Inventory is the heart of every retail business and centralizing it across multiple sales channels forms the key towards maintaining the whole business cycle upbeat. While saving capital, time and cost are the main benefits of centralized inventory management, there are multiple other benefits which a business can earn.
1. Smarter stock allocation and purchasing decision
The health of your supply chain management lies in knowing channel-specific stock demands. Allocating more number of a particular product's stock to a sales channel where it sells best and minimizing the allocation of the same product's stock in a selling medium that is not so welcoming, can help you stay in par with demands in all angles. Procurement plans can also be chiseled by using a centralized inventory management software centralizing inventory. Channel-specific stock demands provides the intelligence to learn demand based procurement.
2. Inventory accuracy
Centralized inventory management system informs you the level of stocks accurately. The amount of stocks in the storage facility, number of stocks committed for order fulfillment, number of stocks per sales channel, total of returned goods, warehouse specific stock details can be known in real-time.
3. Single interface fits many
Using a centralized inventory management software you can unify the stock details across multiple sales channels into a single dashboard. An centralized hub of your inventory can help in knowing the stocks requirements per sales channel and optimize procurement scales accordingly.
4. Low stock alerts for avoiding stock outs
Maintaining the stock numbers at an optimum level helps in keeping the inventory holding cost at the bare minimum. For this, a centralized inventory management system can be of great help. Setting stock alerts for each sales channels will notify business owners on the stock count getting depleted thus the procurement plans can be made appropriately to match the need.
5. Identify best product and time to invest
Apart from procurement plans, a business' investment plans can also be strategized using a centralized inventory management software. Retrieve seasonal reports on your sales graph in order to learn the seasonal demands each product, sales highs and lows. based on these inputs, fabricating your investment will provide better gains. Investing more on products that are high in demand also reduces low inventory holding cost as you sell only according to the demands.
6. Automation and transparency
Automations save inventory handling time and provides better accuracy. A centralized inventory management system provides automation in crucial areas which ditches the dependency over a dedicated resource. Moreover, centralization makes inventory updates global and so there will be 100% transparency. With a centralized approach you are bound to gain a better control over your business process.