With the government being committed to help more small and medium enterprises (SME’s) transform digitally to stay in business amidst tech disruption, having an idea of where to start off can be a big question.
At Edgeworks we recommend starting off from the core part of any business, the backend.
In Singapore, most SME’s still use the conventional excel sheet or even the traditional pen and paper method to keep track of stock which leads to high rates of error. Without accurate accounting of how much inventory a business has, where that inventory is located and what will be needed to complete incoming and future orders, no company can run efficiently enough to turn a profit and generate growth. Shockingly, inventory inefficiency is common for many businesses in Singapore.
Inaccurate inventory records create a higher lead time (the time between the initiation and execution of a process), which means a slower response to demand, market changes and stock outs. This, in turn, can create customer disapproval when products aren’t available as needed. For small businesses, the margin for error is too small not to meet required demand (only about 50 percent of small businesses survive past four years). Plus, a shorter lead time has become an important source of competitive advantage.
By understanding what’s key in the inventory and stock take process we have developed efficient ways for you as a business owner to manage and improve on your stock and inventory processes. Check with us today to see how our software can help your business grow and stay relevant in today’s business landscape.