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The Importance Of Inventory Management

Published

June 6, 2019

Author

Goda Jurgaityte

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The core concept of business is to make profit from your time and capital. Whatever can have an impact on time/capital management and sales volumes/margins, should be the primary focus. Here we’ll discuss the importance of inventory management as well as how numerous merchants could improve time-efficiency to a top standard level.

The reality is that time is easy to waste, and unless you have a pre-set idea of how you’ll spend it, it will go by before you even know it.

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The cogwheels and importance of inventory management

No matter the scale of your operation, inventory management is a process rooted in all other aspects of your business. Depending on how you handle inventory, it can make or break a business, as it often does.

The importance of inventory management derives from the time it takes. A business that has everything in order may be done well before lunch. Less organized peers achieve the same checkpoint by the end of the day. All the difference made by proper inventory management. That’s a radical upgrade.

Suzanne Kearns summarizes it all very well in one of her articles: “The reality is that time is easy to waste, and unless you have a pre-set idea of how you’ll spend it, it will go by before you even know it.”

The real difference comes from the extra time the organized merchant has. You have the freedom to invest the time back into the business and induce growth. Unlike the latter fellow who doesn’t even have the option to choose between business growth and leisure time.

The two are actually much closer than you might think, there’s only one difference and we’ll talk about it now.

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There’s a huge shortcut and it’s software

Just a few years ago the time-efficiency bottleneck of manually handling inventory was as widespread as online merchanting itself. Early companies hired programmers to create personalized solutions to un-cripple their operations, but SMEs could never afford such a luxury. That is, until universally applicable software took rise throughout the marketplaces.

Nowadays, the luxury of having software that combines all inventory management into a single dashboard is more of a necessity. The software’s gradual shift from luxurious to essential took place mainly because of the drop in price.

Given the importance of inventory management, the option to automate to a top notch standard is barely a consideration. Because of the variety of the different pricing, plans there’s no business too small to not cover the difference with all the extra time gained.

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