As technology continues to evolve and improve, many inventory management solutions are now beginning to incorporate real-time inventory management features.
If you have any experience in logistics, then you already understand that this development could represent a revolutionary change for your business. That’s why Group FiO has made the addition of real-time inventory tracking a key improvement in their FiO ERP Software.
If implemented properly, real-time inventory can be a complete game changer for your business. Having the right inventory in the right places at the right time and being able to track every item with real-time reporting will allow you to maximize your operation’s efficiency from the ground up.
In order to make sure you don’t find yourself falling behind the curve in today’s rapidly changing marketplace, here are some of the key reasons that you need to implement a real-time inventory management solution:
Optimal Inventory Distribution
The difference between struggling to pay your bills and profitability can be as simple as having the right inventory in the right places at the right times. Cases of your products sitting in a warehouse in Orlando aren’t going to be very helpful if all of the clients that are purchasing those products are located in Seattle.
Your real-time inventory management system will be able to identify where all of your inventory should be allocated between warehouses and stores in order to optimize your sales and maximize profitability.
Improve Internal Auditing Abilities
Knowing exactly where each and every piece of inventory in your company is in real-time will dramatically increase your capabilities when it comes to performing internal audits.
If you have encountered any problems with missing inventory, this can be a huge help. Real-time inventory management assures that you will be able to locate the cause of any disappearing inventory issues and quickly address the problem.
Real-Time, Up-To-Date Reporting
When you incorporate real-time inventory management into your business, standard reports like your Profit & Loss Statement and Balance Sheet will no long be delayed in order to reconcile inventory numbers.
You will now be working with up-to-date reports which will make your company more informed and able to change directions faster. This can be a huge competitive advantage, especially in quickly evolving industries.
Automated Reordering of Inventory
Tracking your inventory in real time means that you will now be able to set your system to either alert you or simply reorder when inventory levels get low.
Automating this process ensures that you will no longer be troubled with overstocking or running out of a particular product. You will always be able to maintain your correct par levels of inventory.
Optimal Efficiency & Forecasting
Not only will real-time inventory management help you maintain optimal levels of inventory at the moment, it will also help you better forecast exactly what your inventory needs will be in the future.
Having the most up-to-date reporting on your inventory will allow you to be more efficient with the future inventory you need to order.
The goal of any inventory management system is to make sure that there is enough product available at the right locations for anyone who wants to purchase it without having an extra inventory sitting in warehouses collecting dust.
Obviously, this is easier said than done. But it gets a whole lot easier when you are tracking that inventory in real time.
Real-time inventory management gives your business the advantage of knowing exactly what is happening with its inventory at all times, which can mean the difference between making money or losing it.
If you aren’t tracking your inventory in real time, you should start thinking about how much more efficient your business could be using a solution like FiO ERP.