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
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
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
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.
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.