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What is Inventory Control and Why is it Important?

Posted by Victoria Hurley on May 21, 2019, 5:43:59 PM

Inventory control is having an accurate oversight of the number of parts/ products you have left in your company vans or warehouse so you can efficiently manage your availability of stock for production services, sales, and delivery in order to maximize profits. Let’s take a look at why keeping track of your inventory is so important as well as how our products can help you create an effective inventory system.

Being aware of what you have in stock and where that material is in your warehouse, and when stock is coming and going out is beneficial in MANY ways. It can help lower costs and assist with maintaining the right balance of stock your company has on hand. You never want to lose a sale because you don’t have enough inventory to fill an order, especially if it continues to be a problem. Constant inventory issues, such as frequent back-orders, can have such a negative impact on the customer experience that they can drive the customer to your competitors entirely!  When you have control over your inventory, you’re able to provide better customer service. An accurate inventory will also help you gain a better understanding of what products are selling and what ones are not.

Another benefit to managing your inventory correctly is that you don’t have to worry about having a surplus of supplies that will take up needed space in your warehouse or company vans. Excessive inventory can lead to a product expiring, getting damaged, or risk the item going out of season. All these examples will lead to a loss of profits. The key to maintaining proper inventory control is by having a deeper understanding of your customers' demand for certain products.

Now, there are ways for you to keep control of your inventory yourself. However, it starts to become an incredibly labor-intensive process as time progresses because it requires continuous manual monitoring to ensure every single transaction is accounted for. Although we would like to think we can do everything right, all humans are prone to making mistakes from time to time. Therefore, by having an automated system tracking your inventory such as Service Software, there will be less paperwork and less of a risk for error. At Davisware, our software solutions not only help streamline your field service business and save you both time and money but assist with your inventory control!

Such as:samuel-zeller-118195-unsplash

  • Multi-location Inventory Management
  • Item Lookup and Retrieval
  • Purchase Orders
  • And more!

As you can see, keeping track of your inventory provides the opportunity to measure success, keep your customers happy, and have the consistent ability to deal with inquiries and fill orders quickly. If inventory control is something that you need to keep yourself organized for the upcoming summer season, email sales@davisware.com or call 800.724.7899 for additional information.

 

To learn more tips on how you can benefit your business, click here!

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