3 reasons why every business should be thinking about inventory control

There’s no doubt that gaining control of your stock and learning how to manage it is one of the most challenging things you could do for your business. The best way to think about stock is to treat it like cash – if you wouldn’t leave $100 notes lying around your warehouse, why would you leave your stock unchecked and waiting to go missing? Learning how to efficiently manage stock is critical.

More and more businesses are thinking about how to optimise their stock management strategy – using tools and equipment to control their inventory in order to balance customer needs while minimising the cost of carrying excess items.

Over the years, I’ve worked with numerous companies across Australia and New Zealand to help them successfully gain control of stock inventory in their businesses. I’ve seen the most common challenges small to medium businesses face, and have provided access to the tools they need to overcome them.

In this month’s blog, I’ve outlined the three reasons small to medium businesses should have control of their inventory, and the ways taking control can benefit an organisation.

3 reasons effective inventory control can optimise your operational effectiveness

 

1. Mitigate risks early on

Better systems for inventory control in warehouses eliminates inaccuracies in your stock levels.

Traditionally, the recording of stock is done through a time-consuming, labour-intensive yearly stocktake — a highly inefficient process that inevitably leads to inaccuracies and loss in your stock levels.

Having doubts about the accuracy of your stock-on-hand reports costs you down the line. Ultimately these mistakes get recorded as shrinkage, resulting in lost revenue and, sometimes, the perception of theft in your warehouse.

By implementing a new system that allows you to efficiently record and track all of your inventory, you eliminate inaccurate stock records and minimise time spent on stocktake. Download your copy of the HARMONIQ Effective Stock Management eBook to learn how adopting inventory control through an integrated ERP system will mitigate risks in your warehouses.

2. Eliminate excess or back-orders

The inaccuracies of pen and paper processes are in the past once you adopt effective tools for stock management.

What tools are you using to optimise your ordering process?

Many warehouses rely on guesswork to order stock, and as a result stock levels don’t match what is required to meet demand. This means you either don’t order enough of what your customers require —resulting in lost sales, dissatisfied customers and reputation impacts — or you have excess inventory and dead stock, meaning money wasted and an impact on your profitability.

Most simply lack the tools to optimise their ordering, and instead rely on simple programs like Excel or pen and paper processes even when their business has far outgrown them.

A system that is fit-for-purpose and allows you to gain control over the ordering process would be a powerful tool, and our studies show that an integrated inventory system can result in a 7.5% decrease in the frequency of out-of-stock inventory. Find out more about how to gain control of your stock ordering in the HARMONIQ Effective Stock Management eBook.

3. Visibility over your entire stock

Gain insights into your business when you gain visibility over all of your inventory.

If you have multiple warehouses and you’re still using basic systems for inventory management, it is virtually impossible to have visibility over all of your stock. A lack of visibility ultimately causes all of your other tasks to be time-consuming and inaccurate, such as transferring or sending out stock.

By eliminating basic processes, you can gain valuable insights into your business. Our studies show that, paired with an integrated inventory system like HARMONiQ, 95.4% of your outbound orders are delivered to customers complete and on time. You are also much more likely to have online visibility into in-transit shipment status.

Maintaining accurate and visible stock levels across the organisation enables all departments who rely on accurate stock detail to work more efficiently and make smarter decisions. To learn how to implement an inventory control solution that provides access to real time, accurate data and can also simplify work processes within your organisation, download your copy of the HARMONIQ Effective Stock Management eBook.

How can I start leveraging effective inventory control for my business?

Organisations driven by effective inventory control have the edge over their competitors because they can easily track, record, and order stock, eliminating inefficiencies and helping them to minimise excess and keep their customers happy.

Download the HARMONiQ: Effective Stock Management eBook today as your next step guide on becoming an organisation driven by optimised inventory control.

If you would like to see the impact effective stock management can have on your business, then click here to request a demo of HARMONiQ and I’ll be in touch shortly.

Author bio:

Drew Arthur is the Managing Director of Micronet Systems and is focused on helping business leaders overcome inefficient sales, inventory, and customer relationship management practices by leveraging cutting edge technology. If you want to gain better control of the sales processes in your business, click here to organise a demo to see how HARMONiQ Business Tuning Software can make a difference to your business.

3 reasons why your client’s business should be thinking about an inventory control system

There’s no doubt that gaining control of your clients’ stock and learning how to manage it is one of the most challenging things you could do for their business. The best way to think about your clients’ stock is to treat it like cash – if your client wouldn’t leave $100 notes lying around their warehouse, why would they leave their stock unchecked and waiting to go missing? Learning how to efficiently manage stock for your clients is critical.

More and more businesses like your clients are thinking about how to optimise their stock management strategy – using tools and equipment to control their inventory in order to balance customer needs while minimising the cost of carrying excess items.

Today, organisations have access to control and update their inventory in real-time. By embracing effective stock management, organisations can mitigate future risks, and optimise purchasing procedures.

In this blog, I’ve outlined the three reasons why your clients’ business should have control of their inventory, and the ways taking control can benefit their organisation.

 

3 reasons effective inventory control systems can optimise operational effectiveness for your client

 

1. Mitigate risks early on

A better inventory control system in your clients’ warehouse will eliminate inaccuracies in their stock levels.

Traditionally, the recording of stock is done through a time-consuming, labour-intensive yearly stocktake — a highly inefficient process that inevitably leads to inaccuracies and loss in your clients’ stock levels.

Having doubts about the accuracy of your clients’ stock-on-hand reports costs them down the line. Ultimately these mistakes get recorded as shrinkage, resulting in lost revenue and, sometimes, the perception of theft in your clients’ warehouse.

By implementing a new system that allows you to efficiently record and track all of your clients’ inventory, eliminates inaccurate stock records and minimises time spent on stocktakes. Download your copy of the HARMONIQ Effective Stock Management eBook to learn how adopting an inventory control system through an integrated ERP will mitigate risks in your clients’ warehouses.

2. Eliminate excess or back-orders for your client

The inaccuracies of pen and paper processes are in the past once you adopt effective tools for stock management.

What tools are you using to optimise your clients ordering process?

Many warehouses much like your clients, rely on guesswork to order stock, and as a result stock levels don’t match what is required to meet demand. This means your client either doesn’t order enough of what their customers require —resulting in lost sales, dissatisfied customers and reputation impacts — or they have excess inventory and dead stock, meaning money wasted and an impact on their profitability.

Some of your clients’ business’ might simply lack the tools to optimise their ordering, and instead rely on simple programs like Excel or pen and paper processes even when their business has far outgrown them.

A system that is fit-for-purpose and will allow your client to gain control over the ordering process will be a powerful tool, and our studies show that an integrated inventory system can result in a 7.5% decrease in the frequency of out-of-stock inventory. Find out more about how to gain control of your clients’ stock ordering in the HARMONIQ Effective Stock Management eBook.

3. Visibility over your clients’ entire stock

Gain insights into your clients’ business when you gain visibility over all of their inventory.

If your clients’ have multiple warehouses and they’re still using basic systems for inventory management, it is virtually impossible to have visibility over all of their stock. A lack of visibility ultimately causes all of their other tasks to be time-consuming and inaccurate, such as transferring or sending out stock.

By eliminating basic processes, you can help your client can gain valuable insights into their business. Our studies show that, paired with an integrated inventory system like HARMONiQ, 95.4% of your clients’ outbound orders will be delivered to customers complete and on time. Your client is also much more likely to have online visibility into in-transit shipment status.

Maintaining accurate and visible stock levels across your clients’ organisation enables all departments who rely on accurate stock detail to work more efficiently and make smarter decisions. To learn how to implement an inventory control system that provides access to real time, accurate data and can also simplify work processes within your clients’ organisation, download your copy of the HARMONIQ Effective Stock Management eBook.

How can my client start leveraging an effective inventory control system?

When your clients’ organisation is driven by an effective inventory control system, they will have the edge over their competitors because they can easily track, record, and order stock, eliminating inefficiencies and helping them to minimise excess and keep their customers happy.

Download the HARMONiQ: Effective Stock Management eBook today as your next step guide on helping your clients to become an organisation driven by an optimised inventory control system.

If you would like to see the impact effective stock management can have on your clients’ business, then click here to request a demo of HARMONiQ and I’ll be in touch shortly.

 

Author bio:

Drew Arthur is the Managing Director of Micronet Systems, and is focused on working with accountants and professional services providers to help their clients tune their businesses by leveraging cutting-edge technology. If you want to help your clients gain further efficiencies within their business while boosting your own revenue, click here to see how HARMONiQ Business Tuning Software can make a difference to their business and your own, or get in touch.

Big Data software for your clients: Why Big Data is changing businesses of all sizes

Does real-time data back your client’s decision-making or do they just rely on a gut feel approach?

With a world of data out there, think about how much more your clients’ business could improve if they were backed by robust data analysis and insights.

Many people think leveraging Big Data software is unaffordable and too time-consuming for small to medium businesses, but is this really the case?

Today, businesses of all sizes use data to obtain greater visibility of current trends and market activity, enabling them to make effective decisions, create opportunities, and control their inventory.

When your clients’ organisations embrace the power of Big Data, they have the potential to develop an informed understanding of their business, backed by hard numbers.

In this month’s blog, I’ve outlined the three most common ways a shift to Big Data can benefit your clients’ organisation.

Three ways Big Data software can improve your clients’ business

 

1. Effective decision making

Man standing with light bulb

For your client, Big Data software will increase the effectiveness of their everyday decision-making.

Traditionally, you will find most of your small to medium clients rely on a gut feel approach when it comes to important decision-making. Because decision-makers in companies of this size are often the business owners or CEOs, relying on a gut feel approach is time-consuming and can lead to unaffordable delays in important decisions.

In our experience, your clients will usually only investigate data when they need an answer to a specific question, or when something has gone wrong. A major issue with this approach is it makes your clients’ business reactive and not pro-active. Helping your client manage their business is difficult enough, but without real-time data, they won’t be aware of a problem until it’s too late, and they can’t just hand over some of the pressures of decision-making to their staff.

Implementing Big Data software in your clients’ organisation empowers their staff with the ability to make data-driven decisions so that the owner or CEO can focus on the higher-level strategic initiatives of the business. Download your copy of the HARMONiQ Power of Big Data eBook to see how data-driven decision making can empower your clients’ staff and improve their organisations.

2. Opportunity creation

Connecting the pieces of the puzzle.

Increase the creation of opportunities within your clients’ business when you help them unlock the power of Big Data.

A data-driven organisation can access insights that lead to opportunity creation and optimisation. Big Data can allow your client to identify why some customers are growing faster than others, and how they can work to improve relationships with their weaker customers.

Often Big Data software can break down your clients’ customers and salespeople into three categories: Average, Good, and Great.

Using this grading system, your clients’ may decide to assign their top performing resources to under-performing opportunities to lift their standing. Alternatively, they may decide to have their poorer performing resources shadow their top performers for training purposes.

Big Data helps your clients’ business by giving them visibility of open opportunities in their organisation so they can make the correct resourcing decisions.

Learn more about opportunity tracking for your clients’ organisation in the HARMONiQ Power of Big Data eBook.

3. Inventory control

Stock of inventory

For your client, effectively controlling their inventory has never been easier with HARMONiQ’s ERP software.

Your client’s inventory should be treated like cash because, at the end of the day, the money they’ve spent on inventory has an opportunity cost. Unfortunately, clients’ like yours, often make the mistake of letting excess inventory lie – what else could they be doing with the funds they have tied up in excess inventory?

HARMONiQ’s ERP platform is specifically tailored to help your clients assess what stock isn’t selling well, or where it is selling best, and what products they should be restocking. Their inventory will be monitored around the clock, enabling your clients to make effective purchasing decisions based on real-time inventory data.

Big Data software will ensure your clients’ inventory is up to date, is tracked at all times, and is easily comparable with market trends. To find out more about inventory control for your clients’ business, download the HARMONiQ Power of Big Data eBook.

How can my client begin leveraging Big Data software?

When Big Data software drives your clients’ organisation, they have the edge over their competitors because they can easily track, record, and utilise data in their business to facilitate and expedite the decision-making process.

Download the HARMONiQ: Power of Big Data eBook today as your guide on assisting your client in becoming driven by the power of Big Data. This eBook will help your client identify how Big Data can be utilised in their business to lift their performance.

If you would like to see HARMONiQ solutions in action and witness the power of Big Data for yourself, then click here to request a demo and I’ll be in touch shortly.

Author bio:

Drew Arthur is the Managing Director of Micronet Systems and is focused on working with accountants and professional services providers to help their clients tune their business by leveraging cutting-edge technology. If you want to help your clients gain further efficiencies within their business while boosting your revenue, click here to see how HARMONiQ Business Tuning Software can make a difference to their business and your own, or get in touch.