Uncategorized

Top Tips For Multi-Warehouse Inventory Management

Maintaining accurate control over products in your warehouse is the key to effective inventory management. As companies transition from a single-warehouse to a multi-warehouse model, however, they often encounter problems with inventory accuracy. Small problems that could have been easily addressed with a single-warehouse model have a way of becoming much more difficult problems with a multi-warehouse model. With that in mind, here’s a brief overview of best-in-class tips for multi-warehouse inventory management.

Tip 1: Optimize Communication Flows Across Warehouse Locations

Making sure that all warehouses are on the same page is harder than it sounds if you are not using specialized inventory management software. Without a shared software solution, each warehouse is going to have its own filing system, its own order system, and its own way of maintaining physical product counts. Thus, the goal of any inventory management system should be cross-warehouse communications. The key to streamlining and maintaining processes is making sure that there is consistent communication flow between and among the different warehouses.

Tip 2: Ensure That All Data Remains Synced Across the Organization

If you are not using an integrated inventory management solution, you may experience time lags as different warehouses update their systems. Thus, it’s very important that you look for ways to implement real-time data flows covering all the major facets of inventory management. This is especially true if you are regularly transferring products from one location to another (such as from Montreal to Vancouver), or if you have recently experienced a spike in order flow.

The real advantage of inventory management software is that it not only enables different warehouses to talk to each other, but also it enables a company to integrate its accounting and sales functions with the inventory management function. Thus, as soon as sales orders come in, this data can immediately flow to the operations and logistics team. And, as soon as there are changes to warehouse inventory stock, these changes can be reflected within the accounting system of the company. If company managers are regularly running reports, you will appreciate the transparency and visibility into the company, confident that all data is synced.

Tip 3: Re-Evaluate How You Do Warehouse Inventory Stock Counts

Since there are multiple ways of doing inventory stock counts, your business might need to re-evaluate the method it is employing within a specific warehouse location. For example, a method that might work well with just a handful of high-value items in one location might not work nearly as well for another warehouse location with thousands of lower-value products.

The problem with inaccurate, delayed, or otherwise flawed inventory stock counts is that it can lead to specific problems that can cause any inventory-centric business to grind to a halt. Chief among these problems is the ever-present threat of an inventory stock-out. With just a single warehouse location, it might be possible to detect a depleted stock level of a popular product. However, with multiple locations, it is easy to assume that “the other warehouse location” must have ample supply of this product. But that’s not always the case, and that is what can lead to inventory stock-outs and a high quantity of backorders.

Tip 4: Change the Layout of Your Warehouse Locations

There are a few best practices for warehouse inventory management that are commonly shared across all industries. Chief among these is that high-volume and popular products should always be stocked near the loading dock (i.e. the exit). Over time, the time savings from this approach can really add up. When it comes to the overall layout, you also want to make sure that people pulling product off the shelf are not caught in a giant maze.

If you find that executing orders is taking too much time and leading to shipping delays, then it might make sense to create maps of the warehouse that can be shared with employees. And it definitely makes sense to label each shelf, each zone, and each area of the warehouse very clearly. In many ways, warehouse layout is just an optimization problem: your goal should be to reduce the overall path traveled by employees as they fulfill orders, and to make the most popular products easily accessible on the shelf.

Tip 5: Optimize Warehouse Locations For Geography

Geography plays a role, too, in multi-warehouse inventory management. In the best of all possible worlds, your warehouses would be located as close as possible to the end customer. Thus, instead of waiting for a product to travel from one end of Canada to the other, you can get the product into the hands of the customer within 1-2 days. This saves on shipping and transport costs, obviously, and it also improves overall customer satisfaction when they receive orders within a very short period of time.

That being said, not all warehouse locations can be located within close geographical proximity of customer bases. For one, there is the issue of higher labor and rental costs associated with basing a warehouse in a very densely populated metropolitan area like Toronto. Moreover, there may be regulatory or tax issues involved with moving a warehouse to a certain geographic location. For that reason, warehouse location involves a number of factors, including the trade-off between rental costs and transport costs for a certain region.

Tip 6: Look For Cost and Time Savings Based On Inventory Data Flows

Businesses should be constantly streamlining their logistical and operational flows, and one way of doing this is by tapping into all the data that your business is generating across the supply chain. Data about order transport and shipping times, for example, might be used to move products from one location to another, so as to speed up the overall shipping process. Moreover, information that is being fed into the system from accounting and sales teams might be used to anticipate consumer demand for a particular product.

The more that your business can become proactive, and not just reactive, the more successful that it is going to be. By leveraging these top tips for multi-warehouse inventory management, you can ensure that your business stays one step ahead of the competition.

Canadian Government COVID-19 Assistance Programs

There are several assistance programs offered by the Canadian government. This blog post outlines some of what is available and how to apply for them.

NOTE: This information needs to be confirmed by the company that applies to these programs. You must determine your own eligibility for each program offered. We simply show where to apply for them.

This link from the Canadian Government leads to many programs being offered during the COVID-19 pandemic. It includes information for individuals as well but they are not discussed in this post.

https://www.canada.ca/en/department-finance/economic-response-plan.html

10% Wage Subsidy

Click this link to determine eligibility for the Wage Subsidy being offered by the Government of Canada,

Organizations described in the link that have a payroll account qualify for getting 10% back on your gross payroll of up to $1,375 per employee to a maximum of $25,000 per employer.

It is available for payroll dates of March 18th, 2020 to June 19th, 2020 at the time of this writing. (April 27, 2020).

To claim it, the employer can reduce the amount of their payroll remittance for the period. Spire 3.4 has a built-in calculator that uses all the rules that CRA put in place to make sure you get the maximum that is due. See instructions below on how it works.

Spire’s Subsidy Calculator

If you are claiming the Temporary Wage Subsidy for Employers, then the source remittance will automatically reduce the payment to CRA for the eligible amount and post it to the GL account setup in company settings -> Payroll ->Employer -> Temporary Wage Subsidy Revenue Account.

First, create a GL account for the subsidy income. Then add that GL account as below.

 

When submitting the payroll deductions, the subsidy will be calculated and posted to this GL account.

 

The subsidy amount will be posted to the Subsidy income account.

$40,000 Interest-Free Loan

The Canadian government is lending businesses $40,000 that can be used for ongoing expenses, including payroll. See this link for more details. https://ceba-cuec.ca/

The application is done through your bank.

This example shows how it is done through Royal Bank (RBC)
What is and How to Apply for the Canada Emergency Business Account?
For a business to be eligible for the Canada Emergency Business Account (CEBA), per the Government of Canada’s requirements, the organization must meet certain criteria, including (but not limited to) the following:

  • RBC is your primary bank for business banking.
  • Your RBC business deposit account was open before March 1, 2020, is active and in good standing.
  • Your organization was registered and operational on or before March 1, 2020.
  • Your organization is not a holding company.
  • Has total employment income paid in the 2019 calendar year between $20,000 and $1,500,000.

To enroll for CEBA, log into your RBC Online Banking for Business:

  • If you are eligible, you will have already been sent an email and/or a link to apply on your My Accounts page.
  • If you are not registered for online banking, click here to enroll in RBC Online Banking for Business.
  • If you are an RBC Express client, please contact your RBC Account Manager for separate instructions to enroll for CEBA.
  • Please note that the CEBA enrollment cannot be fulfilled in our branches, or through our advisors and RBC Advice Centre.

Click on the ‘Learn More’ box that looks like this.

Follow the instructions for the bank, and if you are approved, a new line of credit or credit card will appear in your account with a $40,000 limit.

75% Wage Subsidy

As of April 27th, you can log into your MyBusiness site to apply for a 75% wage subsidy. Use this link to logon https://www.canada.ca/en/revenue-agency/services/e-services/e-services-businesses/business-account.html

This subsidy is paid to businesses that have seen a drop in revenues as defined in the link below.
https://www.canada.ca/en/revenue-agency/services/subsidy/emergency-wage-subsidy.html

The link includes a handy spreadsheet to assist with the calculation. Be sure to check back for the latest version as they are updating it frequently.

https://www.canada.ca/content/dam/cra-arc/serv-info/tax/business/topics/cews/cews-calculation.xlsx

Once you have calculated the amounts go into your MyBusiness account and select Payroll -> Canada Emergency Wage Subsidy (CEWS)

 

Then select the period you are reporting on.

 

Fill in the amount that you have calculated manually or with the included spreadsheet.

 

Add your contact information and click on ‘Submit’.

NOTE: Be sure to set up direct deposit with CRA because a mailed cheque adds a big delay.

Managing Growth with Business Software

In the business world, being able to grow quickly is a strategic imperative for businesses of all sizes. What small or mid-sized business (SMB) does not dream of eventually becoming an industry giant, with significant pricing power, strong brand awareness in the marketplace and a nearly unlimited supply of new orders? However, all that growth comes with a cost – as in all the extra financial and labor resources needed to manage that growth. That’s why many fast-growing SMBs are now embracing business management software to help them manage their rapid business growth.

Prepare the Foundation for Future Growth

By installing business management software at your company, you can establish a strong foundation for future growth. Many businesses are completely unprepared for rapid sales growth. As a result, when they have a bestselling product, they might find that they have a hard time keeping the product in stock – every time they get in a new shipment, it sells out quickly. Or, they might not be prepared for all the extra resources required to deal with calls, inquiries, and requests. Working overtime now and then might be a necessity, but can your SMB really afford to be living in a perpetual state where employees are working nights, weekends and holidays just to keep up with customer orders?

To handle very rapid growth, business software can have an impact in several different ways. First and most importantly, the process of automating much of your inventory or logistics is going to free up important resources, especially in terms of employee hours. Secondly, you are going to have the ability to change production planning and delivery schedules on a regular basis, and this is going to make your company much more proactive rather than just reactive to changing market conditions.

Scalability

The very best business management software is designed to scale with your business. What this means in practical terms is that you won’t “outgrow” your business software as soon as you install it. As the size and complexity of your business grows, there should be plenty of new features and new options in your business software that can help your business deal with very rapid growth. Too many business software packages are essentially “one-size-fits-all,” without the ability to scale as your business gets more complex.

As an SMB owner, you need a solution that you can use not just 3 months from now, but also 3 years from now. Most likely, your business is going to look very different in the future than it does now, and you want to make sure that you are not constantly installing, uninstalling, and re-installing new business software solutions every time you hit a new growth milestone.

Flexibility and Adaptability

Right now, would your SMB be able to adjust if a supplier suddenly could not meet its obligations? Could you manage the situation if consumer demand for a product suddenly takes off overnight, or if external market factors (such as broader changes taking place in the overall economy of your city or region) suddenly turn for (or against) you?

Most likely, if you are still managing your business with paperwork, spreadsheets, and calculators, you would have a very hard time adjusting to these huge, market-changing factors. The good news is that business management software helps you to respond to these changes. In some cases, this business solution can help you spot new trends in advance – as in the case of suppliers gradually cutting back on the volume of goods they are delivering to you within a certain product category.

And, in many other cases, business software can help you come up with intelligent solutions to common problems. By re-routing deliveries and supplies, for example, you might be able to avoid larger bottlenecks in the marketplace.

Productivity Gains

One often overlooked component of business growth is productivity. And, yet, if you take a look back at the past two decades, one of the biggest drivers of business growth in North America has been the implementation of technology throughout a business. And this trend will only continue in the future, where the pace of technological change is only increasing.

The first step in leveraging these productivity gains is making your own organization more productive, such as by extending a business software solution to more functional units and more departments, and then knitting all these units together with the same business software solution.

Finding the Right Growth Opportunities

Not all growth opportunities are created alike. Some growth opportunities – such as being able to distribute a product via new channels and platforms – might make sense for your current business. Other growth opportunities, however, might actually lead to a lot of problems for your business if you lack the right resources and the ability to allocate them properly.

For that reason, many SMB owners are now turning to business management software to help them spot the highest ROI opportunities. With a little scenario testing, for example, you can stress-test various business strategies and find out which strategy is optimal. Is it better to sell a higher volume of a low-margin product, for example, or a lower volume of a high-margin product? With business management software, you have the data, insights and information to answer these questions in a way that make sense for your business.

Key Growth Considerations to Keep in Mind

If you are preparing for rapid growth and significant changes in volume, you will want an integrated business solution to help you easily include new functions and new departments; deal with sudden or fluctuating demand; and provide transparency into key business processes. And, of course, you will need a business management software solution that provides accurate, real-time data for optimal decision-making.

Reach Your True Growth Potential

At the end of the day, business management software is all about helping your SMB reach its true growth potential. Instead of giving up new opportunities, you can easily scale into future growth. And you can do so in a natural, organic manner that leaves your company plenty of ability to navigate new market twists and turns.

Try Spire FREE for 30 days and start growing your business faster and smarter!

Get the Most out of Your Business Software

Investing in the right software for your business can be vital to its future success. Not only does your software have to be right for you today, in terms of its functionality and features, it also has to be work for you years from now, as your business grows and expands. With that in mind, here are three key points to keep in mind for getting the most out of your business software.

Look for the Right Fit

One of the most important factors to keep in mind is how software can be seamlessly integrated into the core operations of your business. For example, if your software needs to be used by your warehouse and finance teams, you’ll want software that has features and functionality for both.

Pricing also plays a key role here, too. Pricing can range from a “plain vanilla” use case to a huge, enterprise-class use case. Thus, you need to think in terms of where your business is right now, and how much power and functionality you really need. The key focus should be on solutions that can be adopted quickly and easily by users. There may not be a “perfect fit,” but there is going to be a solution that provides at least 80 percent of what you are looking for in a software solution.

Calculate the ROI

Return on investment, or ROI, is a big buzzword in the business world, and for good reason. At a glance, you can tell whether you are gaining or losing on your investment. And an investment in software is no different—you need to be able to measure whether you are getting everything you can out of the solution.

Often, by choosing a solution that will help migrate data, you can lower implementation costs and boost the overall ROI of the software solution. You can think of this in terms of savings—both time and cost savings. If software is easy to set up and use, that is going to save you and your team a lot of headaches.

Start exploring some of the software’s add-on features. For example, you may not need certain features when your business intelligence team only consists of two individuals. However, as your team gets bigger and bigger, you may need some of the more advanced analytics-related functionality that’s available in the software.

Think Ahead to the Future

Over time, your business is going to grow, evolve and change. And so you will need a software solution that will also grow and evolve with you. Within the business world, this is often referred to as being “scalable.” The more scalable a solution is, the more it can grow from 10 employees to 100 employees. And it means that your data and information will be available when and where you need it.

Why Real-Time Inventory Management Matters to Your Business

Distributors, suppliers and retailers are embracing real-time inventory management as a way to streamline their supply chains and get better visibility into their inventory at any time. If you haven’t yet embraced real-time inventory management, here are 6 great reasons to start:

Reason #1: Greater Reliability

With real-time inventory management, you get error-free data because the whole process is automated. If an item leaves a warehouse shelf, it will automatically show up as a change to your inventory. This empowers your employees, by giving them perfect confidence in knowing that their inventory data is flawless.

Reason #2: Enhanced Visibility

The most important reason to embrace real-time inventory management is to create a real-time view of what’s happening to your organization’s inventory. This is particularly critical during peak periods, such as the busy holiday shopping season when having an optimal level of inventory is critical.

Reason #3: Easier Reporting

Ever wanted to run a quick management report for a meeting or presentation, but couldn’t because the whole process just took too long? One advantage of using real-time inventory management system is the ability to produce any report at any time. This equips your management team with the necessary data to respond to sudden spikes in supply or demand.

Reason #4: Improved Efficiency

The real drawback of a manual inventory management system is that it is so time-consuming! It just takes too much time to key in changes to inventory. Instead, using real-time inventory management solution will free up your team to focus on what really matters, rather than wasting their important time by keying in data.

Reason #5: Better Scalability

As your business grows, it needs to ensure that its supply chain grows accordingly. That’s why so many organizations report easier scalability as the result of adopting new business solutions with real-time inventory management capabilities.

Reason #6: Cost Savings

While there are upfront costs in implementing a new real-time inventory management system, you also have to keep in mind of all the potential cost savings once you start using the new solution. These result from fewer stock-outs, shortages and canceled orders. In short, a new real-time inventory management solution can pay for itself in far less time than you ever thought possible.

It’s easy to see how real-time inventory management can drive significant value for your business. It will make it more efficient, more productive and better able to respond to changing market conditions. In doing so, you will create the foundation for new growth.

Interested in hearing about Spire and how it delivers real-time inventory management to better manage your business? Get in touch with us!

Essentials of Finding the Right Business Management Software

There are four key factors to keep in mind when choosing which business management software solution is right for your business. In most cases, it’s not just the case of picking the lowest price solution or going with a vendor with the best name recognition.

Instead, you should be thinking of which accounting software can transform your company into a well-run and profitable business by providing the best tools and interface for keeping track of expenses, revenues, invoices and data. With that in mind, here are four factors to consider before committing to a business management software solution.

Features

The problem with low-cost (or free) solutions is that they are not designed to grow along with your business. If your company is experiencing a wave of growth, you may need to upgrade to a more powerful offering, so you want to make sure that your business management software solution is robust enough for your needs and your growing customer base. A great accounting software system will integrate all your accounting, reporting, resourcing, purchasing and scheduled tasks into one reliable solution.

Technical Support

Even if you have the most talented and proactive employees, there will always be a moment when even they will need to call up technical support to help them through a difficult issue. You want to make sure that there’s someone on the other end of the line, when you need them, for those types of emergencies.

At the very least, you should ensure that there is sufficient support during the installation process. Typically, most software vendors will offer support packages so it’s best to take advantage of this.

Security

You want to be able to have the full ability to limit which employees have access to your company’s data. As a result, a system with security features and user restrictions is a must-have for any business management solution. Moreover, keep in mind that security is not a one-time event, especially now that most software vendors have so much data stored in the “cloud.” Security needs to be part of a continuous effort to keep your company safe from malware and viruses, as well as the prying eyes of a competitor or other outsiders (e.g., hackers).

Integration

If you’re like the majority of small business owners, you may have multiple software installed on your computers. The key, then, is for all of that software to be able to talk to each other. The obvious answer for many small business owners is just to bundle all the software together. With Spire, all modules are fully integrated into one solution, from accounting, purchasing, inventory and customer/vendor management.

Accrual vs. Cash Basis Accounting

When it comes to accounting models for your small business, you have two basic options: cash basis and accrual accounting. At their core, these accounting models represent two fundamentally different ways to think about revenue and expenses at your business.

Cash basis accounting is the type of accounting that you typically use in your everyday life – simply checking the balance of your bank account or the inside your wallet. The basic principle of cash basis accounting is that, until any cash changes hands, nothing needs to be recorded.

Accrual basis accounting, though, is what most small businesses use to present a more accurate view of the way they operate. It recognizes that, even if no cash changes hands, the operational status of the business has changed. Using the accrual accounting method, your business records revenue and expenses when they’re earned or owed.

While cash accounting is easier and more intuitive, you’re literally just tracking the cash that your business spends and receives. Most businesses require a more powerful, sophisticated form of accounting that takes into account how they match their revenues and expenses. As a result, accrual and cash accounting can present very different views of your business.

Here’s just one example: let’s say you are a medical equipment supplier. As part of running your business, you must maintain an inventory of various medical equipment, pay the rent and utilities of the facility and also pay the staff. You may be paying for these items on a daily, weekly or monthly basis. In return for incurring all these expenses, you also have your customers who pay for repairs on their purchased equipment.

Using cash basis accounting, you would simply record any cash that you spend for auto parts or rent or salaries. And then you would record any cash that you receive from customers when the repairs are completed.

But is that really an accurate view of your business? The truth is that many different variables and factors comprise the overall condition of any small business. Using cash basis accounting, your business would appear to undergo sharp swings in its performance. Some days, it may lose a lot of money, but a few days later, it may make a lot of money.

And what about all that equipment kept in inventory? You’re not using them immediately, but you are treating them as if they are a one-time expense. And what about your customers? What if they are paying using credit or some method other than cash?

That’s where accrual accounting comes to the rescue. It provides a system to match revenue and expenses, so that they are spread out over the time period in which they occur. It provides a system for depreciating assets held in inventory over their entire lifetime. And it makes it possible for a business to truly understand where it stands at any point in time. The core principle is something called the “matching principle” – it recognizes the fact that every expense has some amount of revenue associated with it.

That’s why so many small businesses use an integrated accounting and inventory management software like Spire — it helps a small business owner move to the accrual system of accounting and ties into tax filings as well, which makes things a lot easier every year. So if you still believe that “cash is king,” it’s time to take a different look at your business. Accrual basis accounting gives you a far better view of the underlying fundamentals of your business.

Are You Taking Full Advantage of Your Business Software?

One of the most important concepts in the business world is return on investment (ROI), and that concept can be applied to business software as well. In short, there are costs and benefits to any business software package, and it’s up to the organization to prove that the benefits far outweigh the negatives over the long term.

ROI is one simple number that expresses just how much of a boost you are getting from your new business software. Some of these results may be tangible,such as increased sales, and some of them may be intangible—such as increased productivity or improved worker satisfaction. So how do you go about taking full advantage of your business software and maximizing ROI?

Make Sure You Are Updating Old Processes in Addition to Old Software

There’s one big problem with old legacy software that doesn’t work—it also leads to a lot of convoluted workarounds that no longer make sense. These workaround have often become so ingrained in how we do business that employees will cling to them, even when there’s a new business software that has been implemented. The easiest cure for this problem is a comprehensive training program that teaches employees how to use the software properly, and that also helps to educate them how it can make their lives easier.

Make Sure Employees are Using the Software Efficiently

There’s something about physical paper that makes employees feel more comfortable than trusting a digital stream of 1’s and 0’s on the computer screen. But that leads to a lot of bad habits, like using printed reports and handwritten notes in lieu of software. Software can run optimally when all the necessary information is available. In addition, make sure that employees are entering information to the system as efficiently as possible. Sometimes, the manual keying in of data may not be required.

Make Sure All Software is Fully Integrated

Within any organization, it’s common to think of silos—where data may languish without being shared throughout the organization. That’s one problem that modern business software is meant to address. And that’s also one reason why Spire offers a fully integrated set of features—everything from accounting to inventory management.

Whenever possible, try to avoid using external, non-integrated solutions. Often, your new business management software has a lot of functionality that just hasn’t been tapped yet. The goal is seamless integration.

The best advice, when it comes to maximizing the value of your new business management software, is to figure out all the triggers and pain points for the organization. That’s where you’ll want to focus as you search for a new business software solution. And then, two to three months after you go live, you can follow up again. The key is to schedule regular check-ups and follow-ups so that the software is always performing at its peak capabilities. When that happens, you’ll have found out a way to maximize your software’s ROI, and that’s a rewarding win that you can share with all the stakeholders of the organization!

6 Tips on Hiring Your Next Employee

The success of your business is directly related to the talents, skills and experiences of your employees. In order to make sure that you are hiring the right people for your business, you will need a system in place that takes into account the following six factors.

1. Company Core Values

Sometimes, the right hire is all about the right fit. To ensure that a new employee will fit in well with your company and its other employees, take some time to consider your organization’s mission and values. For example, an employee coming from a large organization may not be the best fit for a small, nimble startup.

2. Have Clear Expectations

Nobody wants to be hired into a company where it’s not clear where their job responsibilities begin and end. By creating a very specific job description, you can help to avoid this problem. Each description should clearly convey not only the skills and experiences needed to excel, but also the mindset needed to succeed.

3. Structure the Interview Process

Who will a candidate need to meet in order to be hired? In some cases, it might just be HR and the hiring manager. In other cases, you might want the entire team to meet the candidate. And, in terms of the overall structure of the interview, you will want to consider how different questions that attempt to measure a candidate’s behavior, mindset and expectations can be integrated into the overall process.

4. Think Beyond the Simple Resume

The CV is a great place to start when evaluating a candidate. But there’s a lot to consider that just won’t fit on a single one-page document. You can get a sense of the candidate’s accomplishments, but what about what makes them tick? What are their interests, ambitions and priorities?

5. Find Out What Others Think

References are always a good way to check (and re-check) some of your initial impressions about a candidate. And, thanks to social platforms such as LinkedIn, it’s often possible to find people within your own organization who have worked with that candidate. The goal is to get a true, 360-degree view of the candidate.

6. Create an Onboarding Process

Most companies expect their new hire to “hit the ground running” on Day 1, but that doesn’t mean you can’t create an onboarding process that will let this new employee know a little more about your organization’s mission, culture and history. The bigger your company is, the more important it is to create a formal orientation program that includes access to training and even mentors. In fact, according to experts, a good orientation program can boost your retention rates significantly.

By following all these tips, it’s possible to create a hiring process that really works. Not only will you be getting a talented and skilled employee, you will be getting one who is excited and passionate about your organization!

Five Big Reasons for Inventory Management Automation

Too many organizations are put off by what they perceive as the cost, complexity and time of implementing a new solution to automate their inventory management. But fear not—there are actually five big reasons why inventory management automation should be a part of every organization:

Reason #1: Efficiency Gains

Let’s face it, manually keying in inventory data is time-consuming. When you automate the process, though, you’ll start to streamline the entire process of inventory management. Your whole organization will become more efficient as details about your inventory are updated automatically without the need for manual data entry.

Reason #2: Accuracy Gains

There’s also a hidden cost to manual data entry: human error. In short, even the fastest, most reliable employees don’t always key in data correctly, and that could lead to stock-outs when you can least afford them. You no longer have to guess about inventory levels, or rely on safety stock just in case your numbers were wrong.

Reason #3: Real-time Visibility

Best of all, automating the inventory management process means that you can obtain real-time visibility into your inventory. At any given point in time, you’ll know exactly how many items remain in inventory and this helps to keep your business running smoothly. You’ll also be able to produce the types of management reports needed to see how your business is performing at any time.

Reason #4: Scalability

Organizations make the mistake of thinking they don’t need to automate the way they manage their inventory because “they aren’t big enough.” However, this belief could severely constrain your ability to grow in the future. The time to automate your inventory management process is when it’s still at a manageable level so that it becomes more efficient as your business grows.

Reason #5: Integration with Other Business Processes

Implementing an integrated solution needs to be a priority. It’s the single best way of guaranteeing that every part of your business will be able to communicate with each other. After all, your products are the lifeblood of your business, why would you not want to make inventory management a top priority?

The good news is that Spire is a fully integrated accounting and inventory management solution that can be customized to your organization’s size and complexity. Often, you’ll find that business software with inventory management automation can pay for itself with all of the efficiency and productivity gains that it brings to your business.

Want to see how Spire can automate your inventory management? Sign up for a demo here.

1 2 3 6