Managing your inventory data is more of a lesson in supply and demand. Your goal is to have just the right inventory levels to meet customer demand without wasting money by ordering too much. In recent years, organizations have adopted the idea of technology driven inventory management to support a "just-in-time" operation.
Inventory Management and Your Business
Whether you're a retail store or restaurant, your business is dependent on inventory to operate and function on a day-to-day business. In fact, one could argue that inventory is the driving force to revenue and profits. Without an accurate picture of your stock levels, combined with an idea of customer demand, you're making educated guesses when it comes to your supply. While you may get lucky sometimes, the only way to ensure success is through data analysis. Managing your inventory comes down to the art and science of balancing between stock-outs and expiration dates. Too little inventory means you won't be able to serve your customers and too much results in sunk costs for food and a stockpile of 2016's unwanted Spring dresses.
RemoteLink Inventory Management Capabilities
Using Unwired RemoteLink for your inventory data means you can manage:
- Merchandise Inventory Data
- Supply Requisitions
- Product Recall Information
By implementing auto-alerts when stock levels reach a certain point you can always be sure that you have what your customers want, thus improving their experience with your store. Today, there are so many options for consumers that it's not always about what you sell, but how you make your customers feel when they interact with your business. Having the ability to improve your response and order fulfillment time may be the one thing that keeps people coming back time and time again.
Automating inventory management jobs also gives your managers more time to innovate, analyze trends, attend trade shows, and discover the next big thing for your organization. Having sales and inventory data side-by-side provides the unique opportunity to identify trends, peak sales times when more inventory is needed, and anticipate what will be required next. All of this data can become useful information that will improve both planning and strategy when it comes to inventory management.
With RemoteLink, you can:
- Set up alerts for when inventory levels reach a certain point.
- See a real-time view of stock levels due to the integration of your sales data.
- Improve customer service and satisfaction by using data to inform decisions.
Remember, if you can track and measure then you can learn and grow. Our world; what we like and dislike; the things we do change and evolve at a rapid rate. With an automated data movement system to manage your inventory and help identify key customer trends, you can stay ahead of the market and your competitors.
Effectively managing your inventory is a piece of the puzzle to continuous growth and success.