An eclipse of inventory data will not burn your eyes but it can still burn your business.
As a business owner, you may think you have a pulse on your inventory. But if you’re relying on pen and paper, an excel sheet, or an out-of-date POS solution, you can’t see the data you need to make better business decisions. Just like the moon blocked out the sun during yesterday’s eclipse, without inventory data you’re left in total darkness.
4 Reasons Why Real-Time Data is Key to Brick-and-Mortar Growth
1. Ensure accurate tracking.
Without a real-time POS and inventory solution, you’re opening yourself up to inaccurate, inventory data and manual mistakes. As a result, you’re most likely spending hours every week trying to validate your inventory numbers.
If you have multiple locations, your chance for error goes up as you might be moving inventory from store to store and have a hard time reconciling the numbers.
Inventory management systems not only save you time by automatically reconciling inventory against goods sold, but it also can save you money by reducing inventory costs.
2. Buy smarter with historical inventory data.
Maybe you’re great at looking back through hundreds of sheets to determine which products are top sellers and which season is their peak. But for most retailers, that’s not the case.
Without hard data that shows you your best and worst performers over a period of time, it’s hard to determine what inventory you need to buy in the future to continue sales growth.
Inventory management systems provide you the inventory data you need to form insights that will help you forecast and buy smarter- helping you reduce inventory costs by having the right inventory, in front of the right people, at the right time.
3. Pivot quickly with real-time decision making.
When you aren’t using a system that intuitively tracks in real-time, you can never be certain that your sales data is always up-to-date. This prevents you from having an accurate sense of what is going on on your sales’ floor and missing the opportunity to quickly adjust tactics for better turn rate on your inventory.
A real-time inventory management solution allows you to track what’s happening in your stores anywhere, anytime.
4. Enjoy multi-user access.
Moving to a cloud-based system allows multiple users to ring sales that are automatically accounted for in your back office. This ensures you’ll always have a pulse on how much inventory you have because everything is up-to-date and accurate.
As a retailer, you know how incredibly important it is to stay on top of sales at all times. With pen and paper management, you have to physically be in the store to make sure your inventory data is accurate and up-to-date. But switching to a real-time, cloud-based inventory management system allows you to always know how your business is doing no matter where you are.