By Inventory tracking is a crucial part of any business that sells physical products. It affects every aspect of a business, from financials to customer satisfaction.
There are many different inventory tracking methods, and the best one for your company depends on your unique needs. However, there are some basics that all businesses should consider when determining their inventory tracking strategy.
Cost-Effectiveness
Inventory tracking is an important part of ensuring a business has adequate stocks to meet consumer demand. It helps firms avoid stock-outs, which can be costly and damaging to customers.
There are a few ways to track inventory levels: spreadsheets, inventory apps and standalone software systems with automated features. These methods can help businesses streamline inventory management, reduce costs and increase accuracy.
One of the main advantages of automated inventory tracking is that it eliminates a lot of human error. This reduces the opportunity cost of staff time and frees them up to focus on more valuable tasks.
Another cost-effective aspect of inventory tracking is that it can help companies manage risk and keep track of lost goods. This can be particularly beneficial if the company is a retail shop that regularly receives customer returns. Keeping up-to-date data on where losses occur can enable them to identify problems early and fix them before they cause expensive operational issues.
Availability
A well-functioning inventory tracking system is an important tool for the overall success of your business. It can save you time and money, ensure customer satisfaction, and reduce your risks of making costly mistakes.
The availability of a product is a key factor in winning the buy box on digital shelf platforms. Products that are frequently out of stock have fewer chances of being displayed in search results, winning the buy box and increasing customer loyalty.
This table can be filtered to show availability at an hourly interval. You can also adjust the start and duration of availability periods manually.
Availability data is collected locally by the Avantra Agent (except for SAP systems, SAP instances, Databases, and SAP Business Objects). It is sent and updated hourly. This allows Avantra to be independent of network interruptions.
Accuracy
Accurate inventory tracking is a crucial component of supply chain management. It minimizes stockouts, reduces operational costs, and enhances customer satisfaction.
However, accurate inventory counts can be difficult to maintain. Disorganized warehouses, for example, are prone to misplaced items and wrong lot numbers, which can throw your totals off track and impact reporting accuracy.
The best way to ensure that your inventory is accurate is to check it regularly. To do this, you can perform physical inventory counts or opt for an inventory valuation method. The latter can help you determine how accurate your inventory is and whether or not it has any inconsistencies.
Customer Satisfaction
Keeping customers happy is one of the most important things that a business can do. Satisfied customers are loyal to the business, often becoming repeat buyers and driving sales revenue for a company.
The best way to keep customers satisfied is to provide them with an excellent customer experience. That means delivering them the product they paid for on time and meeting their expectations.
Inventory tracking is an integral part of achieving that goal. It’s designed to help companies monitor stock availability, determine purchasing schedules and cycle out unused or obsolete products.
Having a good inventory management system helps companies ensure that their customers are receiving the items they ordered and on time. It also helps them track the status of those items and their costs. It can also reduce the risk of stockouts, which can result in customer dissatisfaction.
