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3 Common Problems Overlooked In Inventory Management
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.
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.
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