As your business grows, so does your inventory. While this is initially a good thing (more inventory usually means your products are in higher demand, which means more sales), things can get a little out of hand if your inventory is not properly being managed or tracked. The smaller your business is the easier it is to keep track of inventory manually, but it’s best to get into the habit of proper inventory management at the start. With this in mind, you should think about implementing an inventory management software system to help keep things in order and on track so that you never have to worry about your inventory being mismanaged. What’s more, as inventory management software evolves, new features arise like a barcode system. In short, your business deserves the best management techniques you can give it, so why not start with how you handle your inventory?
The Importance of Inventory Management for Your Business
As a business owner and manager, chances are you have experienced poor inventory management at some point in your career. Of course, no business likes to think of their inventory management as “poor,” but this can happen to even the best businesses. It can be the result of ordering more or less inventory than was needed which can lead to misplaced items, ruined or spoiled items (when it comes to foods, makeup, and other perishable items), and lost money and resources overall. While this is a common mistake, the impact can be pretty steep, resulting in loss of revenue and customers over time. When this happens, it can be hard for your business to recover, making it imperative that you have good inventory management skills in place as early as possible.
What’s the Best Way to Manage Your Inventory?
There are many ways to manage your inventory, but when you live in the digital age, using software is your best bet. When managing inventory the old fashioned way, you can run into a lot of issues that could easily be avoided by simply using a cloud software system. There are different kinds of software systems to choose from, but plenty of systems come are designed to work well with what you already have going on. To add even more to your standard system, there is inventory management software with a barcode system that works even better no matter what size your business is or how much inventory you have to work with and keep track of. If you want your business and revenue to grow, investing in an inventory management system with barcodes is the right next step. Of course, you shouldn’t just take our word for it. To help you make your decision on the best inventory management system to use, we have compiled 5 important reasons to consider implementing inventory management software with a barcode system.
The 5 Important Reasons to Implement Inventory Management Software with a Barcode System
1) It’s Cost Effective
The more products you have, the more likely it is for things to get lost in the shuffle of everyday business. When this happens, you can end up losing products, miscalculating product amounts, and ruining data counts, which can result in one thing: losing money. Using an inventory management software with a barcode system saves you money thanks to the automatic product identification that comes with a barcode system. Almost instantaneous recognition and implementation of data not only saves you time, it also saves you tons of money as well. In addition to ensuring that your stock count is always accurate, a barcode system only costs a few cents per barcode label and gives you the freedom to cut down on training time and labor costs when managing inventory. What’s more, having a barcode system improves productivity, which can result in more sales and more money coming in. Further, a barcode system can lower costs of capital when it comes to carrying and storing inventory. With a barcode system, you will always know exactly how much you need of certain products, saving you from over or under ordering.
Finally, inventory count accuracy can save you money when it comes to tax season as well. Though inventory itself is not deductible, inventory will decrease your “taxable income.”
2) It Eliminates Error
Human error is a drawback you usually can’t avoid, but with a barcode system, you can get a little closer. When manually keeping track of inventory, handwriting can get ruined, papers can get lost, and any number of other tragedies can happen, opening up your business to some serious repercussions. When using a barcode system, keying numbers and keeping track of certain data becomes easier than ever. This is especially user if your product have long serial numbers or lot identifiers. The likelihood of errors goes way down, allowing you to rest easy as you count, order, and scan inventory.
3) It Ups Security
Your inventory requires the utmost protection because, without it, you really don’t have a business. If your products are lost or stolen, it means more than just wasted money and time: it also means that you won’t have what your customers are looking for when they’re looking for it, which can cause them to take their business elsewhere. If this happens enough times it could ruin the reputation of your business as a whole, losing you money and customers altogether. Thankfully, implementing an inventory management software with barcode system can take care of all of this and more. Barcode technology actually helps lower the risk of mistakes by tightening security. It offers a totally traceable and auditable way of keeping track of your items no matter what happens to them or where they may end up. With this extra security, it lowers the likelihood of theft, loss, and liability.
4) It’s a Time Saver
If you are not working with an automated inventory management system, you are likely having your workers keep track of products manually. This can be anything from writing down inventory data in ledgers, keying the data in, or physically having to move through your warehouse or stockroom to find items to ensure they’re available to ship or move to the main floor. When using a barcode system, you already know what you do and don’t have in stock, where to find a specific product, giving you an accurate idea of what you need, what can wait, and what needs to go out right away. In addition, a barcode inventory management system can lead to better time management overall. Not only does it save you time, but it gets you in the habit of using the time you have saved wisely. When you have one less thing to worry about, you can automatically put time into promotions, new product development, new campaigns, and more.
5) It Helps You Control Inventory In a More Efficient Way
Overall, implementing inventory management software with a barcode system is just a great way to control your inventory in a more efficient way. You already know how important it is that you have a handle on inventory and stock, so you don’t want to make any room for error where there shouldn’t be. Barcode inventory management software offers an extra layer of protection and security for your business. What’s more, a management system with a barcode gives you the accuracy other systems cannot guarantee. When each item has a barcode to identify it, you never have to worry about whether or not an item is available when it is needed. The system keeps you in the know at all times, so you can always provide your customers with up-to-date and totally accurate information concerning products, ordering, shipping, and more.
As your business continues to grow, you’re going to want to provide the best possible resources for it. Choosing to implement an inventory management software with a barcode system is one of the best decisions you can make for your business’ longevity and success.