5 Most Common Inventory Management Problems (and How to Solve Them) - PDF document

5 Most Common Inventory Management Problems (and How to Solve Them) Whether youÕre running a small or large business, having efficient inventory management is the key to rapid business growth. With proper inventory management, you get to deliver products to customers on time and meet the marketÕs demand Ð boosting your sales and overall shopping experience. That said, managing inventory is not an easy task. LetÕs take a look at some of the most common problems that occur in the supply chain. 1. Lack on Inventory Visibility If you cannot locate or identify the current stocks in your inventory, shipping them on time will be hard. This issue usually happens to businesses that use manual inventory trac king procedures. The only inventory data they have are from the previous stocktake, meaning that said data is only valid for a couple of days at most. The best solution to this problem is to use a stock and inventory app . AdvstockÕs small business stocktaking app, for example, can capture data in real - time and have it accessible 24/7 on the cloud storage. By digitising your inventory management, you get complete visibility of results and reporting as your business runs. 1. Storage Inefficiency Renting and maintaining a warehouse isnÕt exactly cheap, so youÕd want to make use of the available space as efficiently as possible. Overstocking and stockouts can happen if you donÕt plan your stock needs properly, causing you to buy way more or less than what you need. As a result, youÕre either out of space to store the rest of your stocks or donÕt have the products to meet customersÕ demand Ð both costing you a lot of money. Once again, you can significantly improve your warehouse efficiency by using a retail inventory software. Since our small business stocktaking app can give you real - time inventory visibility, optimising and scaling your storage space becomes easier. 1. Inaccurate Data N ot having inventory visibility is one thing, but working with wrong data is another level of disaster. Making sound business decisions can only be done with an accurate and up - to - date set of data. Human error does exist, but you can leverage a retail inven tory software to minimise the risk. Another benefit of using our small business stocktaking app is that you can do stocktake as many times as needed per month without spending a fortune to fund the process. All you need is our app installed on an iPhone or Android device, and you get yourself a pocket scanner. 1. Inventory Loss Businesses that deal with perishable goods must have efficient inventory management. Otherwise, youÕre ri sking losing stocks every other day and hurting the businessÕ cash flow. To avoid all of that, you need to take expiry dates into account when managing your inventory. Advstock is one step ahead in this case, as we release our small business stocktaking ap p in different versions. If youÕre running a grocery store, try using our stocktaking apps for convenience stores. Restaurant owners can leverage our stocktaking apps for food and beverage to avoid having spoilage. We also offer stocktaking apps for pharma cies and stocktaking apps for bars and clubs to support businesses in the pharmaceutical and entertainment industry. Want to know more about AdvstockÕs stocktake and inventory management solution? Contact us today!