4 Benefits of Investing in Technology for Stock Control

Technology has become an integral part of businesses in Singapore. It has been critical in the growth of companies that either stock products to sell or provide warehouse services to companies that need additional storage for their products. Without technology, the whole system would be chaotic, especially if the company is dealing with multiple businesses.

Saves time and money

To be able to cope with a multitude of stock, a business will need a skilled workforce to ensure every process runs efficiently. Inventory apps help to keep track of products in stock, those that have been ordered from the supplier, and those that have been commissioned by clients. Inventory apps can be integrated with other systems such as order management systems to have real-time deductions of stock based on client orders. This saves time and effort from doing stock-taking often since this information is readily available.

Breaks down intricate details of client orders and delivery locations

Today, businesses attract clients by providing various shipping options. Some firms offer free shipping without conditions while others demand a purchase of goods at a minimum price to qualify for free shipping – and some companies do not offer free shipping. A business that has been tasked to handle packaging and delivery of products from multiple companies needs to have all the shipping information at hand. Inventory apps help to manage all orders and guide personnel to follow stipulated regulations without mixing up the orders and ensuring they are shipped as scheduled.

Helps avoid shortages

The one statement that sends clients away is “the product is out of stock”. Telling clients this does not just show that the product they want is unavailable, it makes the company look disorganized and unprepared. It is paramount for businesses to ensure more products are ordered in time before they run out. Having an inventory app assists in ensuring businesses are aware of the first and top selling products, the quantity sold, and what is still available.

It is essential for business owners to understand how long it takes to receive stock from their sources. While monitoring their stock, it is vital for business owners to consider what is available during the time it takes to receive the next consignment. With an inventory app system, at one glance business owners will have an idea of when to order for more supplies.

Reduces possibility of having unnecessary surplus

Although having enough stock is an excellent idea, having an excess of items that do not sell quickly is not prudent for any business. Your money will be tied in this stock for weeks and possibly years. The return on investment is not positive if months are needed before seeing profit. Inventory apps help to keep track of profitable products and those that are less profitable. This information will serve as a guide to where businesses should concentrate their investments.

 

There are multiple inventory apps for all business types. It is important to consider an inventory app that provides scalability services. This way, as your business grows, you will be able to expand the information in the inventory app without using another app or system, unless you wish to do so.