your Real-time Inventory Requirements
Real-time inventory management can help you keep better track of your orders, sales, and the locations of your products. The advantages mentioned above are just a few of the many you will experience. You can have immediate inventory updates, automation, increased information accuracy, and much more. If you want to implement a robust inventory management software, our third-party logistics company can help you.
APS Fulfillment, Inc. cares about our clients’ success. Our professionals provide our clients solutions to meet their warehouse organization needs. We provide services such as real-time inventory management, e-commerce fulfillment, fulfillment solutions, and fulfillment markets. There are endless benefits to working with a third-party logistics company that uses the best-quality software systems to manage your warehouse, so if you’re looking for the right company, look no further than APS Fulfillment, Inc. You can contact us by e-mail at [email protected] or by phone at (954) 582-7450.