A shocking amount of capital is tied up in inventory. Inventory along with accounts receivable and accounts payable has tied up $1.1 trillion in cash – equivalent to 7% of the U.S. GDP. (Source: REL)
In fact, U.S. retailers are currently sitting on about $1.43 in inventory for every $1 of sales they make.
Imagine the effect it will have on your small and medium sized business if you are managing your inventory manually or not managing at all.
As an online retailer, you do not want to tie up additional capital inventory carrying liability. Especially if you are still an old school managing it on a spreadsheet.
And no Kidding,
Your challenges for managing Inventory manually will cost you a fortune. For instance
- It may happen at times that you run short of resources to lease your facilities, and hence you may end up operating a rather larger and ineffective warehouse then you need.
- Under such circumstances, Inventory Management spreadsheet is often prone to errors and will drain you to the last drop of your time and energy in maintaining the same.
- You will never be assured of accuracy, and it’s not worth a risk.
Poor management is one of the top-notch reason why small business fail. Though Inventory Management Software is a crucial tool for retailers, 46% of SMB’s with 11-500 employees still don’t currently track inventory or use a manual inventory process.
It is vital to keep track of Inventory Management, as it directly affects the cost and time of your business. Hence, automating Inventory Management is crucial for business. Automation facilitates your business in terms of ROIs, Diversification and most importantly in.. ( Click to read)