When establishing and developing your business, it is likely that you will encounter a wide variety of operational issues. What is most important, however, is that these issues are solved and dealt with punctually. If such problems are not dealt with, long term business efficiency is drastically reduced. Many businesses struggle with the efficiency of their stock management, particularly with coordinating their receipt of stock from suppliers and dispersing this stock to customers. However, the business stress and time associated with organising stocktaking can be reduced by utilizing MYOB inventory systems. Here are several key reasons as to why this would be a beneficial choice for your business.
Put simply, using a MYOB inventory platform will likely lead to time savings for your business. Using a stocktaking software will ascertain that business owners are no longer required to spend wasted hours manually checking and monitoring the movement of stock across a warehouse or factory, or from supplier to customer. By employing a MYOB inventory system, the process of stocktaking is perpetual and always taking place. In essence, the system does all the work for you.
Notably, using an efficient MYOB inventory system will help improve the movement of your supplies throughout your warehouse and from location to location. As a business owner or manager, you want your warehouse facility to be structured and well organised, so as to allow for the seamless movement of stock. A poorly managed warehouse will lead to time wastages in trying to locate supplies, which accentuates workplace stress and anxiety. Notably, stress and anxiety can lead to a deterioration in customer and supplier relationships.
Hence, by digitizing stocktaking system, you will have current and up to date information regarding where exactly your produce is within the scheme of your operations. Likewise, it can also help you identify which of your goods are the most popular. With this information, you can organize where your products are placed within your storage facility, meaning you could group your most profitable items close together, hereby making them more accessible for when they need to be moved.
Saving you money
Using an efficient MYOB inventory platform will highlight both profitability drivers (i.e. the products you sell the most) and your cost leakages (i.e. the products you sell the least). Digitizing your stock management processes can help minimise costs, as you can then choose to stop ordering items that are costly in terms of both purchase and warehouse storage. Furthermore, a MYOB inventory scheme allows for continual monitoring and evaluation of how much stock you possess and how much storage space you have. This will prevent over-purchases or under-purchases of stock, which can represent a high financial cost to the business if stock becomes obsolete before being sold. This is particularly detrimental if you have a business that deals with perishable items, like fresh fruit and vegetables or dairy.
Good networking with customers and suppliers
A good MYOB inventory system will improve your business’ brand reputation in dealing with various customer demands and preferences. Consumers will always be impressed by a store or warehousing facility that is well organised, clean and efficiently managed which all stems from having good stocktaking systems. Therefore, a quality MYOB inventory program allows you to build personal and durable relationships with your customer base, which will go a long way in creating an established customer base. Having a strong customer base can be a crucial element of profit maximization, particularly during periods of economic decline. Likewise, using stocktaking software will improve your networking with your suppliers, which will reduce the likelihood of supply shortfalls.