Inventory is the lifeblood of any ecommerce store. This could result in a backorder or canceled order, which can lead to an unhappy customer who may not order from your store next time. If your inventory is inaccurate, a customer could order an item you show in stock but don't actually have.
In this day and age of next-day or even same-day delivery, customers expect to get their orders quickly. By tracking a product from purchase order to customer delivery, an inventory control system will take human error and theft out of the equation. Physical inventory tracking can be prone to errors and fraud. An inventory control system will save you money by keeping inventory at optimal levels. On the other hand, an inaccurate inventory can also lead to excess stock which will increase storage cost, insurance cost, and taxes. If you don't have a product in stock, a customer could cancel an order and buy that product somewhere else rather than wait on a backorder. There are many ways inaccurate inventory can cost you. This gives you more time to work on improvements. An effective inventory control system will not only allow you to track a product each step of the way, but also give you the tools to find bottlenecks in your logistic workflow. There are a lot of steps involved in getting a product to your customer. Real-time inventory levels improve customer relationships by preventing backorders and improving employee relationships by giving them an accurate view of inventory status. This helps eliminate out-of-stock situations and excess inventory. With an accurate real-time inventory, you can analyze inventory flow to set effective reorder points.
#BARCODE SYSTEMS FOR INVENTORY CONTROL UPDATE#
An inventory control system will automate and manage this complexity so you can focus on other parts of your business.Ī perpetual inventory system will update inventory levels globally whenever a product is sold, purchased, manufactured, or returned. Underneath this simple statement lies the complexity of purchases, sales, shipping, receiving, and storage. Why Are Inventory Control Systems Important?įor your business to run smoothly and be profitable, you need to have the product on the shelves when a customer demands it. A periodic system is only acceptable for smaller businesses with minimal amounts of inventory. This would not work well for a large store. Your stock count was accurate weeks or months ago, but now when a customer wants to buy, you have to physically check your inventory to see if you have it to sell.Ĭounting stock manually is a process that takes a lot of time and manpower. It is easy to see how this can be a problem when it comes to filling orders. With a periodic inventory system, a business will not know how many products it has until after the physical count is completed. It is suitable for all sizes of businesses and is necessary for stores with high sales volume or multiple locations.Ī periodic inventory system is kept up to date by a physical count of goods on hand at specific intervals.
#BARCODE SYSTEMS FOR INVENTORY CONTROL MANUAL#
Each part of the system has access to the same database and information.Ī perpetual inventory provides a highly detailed view of inventory changes and an accurate accounting of inventory levels without the need for manual inventory counts.
When one is received, it is scanned and added to the inventory database. As soon as a product is sold, its barcode is scanned and it is removed from a global inventory database. There are two key types of inventory control systems.Ī perpetual inventory control system tracks inventory in real-time. Earlier systems were little more than spreadsheets, and now machine learning is adding more automation to inventory control. It will provide an accurate picture of what inventory you have, where it is, and when you need to reorder to keep your stock at optimal levels. The best inventory control system will automate a lot of manual processes. This technology will integrate and manage purchasing, shipping, receiving, warehousing, and returns into a single system. Here we will outline what an inventory control system is and what it can do for your business.Īn inventory control system is a technology solution that manages and tracks a company's goods through the supply chain. An accurate inventory count system will help make your business more profitable by lowering the cost of goods sold and it will also increase sales because you will have the stock on hand to fill orders.Īn inventory control system will help streamline and automate the inventory management process for you. Choosing an effective inventory management approach will ensure you have the right stock at the right time to fulfill customer demands. Inventory management is a critical part of any ecommerce business.
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