Every product-based company knows that inventory control is a vital part of the business. Knowing what you have and what you need, how often, and in what quantities helps you make better decisions on how to move the company forward and increase profits. Manual inventory management is time-consuming, tedious, and quite frankly, boring. The good news is, there’s a better way, and that way helps prepare your business for the future.
Scaling your business for future growth can begin now with a move to automated inventory control software, empowering you with more information faster for smarter decisions, now and in the future. With immediate access to up-to-the-minute inventory numbers at the click of a button, you’re saving yourself time, but also getting a clearer look into key inventory data, giving your company some pretty powerful knowledge about what is happening in the business.
The Power of Automated Inventory Data Collection
Good inventory control software—along with your ERP—provide data that can be used to create new business models, understand current problems, and set new objectives. These three examples of how better data collection and greater intelligence improve ROI may spark your thought processes on how to use your warehouse tools to greater advantage.
#1: Develop fresh business models
When you habitually look at the same data week in and week out, it’s hard to look beyond it to find something new. Often companies become entrenched in existing business models simply because no one has looked carefully at the data undergirding the assumptions behind the current models. Inventory control software not only pulls the data but allows for views into what supports the end result numbers. This automatically generated fresh data may paint a surprising picture, leading to new ideas and a new business model. These new business models may, in turn, boost profits and ROI.
#2: Find the real revenue drivers
You’ve possibly heard the phrase, “Everybody knows that Widget XYZ is what sells the best,” uttered in a meeting. And while that might have been true at one point, it’s better to rely on hard data and not institutional knowledge. When you hear a defense that is only supported with, “Everybody knows that,” it’s time to run a new report from your inventory control software and see if the data matches the assumptions.
Instead of the assumptions driving decisions, data can now drive decisions. The facts allow you to find new revenue drivers or areas to exploit for add-on sales or additional revenue. The facts don’t lie: When you find something that’s selling well, you’ve found your revenue drivers.
#3: Learn from your best customers
The customers who generate the most revenue for your business are more than your best customers. They’re also the model for future marketing and sales campaigns. By analyzing the features of your best customers—such as the industry they’re in, their annual revenue, decision-making process, problems your company solves, and more—you’ll be able to derive a model for future marketing programs.
Boost Your Inventory Data With PositiveVision
You can’t do any of the above without good data. Accurate data is the foundation for improved decisions about inventory, orders, customers, and more, all leading to better ROI. One of the best ways to uncover that data is through automated inventory control software.
Whether you’re looking to implement inventory control software for the first time, or contemplating an upgrade of an existing system, PositiveVision has the solutions you need. With more than 15 years’ experience serving small and mid-sized businesses with the best business software solutions, PositiveVision is a proven partner in helping SMBs realize the most efficient solutions to drive profitability.
Ready to harness the power of your inventory data? Click here to get started today.