Whether you have a large catalog of products or a small one, effective product segmentation can help improve your inventory management, providing you with more in-depth data and a clearer sense of what products you need more of. An advanced inventory control and planning solution can provide your organization with intuitive product segmentation based on supplier data, so you won’t have to waste time with manual segmentation, which is usually time consuming and prone to errors. Discover below some key benefits of simple product segmentation for your inventory management.
- Segmentation by Brands helps you understand what brands are most important for your store and then compare their performance. You may discover that your inventory performance depends largely on just a few brands. You can then act on that information to maintain optimal stock levels and seek better deals with suppliers that restock those brands.
- Custom segmentation enables you to manage and track more easily specific products across categories, such as products you use for contests, giveaways, events, or other special purposes. A capable cloud inventory management software for small business helps you carry out custom segmentation through tags which you can manually apply to individual products.
- General segmentation by Product Parents, Brands, and Types gives you a better understanding of your stock, making it easier for you to sort it as well as to understand problem areas. By breaking down your inventory according to its type and source, this segmentation gives you more actionable data you can use with your inventory analysis and planning app.
Effective product segmentation also holds the key to a more comprehensive inventory analysis on a weekly, monthly, quarterly, and annual basis, providing you with more inventory performance figures that can inform your inventory strategy for the next year. Without product segmentation, your inventory data will be more generic. Determining the availability, criticality, or usage value of particular types of products in your inventory will be more challenging.
Implementing Segmentation
Many small businesses and organizations don’t use product segmentation effectively because they try to do it manually, using spreadsheets and other documents. The best way to handle product segmentation in a way that improves your inventory management and control is to use an intuitive inventory control and planning solution that offers this functionality.
DataQlick is a cloud inventory management software for small business that takes product segmentation seriously. Offering enhanced segmentation, DataQlick empowers you to add attributes such as Product Parents, Brands, Types, and Tags to your segmentation process, and then uses them for analysis. To learn more, explore DataQlick’s inventory control features.
