Woman on phone and computer looking at inventory

The Benefits of an Inventory Management System

The Benefits of an Inventory Management System

You may have just started a product-based business and are seeking some tips for managing your inventory. Maybe you successfully have sold products but you still feel like you have no idea what you are doing.Clearinity understands what it’s like to feel like you don’t have any control over your inventory process, that’s why we specialize in inventory management systems software. The wide world of cloud-based inventory management has helped our clients get organized, have more control over their business growth and ultimately it has helped our clients ease the daily stresses of running a product-based business.

Cloud-Based Inventory Management Options 

    “Cloud Inventory” is a broad term that encompasses supply chain management, order management systems, and warehouse management systems. In order to be considered “cloud-based inventory management,” the system must reside in the cloud, be able to support purchase orders, sales orders, and fulfillment as well as include accounting integration. 

Top 5 Benefits of Inventory Management Software

Minimization of Human Error

   Inventory Management Softwares aim to reduce human error in counting inventory, comparing accounting reports, and managing purchasing orders. With an automated inventory system, you have the ability to have a single source of truth for all of your accounting needs. 

Better Business Intelligence 

    Know how much inventory you have, and which products are selling better than others. With a cloud-based inventory system, you have real data at your fingertips to make informed decisions that can help address business buying habits and other business processes.

Increased Productivity 

     No more Jim having to go to Bob to have to go to Sally that has to write up a PO that Suzy gets. With a cloud-based system, your employees have a direct source of communication between departments freeing up time to get more work done! 

Less “Out of Stock” Statuses 

    Your customers sure don’t like your products being out of stock more than 60% of the time. Increase your loyal customer base by always having their favorite products in stock. With an IMS system, you are able to track the most trafficked products. Additionally, this allows you to start purchasing more “like” products so your customers can begin to add on and increase their sale orders. It truly is a win-win for the customers. 

One single source of truth 

     As mentioned above, cloud based inventory management software systems act as one single source of truth. They allow you to see your business health in real-time as well as your inventory. There is less cross-communication between departments leaving less room from communication errors! 

How Clearinity Helps Us Understand the IMS Systems in the world 

    So you may be ready to purchase your first IMS system but can see there are lots of different features for every system and lots of different price tags. Here at Clearinity, we understand the process of choosing a system can be incredibly overwhelming. That’s why we break our process into four easy to digest steps. We allow a deep discovery process so that we can understand what your business really needs from an IMS system and then offer support in narrowing down your choices. We also have rated the systems on our website here, if you have any questions please feel free to reach out to us. 

What Can We Do Now?

     We recommend you talking to a professional like us so they can help you understand what an IMS system implementation looks like for your business. If you are interested in learning more please visit our e-commerce maturity assessment to get started.