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3 Common Inventory Management Misconceptions Busted!
For those of you who have a product-based business, inventory is the most important part of it. Your entire sales flow depends on consistent quality maintenance of inventory. Errors made here would require a lot of effort to get the process back on track.
If your web store is on Magento, then you have the option of simply using a Magento inventory management plugin for it. This way you would be able to handle everything easily and the change of error will go down drastically. With the right inventory management tool, you don’t have to worry about things going wrong quite as much.
One of the common reasons why businesses don’t use inventory management tools is because there is a lot of negative dialogue about it. Because of all that misconception, all the magento users are missing out on tools that are easily available to them. It is time to talk about some of the common inventory management myths and bust them.
Myth 1: Inventory is Manageable without Software
Businesses that usually stick to old school ways of running operations usually ignore the changes in such technology and tend to not trust software when it comes to efficient management. They usually maintain everything on paper, or even on a computer. They use a database management tool without any automation or other advanced tools.
Now, let’s bust that myth!
Software is not limited to simply storing your records. It can do a lot more than that. A basic database software can have an inventory management plugin which helps manage all inventory related things, like stock overview, automated low stock reordering, warehouse management, product management, Return Merchandise Authorization management, etc. It also simplifies the communication between your branches across the country.
Myth 2: Inventory Software is not Reliable
There is a deep sense of distrust when it comes to software. Businesses tend to use old ways rather than understand the ease of newer technology. It is often because there are misconceptions about how technology works and its true potential.
Software is a saviour!
Software is king now. The right magento inventory management plugin can do so much more than the old traditional pen & paper management! It eliminates a lot of manual tasks that are error prone and automates the workflow. Another advantage of using software is that while employees come and go, with software, your inventory need not be dependent on any particular person. Software can also run around the clock, thus maximising productivity.
Myth 3: Constant Tabs on Inventory
Enterprises tend to be overly cautious and recheck inventory frequently. They want to make sure they don’t have anything extra, and that they don’t run out of the popular items. Making sure that they have the right balance of products is quite anxiety inducing for them.
Let the software do the hassle
With Magento inventory management software, you can rest easy. Monitoring inventory need not be such a harrowing task. It can take over the burden of managing your stock. With smart demand prediction based on past data and analysis, your inventory management tool knows exactly how much stock to keep at hand. This way, you no longer have to run about double-checking everything manually. Just get live updates of your inventory with just a glance and keep your worries at bay.
These are some of the misconceptions that are rampant in the ecommerce industry but after reading this article, you can rest easy knowing that a good Magento inventory management tool is a blessing and you should start using one for your store.
Maulik Shah is the Founder and CEO of AppJetty, a fast growing software add-on store selling extensions and plugins for various technologies, including Odoo themes and odoo apps Magento 1 extensions and Magento 2 extensions. Maulik is a tech enthusiast and writes about the various aspects of ecommerce technology.
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