Financially-savvy individuals might have a hard time justifying the expense of using technology to organize inventory. However, if you think of this purchase more as a way to complement your business and contribute to your inventory software assets, the expense becomes easier to stomach. Finances are an important part of any company, as making a profit is the only way a business can keep operating. However, being monetarily sound is more than just how much money you spend or make in a given period of time. It also depends on what you decide to spend your money on.
Many inventory programs will cost hundreds of dollars to obtain. While this might seem like a lot to spend, considering it from the right perspective will make a big difference. Considering the cost alone would probably make the software seem not worth purchasing, as some programs can run over $1000. However, inventory software assets do a lot more than just cost your company money. These programs actually help your company save in a variety of ways:
Inventory Software Assets Reduce Overstock
Inventory software will help your company identify stock and product that is bringing you down. Without knowing exactly what you have on hand, it’s easy to buy more of something than you actually need. That product will end up sitting in storage, and if you need the space, you’ll have to liquidate it just to move it. This can end up costing your company thousands of dollars a year. But with inventory software, you won’t overstock your shelves and you can prevent big losses in the future.
Decrease Man Hours Spent Doing Inventory
Using a spreadsheet or keeping a manual inventory system can end up costing your company dozens of hours each week. Manual tracking systems are inefficient and are incredibly error prone. Your team has to spend time tracking down each item, logging them, and then reviewing inventory records once your company has sold enough product. Much of this process can be automated through software, cutting down hours spent on inventory by a significant amount. Your team can then spend that time serving customers, or working on other important administrative tasks.
Identify Which Product Perform Well and Which Don’t
Being able to track your inventory in real time also helps your company track sales. When some of your product disappears faster than you can seem to restock it, your customers are demanding more of that. Being able to identify this in real time will help you keep up with demand, and make sure your customers stay happy. On the flip side, you’ll also be able to see which products perform poorly. This will help you know which products you need to buy more of, and which products you should stop stocking.
Keeping inventory software assets will help your company increase revenue in all of the ways mentioned above. You’ll also be able to avoid common inventory problems that come from poorly-managed manual systems. Asset Panda is an intuitive inventory software solution that will help you automate much of your inventory process. You can reduce the amount of time your team spends on tracking inventory each week, and keep an eye on supply and demand with our cloud-based program.
Asset Panda helps a Chicago-based dog walking company, Dogs Deserve It, track their customer keys. Just as AP helps this company, we can help you track your business assets. Try out our program free for 14 days!