Holding onto inventory costs your company money in several ways. First, it is taking up valuable warehouse space that could be dedicated to items that are selling well. Second, the longer an item sits, the more it will have to be discounts to move the stock out of the warehouse. Third, seasonality often affects items and the product will need to be closed out at the end of the quarter.
Maintaining and planning for the right amount of inventory is a delicate balance to achieve between analysis and avoiding out-of-stock for items customers want. How can your OMS system help you achieve this balance?
Planning for and stocking the optimal amount of inventory ensures no interruption in sales, stockouts, closeouts and ultimately provides the customer with a better experience, and you a better bottom line. When multiple warehouses, physical store locations and real-time online sales connect, many inventory management systems fail to deliver accurate inventory counts.
An OMS that can deliver up-to-the-minute inventory counts from all locations, online and physical, in one centralized source with this information available to customers and across the enterprise is critical to maintaining proper inventory levels.
With large product catalogs and warehouses filled to the brim with merchandise, its impossible to track manually which items may be getting low and ready for reorder, and which items are not selling at all. Your OMS should have forecasting and planning measures built in such as:
Are you running on an OMS that doesn’t help you move your inventory? Let us show you an inventory and order management suite that helps eliminate manual processes and make more intelligent decisions on planning, forecasting. Stocking the optimized, and minimized, amount of inventory can save your company major money.