Common Inventory Management Issues You Must Take Care Of

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Common Inventory Management Issues You Must Take
Care Of
For any e-store to be successful, inventory
management is a crucial part. Several errors may
creep into your inventory management without you
knowing about them. And if you fail to detect
those errors and believe that your inventory is
smooth and error-free, it could result in a
huge loss.Lets understand several common
inventory management mistakes that you should
avoid, preventing major inventory management
issues later. Failure to Forecast Demand While
managing inventory, you must understand that if
you arent able to forecast the demand of
products accurately it may result in too many
or fewer effects than required. If a bug
attacks your inventory management software, your
forecast may go wrong and lead to errors in
inventory
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calculation. It may also lead to overproduction
of less demanded products and vice-versa. This
would not only result in financial loss but also
in customers dissatisfaction. Not Checking
Inventory Frequently Enough As the inventory
grows in size with growth in business, inventory
management might be difficult at times. The
result is less frequent inventory checks and
several issues left
you arent running inventory checks more
shrinkage and poor forecasting may go
unseen. If frequently, unnoticed.
This may result in a messy and unmanaged
situation where restoring to normalcy can become
quite challenging. Too Many Product
Variations Having quite a large number of SKUs
may not sound like an issue but if not handled
properly, it can be. If you purchase the same
type of product but with numerous SKUs it may
cause inadvertent counting errors and confusion
later. For instance, if two products look alike
in terms of appearance and features they all
may be counted as one. This mistake can impact
the accuracy of your counts in case those two
products are of different sizes, come in boxes
different in size, or are of different prices.
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To avoid this issue, you should be more careful
while counting products with similar appearance
and features. Using Just Excel Sheets When there
was nothing like technology, businesses would
still maintain inventory in the most convenient
method - using pen and paper. Thanks to the
advent of Microsoft Office in the late 20th
century, businesses switched from the
traditional pen and paper to the more modern
Excel approach to manage inventory. However,
Excel sheets dont suffice for very large
businesses and their inventories. If you too use
Excel sheets, there may be errors like
double-entry of the same product, failure to
update any product, etc. As a result, inventory
management may go haywire, and resolving the
issues risen from confusion or errors may be
very tough. In that case, you may need to go
through all the changes previously made to find
out a single small error that failed your
inventory management. Thanks to a plethora of
inventory management tools (or modules) that are
available now, you can automate your inventory
management, and reduce chances of wastage of time
and efforts, and most importantly -
errors. Inadequate Training Even if you have
state-of-the-art inventory management tools and
technologies, they wont be of much avail unless
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your employees know how to make the best use of
them. Here arises the need to properly train
your employees - especially the ones in the
inventory management department, about how to
manage inventory properly. Without proper demos
and workshops to teach them how to use the
latest technology to update and manage inventory
efficiently and productively, you cant expect
them to perform or be proactive. How Magento 2
Inventory Management App Can Help Our Magento 2
Inventory Management can help you as it has
productive features that include Supplier
Management You can add and manage suppliers and
their details easily, from within the inventory
manager app. Your suppliers can get a dedicated
area to view purchase orders, create products,
edit details, etc. This helps in bridging the
communication gap between you and your
suppliers. Multi-Store Support Through our
Magento 2 Inventory Management Extension, you
can generate reports of various products and
currency supported depending on the sales and
customer modules data for a particular store
you select.
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Product Stock Management You can view, edit, and
manage your product stocks on the go with
Magento 2 Inventory Management extension. It can
let you view product quantity, product images,
enable/disable products, and update the
quantity. Purchase Order Management Our Magento
2 Inventory Management app lets you generate POs
with all the details required. You can view all
POs, apply filters for better insights into
customers behavior. You can also generate
invoices for POs with quantity received,
shipping charges, etc. Configurable
Dashboard Magento 2 Inventory Management app lets
you customize your mobile-first dashboard
according to your business requirements. You can
add all the required dashlets right on your
dashboard and get an easy overview of all
inventory operations on the fly.
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These features combine together to let online
retail store owners manage their inventory
efficiently and reduce errors to a minimum.
Eventually your productivity can increase in a
short span of time. If you also want to integrate
it into your store to solve your inventory
issues you can drop us a line at
sales_at_appjetty.com and our sales team will revert
to you within 24 hours. Original
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