Managing inventory is an important aspect of operating retail organizations – after all, if there is no inventory in stores, there will be nothing for customers to buy!
Restocking the shelves when inventory runs out is typically done by manually calling up suppliers and making an order, but sometimes suppliers are not able to fulfill requests in a timely manner so retail managers must sometimes call several suppliers before finding one that can provide the necessary inventory.
Manually calling suppliers one by one can be quite time-consuming and inefficient at times, which is why introducing automation into the inventory management process can be a great help to retail organizations and their managers.
An automated inventory management solution can provide a lot of benefits to businesses, helping to ensure that out of stock products can be quickly and easily restocked by the appropriate supplier. Here are just three benefits of adding automation to your inventory sourcing process.
1. Save Time & Boost Efficiency
Typically, when a stock item runs out at a business, managers must pull up the list of suppliers and manually contact them one by one to determine whether they can provide additional product and when that product can be delivered. It can be difficult and time-consuming to contact multiple suppliers on a daily basis whenever items run out.
An inventory management solution can reduce the number of phone calls that need to be made by managers and easily allow suppliers to respond with their product availability, increasing the overall efficiency and reducing the time managers must spend on the phone.
2. Ensure Information Security
It’s important to make sure your business’s inventory records are properly and safely stored to minimize the risks of security breaches for both you and your suppliers.
In a digital inventory management solution, all data is stored in a centralized and secure online platform and all message transmission is encrypted. This means you and your suppliers can be sure that all inventory and supplier information will be stored safely and protected.
3. Generate Useful Reports
With a manual inventory sourcing process, there are no useful records of interactions with your suppliers, other than any written or typed out records that you create manually. This means that there is no entirely accurate reporting available regarding which suppliers were contacted and when, and whether or not they were able to provide the necessary inventory items.
A digital inventory management solution will generate reports automatically once it sends out the inventory sourcing message, which you are able to easily analyze to determine how your messages are being interacted with by their recipients. These reports can provide you with valuable information such as the messages’ open rates, click-through rates, as well as any responses that may have been received by the solution.
Looking to implement an automated inventory management solution?
These are only a few of the many benefits that a hyperautomation solution can provide to an inventory management system. You may be wondering how much work is involved with implementing such a solution and what kind of tools you need to look for to make it happen.
Luckily, SimplyCast has already developed an automation-powered inventory management and sourcing solution using its contact management and Recall tools, that can be used by any business or organization who needs to regularly replenish their inventory stock. Rather than integrating multiple different tools to create an automated solution, SimplyCast includes everything businesses need in one centralized platform.
Would you like to learn more? Click the button below to request a demo from our knowledgeable team to see how your business can leverage automation!