Optimizing your business inventory is a core function ensuring smooth operations, high profits and satisfied customers. It is a balancing act involving:
- supply and production
- calibration to meet demand limits
- constraint by the amount of money invested in inventory
- ensuring enough product is available as demand requires, yet not too much when it recedes.
Demand is not static and it is a skilled job to determine reorder points that meet all the conflicting pressures.
Effective Business Inventory Management
Managing business inventory implies an ongoing process of adjustments to ensure the right amount of inventory is available when it is needed to avoid stockouts and overages throughout the year, as demand varies.
If the only concern were to meet demand, a business might consistently carry more inventory than needed at any time to prevent loss of sales. But inventory costs money; often one of the largest financial burdens a business sustains. Rightly, no business owner would want to tie up more money than is necessary.
Carrying too much stock is yet another concern. Excess is a much bigger problem for some industries than others such as fashion, food, and technology, to name a few. In food industries, the gravest concern is spoilage. In fashion and technology, trends evolve so quickly, inventory may become dead stock if not sold at liquidation prices. Excess inventory takes up space – space you may not have available or must pay additional money to secure.
Unpredictable factors have a habit of emerging to disrupt the normal flow of production. If your suppliers are impacted by weather, shortages, political issues, etc., your lead times will lengthen, and you run the risk of impacting production.
The Best Business Inventory App
Whether you manage your inventory on your desktop or mobile device, SOS Inventory has the ideal solution for small businesses at an affordable price point.
SOS Inventory helps you master the balancing act of inventory management. By reining in costs and activities from every corner of your business, all operations are synchronized and integrated in one system, with a single set of data that flows consistently from one department’s work activities to another’s. Real-time transactions update inventory and costs across the board giving everyone one version of the truth.
With better inventory control, a business can more accurately predict changes in demand. Ultimately, the goal is to deliver greater control and profits while lowering costs and establishing that just the right level of inventory is carried to meet all demands.
Quickly interrogate and analyze data in any area of your business for improved decision making. No matter the location, all inventory is controlled in a single system, generating unified data for sales, production, fulfillment, and accounting.
Effective Inventory Management
The best inventory software for small business is one that provides all the bells and whistles of expensive ERP software at a price tag that’s easy to manage. At SOS Inventory, we understand small business needs and how they change as your business evolves from a startup on spreadsheets to a fully operational team. When a company is small enough for one person to manage all the data, you might be able to keep your numbers straight, but over time and with growth, you need a robust software platform that can handle all types of transactions from every department and tie them all together. And that software is undoubtedly SOS Inventory.
Business Inventory Control
Why aren’t spreadsheets sufficient to manage a small business’s inventory?
They may work just fine at first, but as you grow, inconsistencies will develop across departments, hampering decision making.
If you want greater control, increased profits and maximized growth, moving to cloud-based SOS Inventory software is the best plan for sound inventory management.
SOS Inventory is one of the world’s leading SME operational inventory and manufacturing solutions, so it is fitting that it integrates seamlessly with QuickBooks Online, the world’s leading SME financial control system.
It is fully mobile-ready – access SOS from your desktop or on the go. Scan barcodes using any mobile device to conduct a physical inventory count in any location’s warehouse. If you can do it on your computer, you can do it on your phone.
SOS Inventory removes the drudgery, freeing your staff to focus on quality control and growth.
Why not get started today?