Many types of businesses need to maintain a supply of products to sell. Even some service-based industries like restaurants need to manage an inventory of ingredients to create their menu. Controlling the flow of resources is critical to the success of any company. FLO Business Solutions can help you with a comprehensive inventory planner.
The Importance Of Good Inventory Management
All products have a life cycle. It begins with its introduction to consumers, continues to the height of popularity, and ends with its decline. Additionally, some products have expiration dates. An efficient inventory management software system will keep track of the demand patterns and viability of all your goods.
Fundamentally, maintaining the optimal level of inventory is crucial to the success of your company. Out of stock items may cause customer frustration. Your customer may request a cancellation and never buy from you again. On the flip side, too much stock results in higher warehousing costs. In addition, you risk depreciation of the unsold products.
Ultimately, correct inventory management touches every part of a business:
- Eliminates out of stock items
- Creates satisfied customers with timely delivery
- Reduces over-purchasing
- Frees up cash
- Minimizes storage need
- Decreases business losses
Inventory Planning Begins With A POS
Keeping track of the coming and going of your products is the basis of an inventory planner. This system takes existing data and forecasted sales to create a strategy to maintain an optimal amount of product. It involves several steps:
- Analyzing Sales Data
Often, business will experience busier than normal times. For example, many product-based companies see an increase in sales in the days leading up to the holidays. Furthermore, some products become best sellers while others fail to generate interest.
- Creating Demand Forecasts
As you analyze sales data, you can identify trends in demand to forecast required inventory.
- Picking Suppliers
Ultimately, you want to form long-term strategic business partnerships with companies that will strengthen your company. Carefully consider the following factors when picking suppliers:
- Cost
- Reliable delivery times
- Material quality
- Reputation
- Establishing Storage Capacity
No matter the size of your company, you’ll have a limited amount of storage space.
- Evaluating Data And Forecasts
Inventory planning is dynamic and will need constant revisions due to consumers’ changing tastes and fluctuating economies.
- Keeping Abreast Of Innovative Solutions
Emerging technology can automate and integrate processes to make running a business simpler.
The Best POS System
The best POS (point of sale) can manage all these tasks simply and efficiently. Plus, you’ll get data in real-time for accurate up-to-the-minute information. Then, you’ll be able to minimize the risks for making inventory errors. Furthermore, you’ll be able to capitalize on changing conditions and situations.
Moreover, a POS can integrate other business functions into one system. This allows you to manage virtually every aspect of your business:
- Inventory management
- Sales
- Accounting
- Employee time management
- Reward program monitoring
- Analytics and reporting
FAQs About Inventory Management Systems
Are you ready to take control of your inventory, but still have questions? Below, we answer a few frequently asked questions. If you have others, give us a call at 803-887-7356.
What Is The Difference Between An Inventory Planner And A Demand Planner?
Both are part of an inventory planner system. Demand planning involves forecasting future sales while inventory management relates to controlling existing stock on-hand.
Inventory Planner Pricing: How Much Will It Cost?
Several variables will affect the cost of an inventory management system. For example, do you want a warehouse management system or integrated POS? Will you need to manage shipments from different suppliers? What type of inventory security management system do you want?
When you partner with FLO Business Solutions, we work with you to find the best options and solutions. We offer a full portfolio of services and can tailor a system to meet your specific needs:
- Credit card machines
- POS systems
- Inventory management systems
- Tax credit services
- Cash discounting
- Referral/Partner program
- HR & payroll
- Marketing
In addition, once you sign a contract with us, we lock in your fees for the life of your account. Thus, you’ll never experience a price increase. Plus, after processing your transactions, we send you your money the next day. We can even offer you same-day funding for an additional fee.
Furthermore, many businesses can bundle our services at deep discounts. Sometimes, our package offer qualifies you for services at no cost. Of course, we also offer financing for both hardware and software.
Is A POS Hard To Operate?
Our systems are very user-friendly and we offer a free demonstration to show you how easy it is. If you find a POS system hard to operate, so will your customers.
How Do I Choose The Best Inventory Management System?
Admittedly, many inventory management systems options exist. Choosing the right one can help grow your company while the wrong one may ultimately cause bankruptcy. While cost is an important factor, customization and support are critical.
Ultimately, even businesses in the same industry are different from one another. Thus, you need custom and not one-size-fits-all solutions. Accordingly, we take the time to listen to you to discover your needs to find the perfect solution.
Finally, support is one area you need a dedicated team. Glitches and problems can crop up and when they do, you want a person to help you. At FLO Business Solutions, you can always talk to a real person.
Ready to start a conversation about how we can help you? Call us at 803-887-7356 to begin the process.