How Inventory Management Effects Your Bottom Line
If your company is still using manual counting to track your company’s inventory in today’s world you are seriously stunting the growth of your business and the possibility of mistakes could have a ripple effect that negatively impacts your business for months if not years. Countifi eliminates the manual process of managing your inventory with artificial intelligence (A.I). From raw materials to finished goods, knowing what you have in your warehouse is important and being able to proficiently fulfill orders accurately and on time is paramount to having a successful business. Countifi is an inventory management system that is designed to help business owners by providing innovative solutions to streamline operations.
Benefits of Inventory Management Software
Countifi's computer vision solution can help you map warehouse space, reduce storage costs, and integrate scanning systems for real-time stock updates, which helps you to minimize guesswork and get a more accurate picture of your inventory situation.
Countifi improves and streamlines inventory management through its cutting-edge
visual recognition technology minimizing risk and streamlines your costs, which ultimately means a healthier bottom line for your business. With Countifi, you gain real-time inventory visibility, while effortlessly managing your assets digitally, whether you’re in the warehouse or on the go.
Minimize Storage Costs
Countifi's built-in A.I. identifies the most cost-efficient method for ordering new products by weighing the costs of storing your products versus the cost of ordering your products—it compares product stock level with cash flow, which, in turn, minimizes warehousing fees and save money.
Countifi's inventory management solution includes forecasting. Inventory forecasting, also known as demand planning, is the practice of using past data, trends and known upcoming events to predict needed inventory levels for a future period. Forecasting involves tracking the number of units sold and estimating the number of units that will sell in the future. This process is called inventory control. Accurate forecasting ensures businesses have enough product to fulfill customer orders and do not spend too little or too much on inventory, which minimizes the risk of losing capital used to make and/or purchase items that don’t sell which essentially becomes a loss to your business because the money can’t be recouped.
To ensure enough stock is on hand to meet customer demand and prevent overspending on items stored in your warehouse, inventory management software will integrate your point of sales (POS) system to update your stock numbers in real time. That gives you a more accurate projection of inventory, which in turn lowers your risk of investing too heavily into a product that doesn’t sell well.
Improve Customer Satisfaction and Sell More Items
Let’s look at this scenario for a second. Your best friend’s birthday is coming up and you know he wants a gold-rimmed belt buckle to match the gold buckle on his loafers. You run into the store that you expect will carry that item only to find out it is not in stock. The dilemma is do you search for something else to give your best friend for his birthday or do you leave and go to another store in search of what you really want? Chances are, you will leave and continue shopping around to find the gold-rimmed belt buckle.
Chances are your customers are the same. If you don’t have enough product in stock to meet demand, your customers will go elsewhere. And, if that happens repeatedly, not only will they hesitate to come to your store, they may stop coming altogether. A single lost sale could represent thousands of dollars’ worth of lost potential sales.
With Countifi, you are more likely to have the right products on hand at the right time to meet customer demand. This not only helps you to sell more in the here and now, but it also helps to lock in on customer loyalty.
Improve Order Accuracy
Our inventory management solution also integrates warehouse management. This helps to maintain an organized warehouse, which reduces the risk of moving new inventory into random locations, forgetting it’s there, and losing track of the merchandise. It also helps warehouse employees pull items for customer orders with greater accuracy, so that customer actually gets what they ordered.
Balance Multiple Sales Channels
Our inventory management solution integrates with your POS system to track sales and stock across multiple channels—all in one place, which enables you to manage your company’s inventory as a whole instead of on a case-by-case basis. If your business runs a brick and mortar, an online store, a pop-up location, and an Etsy store, inventory management makes it easy to process customer orders accurately as well as ensuring your physical store location has enough inventory on hand.
Promote Brand Loyalty
By reducing your order processing time, it helps to keep the products your customers want on the shelf. Combine that with improved order accuracy and product quality, and you get customer loyalty. Being able to buy what you need and get it quickly equals a positive experience with your brand, which equates to repeated business as well as the potential for that satisfied customer to recommend your business to other customers.
The Bottom Line
There is a lot that goes into the right inventory management solution for your company and it has the potential to have a huge impact on your company’s bottom line. Using an inventory management software solution like Countifi reduces errors in inventory management, which makes your business more efficient, more profitable, and better equipped to serve your customers.
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