Strategic Inventory Management
When your business has adequate insight into performance of each department, it can act on strategic inventory management plans to optimize quantities on hand for growth and profitability. If each department handles its inventory tracking separately, its information is isolated and apt to vary, causing inaccuracies in reporting by the time someone in the finance department consolidates the information.
Current Strategy vs Goal-Oriented Strategy
Following the pandemic and all the challenges it presented, this year’s lingering issue is a shortage of skilled workers. It’s hard to prioritize when your staff is challenged to keep up with the day-to-day tasks for managing inventory. Updating your software, setting aside time for a physical inventory count, reconciling your books, and other necessary jobs get pushed back for a slow period or when someone else gets hired. In the meantime, as time goes by, inventory quantities and costs become more varied.
Striking the balance between demand and production requires you have processes in place. If your departments rely on manual record keeping, human error is just a normal part of it. If you’ve been putting off upgrading your inventory system until business is more profitable, waiting may cost you more money over time. In reality, you don’t have to wait to take advantage of the highly efficient and affordable features available to your business with SOS Inventory.
How SOS Inventory Facilitates a Strategic Inventory Management Plan
Finances:
Finances:Many customers come to us at a time when they are moving from desktop inventory management to cloud-based software, particularly when they are using QuickBooks Online. This process introduces everyone at the business to working with a single system to tie all their information together in an organized fashion, helping their finance department keep better records.
SOS Inventory makes this easy to do by integrating with your QuickBooks Online account, sending information in both directions to ensure data always matches on both ends. It’s not usual for records to lack information about work in progress; this is easily resolved with SOS Inventory as inventory is tracked at every stage.
Response Time:
If you can’t find information or must search for it, your response time slows down. Meeting the demands of customers who have increasing expectations is next to impossible when you can’t keep up with your competition. SOS Inventory gives you a competitive edge by providing you with up to the minute reports about any product at any point in time. Strategic inventory planning lets you make the right decisions at the right time to save money and increase profits.
SOS Inventory lets you automate steps to save time and money on labor. And mobile accessibility from any location with internet access makes updating inventory from your warehouse or your home office easy, convenient, and efficient.
Accuracy:
Whether you require accurate records to furnish information to regulators, the IRS, or a potential investor, SOS Inventory gives you precise, transparent information for less hassle maintaining financial records. Strategic inventory control begins with tracking everything so you always have your fingers on the pulse.
Once you’ve moved your inventory into the SOS Inventory platform, you can start streamlining processes, reducing labor costs, and accessing reports about any product to better understand where improvements and wins are being made. Transparency of data throughout your business will give your team a better handle on everyday workflows and the ability to react quickly should an issue arise.
The ideal inventory management technique for your business depends on demand fluctuations and whether your business makes products to order or mass produces product.
Take charge of your business with a strategic inventory management move to SOS Inventory.
