Poor inventory management can have severe consequences for your business. Yet, many companies face the inventory mismanagement problem quite often. If you run a business and don’t have a proper inventory control system then you’ll run into most common problems of:
- Excess inventory – overstocking results when you fail to order inventory in the amount you need and end up having too much. This problem can be costly. When you have too much inventory, you’ll have to run discounts or bundle your products. But this would result in selling at loss and not meeting the anticipated revenue amount.
- Inability to forecast – when you don’t have a forecasting system, you won’t be able to make accurate predictions. A forecast without a proper system or a past inventory history is simply a guess that won’t take you too far.
- Lost customers – inability to keep a stock control will cost you your most important asset – your customer base. With today’s ever-growing competition, a customer won’t wait long to find a replacement for your out-of-stock product.
These are only a tiny part of the problems that you’ll face without an inventory management system. In this post, we’ll reveal why Intuendi is your best choice for an inventory management system and introduce you to the features that make Intuendi software superior.
The Most Complicated Inventory Management Problems
So what makes inventory management so hard? Well, most importantly, inventory management is a never-ending process. It’s not something you can set up once and forget about. It needs constant check-ups, monitoring, and improvement. As your business grows, so does the demand for your products or services. Your optimal inventory stock amount can change every month according to the demand.
Intuendi can help you with stock inventory management and solve the following most common inventory management problems:
- Lack of visibility – the supply chain is a complex network and it’s becoming even more complex with the rise of globalization. As the size of the supply chain increases, it gets harder to have accurate visibility of what’s happening and keep track of the supplier to the customer network. Lack of visibility means poor management. Intuendi is a smart software that will help you have clear visibility of everything inside your supply chain.
- Inaccurate demand patterns – failure to spot demand patterns is the number one reason for wrong forecasting. The market is growing and new products are added to real and digital shelves on a daily basis. You need to keep track and analyze demand changes to get insights into trends of demand patterns. Changing demand is one of the main challenges that businesses face, that’s why an inventory management system is a must-have if you don’t want to pay huge inventory costs.
- Inability to keep track of the stock inventory – if you have an overview of the supply chain and accurate demand patterns, still you won’t be able to manage your inventory if you fail to keep track of what’s happening inside the stock. Manual tracking of inventory is not enough to manage the inventory. An inventory management software like Intuendi will track your supply, demand, and inventory, and it will make a smart analysis based on the data. Keeping a close track of stock movement will help you avoid accounting errors that result in big costs.
Intuendi: the Inventory Management System You Need
In this section, we’ll introduce you to all the features Intuendi has and how they effectively can solve all the inventory mismanagement problems.
Demand and Sales Forecasting
Demand and sales forecasting are made easy with Intuendi. Our technology will help your business avoid undesired costs and save time and money. The automated and smart system collects data from multiple sources and generates forecasts in a few minutes. All affecting factors are taken into consideration, such as promotions, a stock shortage, stockouts or unexpected peaks. You’ll get automatic demand and sales forecasts for your entire product catalog in every region and channel with Intuendi demand forecasting.
Inventory Optimization
Intuendi inventory optimization software will ensure that your business always has the right level of inventory at the right time to improve stock availability and prevent lost sales. The real-time data tracking takes into consideration future demand, lead times, desired coverage and available stock to raise service levels and reduce inventory cost. Excess inventory and out-of-stock problems will be optimized and solved.
Budget Optimization
We care about your ROI as much as you do. Our advanced reordering technology would simulate scenarios with multiple purchasing budgets to find the right investment to drive your company’s growth. A properly managed purchasing process and investment would make your business’s performance better in the short and long-term. Profitable investments and higher ROI are guaranteed with Intuendi software.
New Product Forecasting
Past history of a product is an essential element for accurate forecasts. However, Intuendi has found a way to get forecasts for new products with no historical data available. The data available on the existing products is a precious piece of information that can help get insights on the new products’ future sales. You can make a forecast by analogy and learn from your previous collections’ data. If the new product is an upgrade to the current product, then learning the lifecycle of the existing item would help understand the expected performances and create a reliable forecast.
Omni-Channel Demand Planning
If you run omni-channel retail, then you know that your shoppers have very different channel tastes for shopping. However, you have to provide superior customer service and satisfaction regardless of the channel. With intuendi, you’ll be able to stock the right product in the right place at the right time. You’ll improve the decision-making regarding retail, wholesale distribution, and operations across your all channels. Intuendi will sync and merge data coming from all of your channels and suggest the best actions to maximize sales and grow your business.
Invest in a Feature-Rich Software like Intuendi
Inventory mismanagement is indeed a serious issue for many businesses; however, many of them don’t even realize what a problem it really is and don’t handle it properly. Around 43% of small businesses don’t even track their inventory or do it manually. As the business grows, it will face a huge inventory cost which might result in fatal consequences. To avoid poor inventory management, you need to invest in reliable software. Getting a simple and cheap software might save you money, but in long-run, the challenges it will create would cost you more than the money you’ve saved.
Make a smart decision and invest in a feature-rich inventory management system like Intuendi to prevent stockouts and excess inventory. Grow your business with intelligence and manage your inventory accordingly with Intuendi inventory management software!
