When it comes to inventory management many businesses may elect to do it without the help of additional software. This can be great for small businesses as it does help to reduce the costs associated with stock management. As a small business, it is likely that they will also be conducting their own accounting practices or what is often termed MYOB (Manage Your Own Books). Again, this is very efficient and cost-friendly in the earlier days of the business but as it grows the numbers may become too big to handle on their own.
Luckily, for those wanting to maintain their MYOB status there are a number of solutions available to help you better manage your stock. A number of these systems operate as integrated MYOB inventory management systems so that it is a streamlined transition. Here are some of the advantages of opting for an integrated MYOB inventory management system.
Knowing exactly where each product is and how much you have will drastically reduce inventory costs. The integrated MYOB inventory management system collects all of the applicable data to identify which products are popular and also signals as to where each product is located and how many are currently stored. This boost operational efficiency as staff are not left looking for items that are no longer there and customers are no longer left disappointed that their order cannot be fulfilled.
Additionally, as the MYOB inventory management system successfully integrates your current accounting software, you save money in having to transfer suppliers. This makes it much easier to maintain all of your data and makes the transition far more streamlined.
Improved customer service
Integrated MYOB inventory management allows you to provide customers with the right stock at the right time. No longer are you scrambling to find where each product is located or whether or not you have enough to meet an order. Everything is now centralised into the one system with the location of each product specified.
This helps to keep customers happy and may even transfer them into loyal customers. This is extremely beneficial for business as you sustain revenue and are likely to receive more customers as a result of recommendations.
Reduces over- and under-stock
Through a more automated system, companies are able to eliminate the stresses of over- and under-stocking. The integrated MYOB inventory management centralises all of the data so that the ordering and storing of stock is done accurately. It means that the popularity of each product can be measured and its stock is automated. This is one way that the MYOB inventory management system helps to reduce the costs.
Storing unnecessary amounts of any oven product can be costly as it can either take up space that an otherwise more popular product could use or, in the case of perishable goods, is simply a sunk cost.
As has been mentioned, the integrated MYOB inventory management system provides businesses with a lot of data. All of this data can be used to better plan for the now and into the future. Businesses are now able to see fluctuations in demand for goods and adjust their stock accordingly and potentially even use this for marketing purposes.
Knowing exactly when customers want your products and being able to automate the stock for these products helps to keep your customers happy. This allows the business to continually look forward and not have to worry as much about the present as it is successfully automated. Business development is key for any company and the MYOB inventory management system allows this to be a bigger focus.