Inventory supply management is all about being in balance. You have to teeter between having excess stock and having too little stock. The reason for this is simple: having excess stock will incur extra business expenses and having too little stock may lead to loss of sales and damaged reputation of your business.
The best way to ensure you have the right amount of stock in your business inventory is through business analysis. Business analysis consists of analyzing sales data and having a strong knowledge of your inventory. Analyzing sales data will allow calculations to be made of your average sales per day. This allows you to predict how much stock you will need to have on hand while waiting for further stock to be delivered.
Unfortunately, most businesses don’t have all this information readily available and end up spending many man-hours compiling the data, which results in further costs to the business. A good way of monitoring the inventory supply management of your business is with inventory control/management software such as a business intelligence small business app. This kind of software allows small business owners to have all this information stored securely in one location for ease of access at any time and from any place.
Investing in this software will save your company a lot of costs associated with the compilation of data as well as costs associated with manual inventory management. Business productivity can be increased with the right business intelligence small business app that contains useful information regarding inventory and financial sales data. Furthermore, the software will calculate when new stock is required and will notify you when this is the case with a “low stock warning”.
Using analytics and the right business intelligence small business app to stay in control of your business inventory has been made easy with progression in technology. If you want your business to get ahead of the competition, now is the time to implement it because in a few years this will simply be the standard operating procedure.