Want to improve the way your business works? It’s easier than ever thanks to advancements in data collection, management and business intelligence software packages. The key, however, is bringing together the right ingredients in order to create intelligence you can actually use.
One of the most overlook aspects of this system is ecommerce inventory management. Companies often focus on sales and purchasing as a way to calculate inventory flow and conduct sales forecasting for small business. While this approach can work, it leaves out crucial information that could help, as well.
Inventory management is about more than just figuring out what to store where, it’s about understanding the flow of product from the moment it’s purchased from a vendor until the second it sells to one of your customers. Understanding this turn-around time can help you purchase more wisely, evaluate vendor relationships, negotiate price breaks and plan marketing and management.
Data that comes from every part of your business plays a role in the quality of the Business Intelligence you can garner. By using a piece of integrated inventory management software, you can add this information to your data warehouse, thereby improving the overall intelligence you gain by examining the data. Essentially, the more you put into creating intelligence, the more you’ll get out of it.
Inventory management has changed over the years, especially since the advent and development of ecommerce options. So as you’re creating a network of software and information that will guide your company into the future, be sure you’re not overlooking this important information. Inventory, after all, is what drives your customer base and your profits.