123ArticleOnline Logo
Welcome to 123ArticleOnline.com!
ALL >> Hardware-Software >> View Article

3 Common Problems Overlooked In Inventory Management

By Author: Khushi
Total Articles: 3

If you ask any company what the most challenging part of managing their business is – 9 times out of 10, they will say inventory management. This is because inventory management affects many different parts within a business organization – from warehouse management and on-shelf availability to loss prevention, financial audits and customer satisfaction. It only gets more complicated as more product SKUs and locations are added.

As your business grows, how do you ensure you are maintaining the right amount of stock? Hold too much, and you may tie up working capital and inhibit growth. Not enough, and you may disappoint customers. A rock-solid inventory management system becomes even more critical when scaling your business.

Businesses are faced with:

· Duplicate entry into disparate systems
Often, companies use multiple systems to help manage their operations, including Quick Books and Microsoft Excel. Initially, they find that the systems become insufficient to manage their operations. However, with any potential expansion locally or globally, smart business leaders are taking the time to re-evaluate internal operations and combine all systems into one fully integrated solution.

· Limited visibility into inventory and revenue streams
With data residing in different systems, reconciling data to a central location can be an impossible task. There is limited visibility of business performance, including inventory, expenses, cash flow and a clear picture of revenue coming from multiple locations. These challenges can affect the executive management’s ability to make strategic decisions.

· Need for remote access to inventory data
As a company expands into more locations, the complexity of access to data grows enormously. To be fully productive, employees need to be able to get the information they need on any device they choose and at any location, without frustrating security or usability roadblocks. They also need the data to be accurate so they can trust the information they are passing to customers.

More About the Author

Globus Labs is a complete IT solution provider and consultancy company. We are growing by staying focused on understanding the business and technological challenges of our customers. Globus Labs has a team of highly trained engineers, and executives from different verticals who keep researching on new technology to come up with more cutting edge solutions and products for our customers. We believe in providing cutting edge solutions using latest technology.

Total Views: 14Word Count: 305See All articles From Author

Hardware/Software Articles

1. Give Your Swimming Club A Dynamic Touch With Software
Author: Matt

2. Must Have Services Of Software Development Companies
Author: Arnav Ahuja

3. Mcafee Activate Cards/activatemycards
Author: mark

4. Iot And Machine Learning
Author: wowinfotech

5. Here's How A Crm Customer Portal Solution Simplifies E-commerce Operations
Author: Maulik Shah

6. Mobile App Vs Web App
Author: Yashraj

7. Quality Engineering Is Not Just End-to-end Software Testing
Author: Diya Jones

8. For Enhancing The Performance Of Your Device, Buy High-quality Laptop Chargers
Author: Charlie Puth

9. Offshore Wordpress Web Development At The Most Affordable Price At Elsner
Author: Harshal Shah

10. Best Practices For Automating Mobile Testing
Author: Diya Jones

11. Must-have Features For A Third Party Salesforce Crm Portal Solution
Author: Maulik Shah

12. Eineanleitungzum Batch-export Von Pst-dateien In Mbox Mitanhängen
Author: Daniel

13. Pre Order & Backorder Extension By Fme
Author: Alex Bryan

14. Revamp Your Business Practices With Digital Transformation
Author: Diya Jones

15. How To Effectively Shift From Manual To Automated Testing
Author: Diya Jones

Login To Account
Login Email:
Forgot Password?
New User?
Sign Up Newsletter
Email Address: