Is It Time to Change the Way You Track Your Inventory?

Your inventory is the lifeblood of your business and proper management is essential to stay competitive in today’s marketplace. Even if you feel you’ve managed inventory just fine for years, there are always new better ways to go about it.

Mistakes in Excel spreadsheets are common, which opens your business up to human error. A lack of inventory management is a cause for many businesses failing. To be truly effective and efficient with inventory, you need a solution that can automate processes, provide real-time data and eliminate errors that cost you money.

Here’s how your business can benefit from a new inventory management solution:

Customer Satisfaction

Your primary concern is keeping your customers happy. Constant inventory mistakes and delays can motivate your customers to find another company that provides faster, better service. If you have frustrated customers, consider implementing a new inventory management software to help track inventory and improve product availability. In doing so, you’ll notice greater customer satisfaction and retention, all of which will lead to a growing business.

Improved Data Accuracy

Smaller companies can typically use an Excel spreadsheet without any mistakes. However, growing businesses immediately experience Excel limitations in regards to data inaccuracies and forecasting problems.

Obviously, data inaccuracies can lead to multiple issues down the road. Besides keying errors, spreadsheets themselves are out of date. When more than one employee has access to them, you end up with even greater errors. If your inventory is shuffled between locations, this causes confusion within employees when they need inventory details. An inventory management system allows multiple employees to work on the inventory which saves time and prevents errors.

Scalability and Growth

In addition to greater control of your inventory, updating to a more robust inventory management solution can contribute to the growth of your business. As your company expands with multiple warehouses, you will require inventory software that will allow you to track multiple line items across multiple warehouses. So ask yourself, do you want to continue using a solution that can’t keep up with your business?

Accurate Forecasting

Inaccurate data leads to serious problems, both in the present and future. Excess inventory write-offs are costly and often the result of not knowing what you have in stock. When you don’t know what’s in your inventory, employees will end up wasting time searching for items, while customers will walk away frustrated because you don’t have the products they need. An inventory management solution with strong reporting features will give you greater visibility so you always know when to order new inventory and track which items move the fastest.

Still not sure if you’re ready invest in a new inventory management solution? Try calculating how many sales you’ve lost due to inventory errors or lack of product availability. The missed revenue should give you enough reason to make the switch to Spire, a more advanced solution to keep customers satisfied and increase your bottom line.


Solving Challenges for Wholesale Distributors

Here’s an infographic illustrating four common challenges in the distribution industry and how Spire can help overcome them.

Solving Challenges for Wholesale Distributors

How Business Management Software Can Help with a Product Recall

Having the ability to properly track your products is an important aspect for any manufacturing or distribution business. You need to track each and every item coming in and out of your warehouse with a lot or serial number. In the event of a recall, your business management software can help ease the pain of tracking the recalled products. No matter what your reason is for the product recall, whether a faulty product or a spoiled food item, a good business management software with lot tracking capabilities will help you find your recalled products on warehouse shelves, as well as products already shipped out.

Lot traceability includes keeping an accurate record of which and when raw materials have been received. Using raw materials in your products will require you to trace their trail through your manufacturing facility so that you can pull any faulty materials immediately, as well as any finished goods that have been made. Accurate records will allow the suppliers to be accountable for any faulty raw materials they have shipped to you, and allow you to seek compensation for any finished goods that your company needs to discard.

Depending on what you manufacture, your customer’s safety could be at stake. Faulty car parts need to be removed from the market at once before causing accidents. Spoiled food must be removed from shelves. Not only do you not want anyone to be injured, but your business could be liable for lawsuits as well.

If you’ve shipped products that have been recalled, tracking down these products becomes a top priority as the reputation of your company could be at stake. You want to remain a company that consumers trust. When you ship a faulty product, it’ll not only create a lot of aggravation for stores, but your customers may start looking elsewhere for a more reliable supplier.

A fully integrated business management software can help trace which products were shipped to your customers. Keeping detailed records will enable you to quickly contact your customers so they can start pulling the products from their shelves and ship them back to you. Being transparent and keeping an open line of communication will help maintain customer relations.

A business management solution with an advanced inventory management and lot tracking system is essential for any distribution or manufacturing business. If your business is undergoing a recall, proper tracking of inventory items will help expedite this process and minimize any negative effects on your business.

Finding the Right Business Management Software

As a business owner, the days are filled with projects, managing staff, and finding ways to increase profits. There’s not a lot of time to spend on each task, so you’re always looking for a better way to manage your business. Sometimes hiring extra staff can be a costly venture, particularly when you don’t have the time or money to train someone. Implementing a business management software can help your business become more efficient and productive.

An ERP software system can be the best solution for managing all facets of your business. Enterprise resourcing planning systems are business management solutions that comes with built-in accounting, payroll, budgeting, distribution, and inventory control. If you’re using several different software tools right now, it may be time to reevaluate their productivity. It can be time-consuming to switch back and forth between software, entering the same data in multiple systems. By having all your tools in one program will save you time and money right here. ERP software is an all-in-one business management tool that helps you save you time and money in the long run.

It can be difficult to find the best business management software for your needs. Some software will focus on only one aspect of your business such as accounting, while other packages offer a variety of software management tools for your business. You will need to carefully consider your software needs before moving forward with a specific software vendor.

Business management software will store all your files electronically, so you won’t need to keep filing cabinets full of information. This will give you more space in the office. It’s also not productive having filing cabinets that you don’t use very often. Storing information on the computer is a safer and more efficient way of keeping confidential information.

If you have a storefront or a distribution company, then you’d benefit from a robust inventory control software. Right now your inventory control program may be fairly basic. Inventory control can be built-in to your business management software, better streamlining your processes. As well, it should allow you to analyze sales and produce detailed reports, so you have up-to-date information. You should be able access this information easily to see how your business is doing. This will enable you to focus on items that aren’t selling as well as others, or finding trends that you can cash in on.

Many business management software vendors will offer a free trial period, where you can try out their software and decide if it meets your needs. Nothing is worse than paying good money for a software program, only to find it doesn’t fit your needs, and you have to purchase a second program to make up for the shortfall. Make sure that your new business management software system works for all aspects of your business.

Start making notes on what you’re looking for in a good business management software. Be sure to consult with the management team, and all other departments who will be using their program. Your IT department will need to be involved in order to understand the technical aspects of the project.

You will need an implementation plan for your new business management software. The software vendor will assign a project manager to ensure that the software is up and running in a timely manner. An internal point of contact should keep all departments in the loop about progress made with the software implementation and training schedule.

A constantly growing and changing business means that you need software that is adaptable to the changes of your business. You don’t want to alter your business processes to suit your software. A good business management software system will easily adapt to all changes quickly and easily. It can be costly buying new software for every aspect of your business. One complete business management system can fulfill all of your business needs.

Finding the right business management software will help you to streamline your business, allowing you more time to focus on growing your business.