27 August 2013
How inventory management takes your eBusiness to the next level.
Inventory management is one of the most critical, and often expensive, components of any end-to-end eBusiness. Inventory control is crucial to being as profitable and productive as possible so that you don’t spend money on supply long before it’s sold. You wouldn’t want to order 3000 items that are no longer selling, while running short on the hot new item every third visitor to your web shop is looking for. Many companies have no access to real time inventory order data, which makes them slower than a competitor to address changes in demand. When a company has no idea what products are the most popular, they don’t know which items in the inventory they should have more of or less of.
What’s the best way to keep track of and regulate your inventory? The old, inefficient way would be to hire someone whose job is to dedicate himself to overseeing the orders of your website and then manually squaring those up with the physical inventory. But today’s online solution would be to engage a customizable inventory management system that is specific to your industry and needs.
In order to figure out what you need to optimize your inventory control, make a list of your biggest problems and concerns related to inventory. Maybe you need your system to connect with your webstore, or maybe your system is fine but you don’t have a good way of recording the amount of products you have in stock. Find out what isn’t working, and then look for a system that best addresses the problems you see.
One of the big issues with inventory management is that your product catalogue and your inventory management system (if you have one, that is!) often aren’t connected. This lack of communication between systems means that your customers may order things not knowing that they are out of stock because you haven’t told them by updating your site offers. And since you may not have a handle on when you’ll be able to get that product to them, this situation inevitably leads to an apologetic email from you, a disappointed and annoyed customer, and the strong possibility that you’ve lost a customer who was ready and willing to buy. Fortunately, Dynamicweb has an affordable, powerful solution to integrating your webstore with your inventory management system (ERP). With Dynamicweb’s online business platform integrated with your ERP system, your product catalogue and inventory are kept up to date. And since the ERP and your webstore are integrated, you’ll never sell an out of stock product to inevitably angry customers again! And you’ll save money by lowering your human resources costs. Click to Learn more about Dynamicweb’s ERP Integration.