High costs of an inventory management or stock control software are usually factors why companies don’t invest in a proper inventory management software.
The real question is, in the 21st century, how can businesses afford not to have management software for their inventory? Besides fixed assets, inventory is usually the largest priced asset of any business. Allowing those assets to go unchecked, unregulated, and unsupervised, as it goes from supplier to consumer leads to a decrease in profits. Meanwhile, the return on investment for management systems is enormous. The five main areas where businesses usually see ROI are in:
Managing inventory, as noted above, excess stock, or a lack of stock, can cost you. Warehouses can cut costs by not purchasing inventory until it’s needed and can earn price breaks by ordering in larger quantities.
Maximizing labour- Getting the most out of employees without wasting their time, including in the training of new employees, is crucial, and increased productivity is a hallmark of quality inventory management software.
Satisfying customers- Beyond your business benefitting from good customer service, satisfying customer orders also prevents your company from violating service-level agreements.