March 8th 2023 11:00:00 AM
5 Revealing Strengths of Companies With Access to Real-Time Inventory Data
October 30th 2014 14:37:45 PM
When it comes down to it, do you have all of the information you need to run and manage your business effectively? Do you have access to inventory numbers as they occur, or are you having to wait for a report from your warehouse team before you can take action on any inventory concerns or decisions? If you do not have access to real-time information, you put your company at risk of falling behind the competition and losing valuable customers. Lack of information can lead to over and under stock situations, not to mention missed opportunities for improvement or change.
With today’s technology, there is no excuse for not having access to real-time inventory data. Both the Cloud and mobile technology make it easy for managers and executives to access important information and data. Mobile inventory management applications put the information instantly at the fingertips of your most important decision-makers, allowing them to see current trends and forecast accordingly. This, in turn, helps companies determine their course of action in response to changing consumer demands and economic trends.
Over the years, we have studied and observed what sets the top-performing companies apart from the rest. During our studies, we have determined that access to real-time information is one of the most distinguishing factors between a top-performing company and a company struggling to meet their goals. With access to real-time data and information, these companies have everything they need to rise to the top. To help you understand the importance of real-time inventory information, we’ve listed the top give strengths companies with access to this information have in comparison to their uninformed counterparts:
- They have a plan. Companies with access to real-time inventory data have all the information they need to create a healthy and sustainable plan for the future. Because they have access to data and information as it occurs, they are able to modify their plans and respond to drastic changes immediately.
- Their customer service is extraordinary. Having access to real-time inventory data means that when customers call or email about inventory-related questions or concerns, you can find the answer quickly. This, in turn, will boost your customer’s impression of the company and help you win more customers in the future. When you know exactly what you have on hand and where your inventory is stored, you can fulfill orders promptly and efficiently, allowing you to serve more customers and increase your profitability.
- They have control over their expenses. Failure to maintain accurate inventory records could mean you are shipping items out too close to (or after) a deadline. This often means increased shipping costs in order to get the order to your customers’ on-time. Over time, this could wreak havoc on your expenses and impact your profitability. With real-time access to your inventory situation, you can exercise better control over your inventory-related expenses and predict when you need to order new stock.
- They have clear and measurable goals. Companies with access to real-time information are able to measure their success (or failure) and create actionable goals from those measurements. Without instant access to your inventory numbers, you have no way of measuring your progress or determining your success.
- They aren’t wasting any time. When you have access to real-time information, you don’t have to spend time tracking down numbers or running reports. All the information you need is at your fingertips. This allows you to increase your efficiency and dedicate your time to more important (and necessary) tasks in the warehouse.
Here at Scanco, we believe that the best decision is the most informed decision. That’s why we’ve created our newest Sage 100 mobile inventory management applications. With access to real-time inventory numbers, you can determine the best course of action for your company—all from the convenience of your mobile device. By using the technology available to you, you could begin to achieve your inventory goals and start planning your path to success.