3 Best Practices on Inventory Management for Your Business
One of the oldest, most time-tested methods of assuring business success is also one of the simplest. Sell what’s in stock. While this advice may seem like a no-brainer, you’d be amazed as to just how much trouble many restaurants, small grocers, and retail stores get into because of poor inventory management. If you’re sold out of your hottest item halfway through the sale, you’re not just dealing with disappointed customers, you’re dealing with lost revenue. And, with today’s razor thin profit margins, its revenue you may not be able to make up.
How important is proper Inventory Management? Extremely.
In a recent posting, The TLC group correctly defines the importance of proper inventory management. “Where your company stands on inventory management tells a lot about your success or, potentially the lack thereof.” The story goes on to quote a Bain & Company article that’s as true today as when it was written in 2011; “getting inventory levels right is vital since it not only controls costs but also serves as a barometer of a company’s overall health.”
3 Ways to get Inventory Right with Revel
- Categorization – It’s a known fact that some products, goods, services or specials move faster than others creating shortages in some categories and overstock in others. Revel’s Real-time tracking monitors inventory levels at any exact moment allowing you total access to up to the second tracking data. Ordering more of what’s hot and cutting back on what’s not has never been easier.
- A Solid Forecasting Capability – There are many outside components that effect day to day business operations. There are seasonal considerations, holiday drive-times, traditional specials, and a host of other events that influence inventory levels throughout the year. Revel’s Automatic Alerts and Purchase Order Creation monitors stock levels with alert thresholds and allows you to easily create new purchase orders when stock levels need adjusting. Revel can also track past year’s sales numbers so you can get results to further fine tune your inventory and ordering process.
- Be Aware of Underlying Issues – Sometimes there are alligators waiting in the weeds, and being able to spot them before they bite you makes good business sense. It’s at times like these when Revel’s iPad POS pulls out its khaki shirt and pants, dons the pith helmet, grabs the flashlight, and wades out into the swamps so you don’t have to. Revel’s iPad POS system reduces inventory automatically every time a unit is sold ending the need to constantly count products manually. It also calculates waste loss variance and waste loss percentages automatically helping reduce shrink and save money.
Revel Systems has several cost-effective solutions to help with your inventory management challenge. Why not see for yourself just how easy it is to integrate a Revel POS into your business?