Stock control software can be a major boon for retailers who are expanding and starting to have difficulty keeping up with their stock. These software systems don’t merely track stock, they offer robust forecasting systems based on your real-world data which allows you to plan and make smart money-saving stocking decisions.
However, these systems can also be a sizable investment, particularly for smaller operations. Is it time for your business to embrace smart stock control? Here are some signs that you need an upgrade.
Do You Need Stock Control Software? These Are the Signs…
- You struggle with seasonal forecasting
Properly planning for seasonal stock is a major problem for any retailer. In any situation where demand for a product can vary wildly across a year, it’s easy to end up either over-stocked or under-stocked – and both will be costly. This is particularly true when the items are perishable, or in a field such as Veterinary where items have expiry dates.
A good inventory planning software system can take your real-world data and make highly accurate forecasts, even when the items in question are volatile.
- Your warehouse is filling up
When a retailer has poor stock planning, it’s often most reflected in the state of their warehouse – it’s becoming full of excess and obsolete items that are difficult to move. Sure, clearance sales will free up space, but that’s throwing away money. Having too much capital tied up in your stock can even negatively affect your liquidity and cash flow.
Good item tracking and forecasting prevents this, equalizing your stock levels and preventing over- or under-stocking.
- Customers complain about unpredictable service levels
Buyers today in all fields want reliability and predictability from their retail partners. You should be able to offer the same level of service, and the same rapidity of shipping, no matter the product on offer. If you’re seeing a lot of variation in how quickly customer orders are fulfilled, that’s another sign you need a better software package to get on top of the problem.
- You’re wasting time manually doing stock management or putting out fires
Whether it’s you personally or an employee, how much time and effort is being spent on manual stock management. Are you constantly having to “put out fires” caused by stock problems, and having to go through time-consuming manual processes? If you feel like you’re being taken away from your core competencies to deal with stock issues, inventory planning software can take that burden away.