inventory management

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!

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.