Is your inventory management system telling you that you have enough stocks, but the reality is that you are running low? If it does, then you have a problem regarding stock-outs.
Stock-outs is the term used to describe the shortage in Inventory. This action can result in both poor forecasting and inaccurate real-time data. This action can also decrease your purchasing department’s efficiency because they have insufficient and unreliable information that will help them determine when to make a purchase.
Furthermore, problems with stock out can also cause significant fulfilment delays. This stock-out can result in customer relationship issues, cancellations, and missed sales opportunities.
No matter how well-trained and hardworking your inventory employees are, they are only humans who are bound to commit errors. This situation is significantly more true when it comes to data entry. The problem is that these mistakes, whether big or small, can cost you substantially. It can also significantly affect your reputation and relationship with current and potential customers.
Misplaced Inventory is also another infuriating inventory management problem, especially for those who have a manual system. The lack of automation can make it challenging to keep up with all the necessary information needed to keep track of products. This status can result in production delays and delayed fulfilment that will make customers very unhappy.
Are you ready to get the woes of inventory management over and done with?
OneBusiness ERP is the perfect solution for you. OneBusiness is a management tool that allows customization for your Business. Yes, it has inventory management features as well.