Inventory System Helps SME Retailers Manage Better Cash Flow
Inventory management is a top priority in a successful retail business. This is especially true among small and medium retailers. SME retailers usually need to settle payment immediately upon purchase of goods. If a SME retailer makes a wrong decision in buying goods that leads to slow-moving inventory he may face cash issue. On the other hand, if he is not aware of inventory of some products that are running low and fails to replenish on time he may not be able to meet customer demand. It is where having the correct inventory management system comes in.
SME retailers are not as well-staffed as large enterprises. Without an inventory management system, many time-consuming inventory management processes have to be done manually that waste staff hours. What’s more, SME retailers may not be able to achieve higher level of inventory as human error is hardly unavoidable during manual process.
But, with a perpetual inventory management system in place, SME retailers can get track all stock level in real time. Just using the scanner on smart phone, all purchase in goods can be booked into cloud back office. Without extra manpower, they will get updated with every sale and delivery, know what they have in stock and how to manage the goods. The inventory management system will help SME retailers keep accurate inventory reports so that they can make wise decisions on buying the right quantity of each product to keep sales going and prevent having dead inventory.