Inventory: it is what keeps your business going, but at times it can become quite overwhelming. Making sure that you have the right products in the right place at the right time is a real balancing act. More and more small to medium-sized businesses are realising how much of an impact inventory has over their revenue.
‘Today’s business leaders do best when they can manage for the future not just today. We are at a point in time where rapid rate of change is overwhelming. Business leaders should not retreat from this new, constantly changing technology-driven environment. Rather they need to jump right in and use technology to manage change and anticipate the future.’
-G. Drenik, CEO Prosper Insights & Analytics
What is the purpose of inventory management?
Maintaining the right amount of products is tricky, you need to have the right amount of products at the right time, otherwise you risk depreciation, expiration, etc. These losses can be avoided by adapting an inventory solution that supports your operations–a solution that tells you when to deliver, at what time and at what cost. By balancing the ability to offer the right product to the right customer at the right time, you can concentrate more on meeting customer demands and minimising inventory costs. This leads to improved customer service and loyalty, which can help improve your profits.
When you first began your business, inventory may not have been a top priority. However, as your business has grown, and will continue to grow, you will want a solution that will not limit you, and will assist in growing your business.
Find out how you can boost your company’s success with the help of an inventory management solution by downloading our free guide.
 G. Drenik, ‘Are you Building A Business For Where The Market Was?’ www.forbes.com/sites/prospernow/2014/10/13/are-you-building-a-business-for-where-the-market-was, December 2014, (accessed April 2015).