12/14/2023 0 Comments Inventory control systems![]() It also doesn’t support flexible fulfillment options like Buy Online, Pick Up in Store (BOPIS) - which are becoming increasingly popular with consumers. But even the most well organized and routinely updated spreadsheet can’t, on its own, deliver real-time insights into marketplace conditions or emerging supplier problems, such as a ship with goods that is stuck in port. Many businesses use spreadsheets to manage inventory. That builds customer satisfaction and drives repeat business. This increases the chances you can keep shelves stocked and deliver goods quickly and correctly. Automated reporting and reordering reduces costly mistakes like out-of-stocks, overstocks, mis-picks, and mis-shipments. Not only does greater visibility enable bulk purchasing while cutting storage costs, embedded analytics make it possible to more accurately predict demand and make timely purchases. The improved visibility companies gain when they implement a real-time inventory management system is significant. Automating inventory management systems saves money and avoids wasted labor - and it all starts with inventory visibility. With real-time inventory data, companies can apply automation and predictive analytics to surface key moments earlier. Knowing when and how much to order is key to successfully managing inventory. The underlying challenge behind inventory management is clear: Buy too much and risk accumulating outdated stock, but buy too little and you won’t have anything to sell - resulting in unhappy customers who will leave to shop elsewhere. Automated reordering and predictive analytics ensure brands can replenish goods at key moments, such as when demand is rising but the reorder point hasn’t been reached. At these companies, operations and merchandising teams know at a glance exactly how many units of each item are in stock at each location, how many await shipment, and where they are stored within a fulfillment center or warehouse location. However, the most advanced systems also account for real-time reservations across selling channels - for example, a platform that integrates sales data from a retailer’s website, app, and brick-and-mortar stores. Tools like barcode scanners and SKUs can track the physical flow of goods and give companies an easy view of their inventory. That’s why creating inventory visibility is considered an inventory management best practice. The ability to do this enables growth at scale. From a single view, companies can quickly track and store massive quantities of data, match supply with demand, and reduce instances of overselling and underselling. ![]() Inventory visibility is the ability to view the quantity and flow of goods in real time.
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