Avoiding Mistakes By Implementing a Tracking Solution
Customer satisfaction has to be monitored and maintained for a company to retain customers over the long-term. This can only be achieved when you have a clear knowledge of how well customer needs are being met. Let’s go through some common mistakes and how to avoid them with a simple all-in-one Inventory System and Asset Tracking Solution.
Failure To Accurately Forecast Demand
The lack of inventory forecasting can result in not being able to meet customer needs and a potential drop in customer satisfaction.
How to fix it:
Implement an Inventory System that incorporates a built-in Inventory Forecast Feature for proactive Inventory planning. An Inventory Forecasting Feature allows you to understand what customers want and which products are not in high demand. If you know what’s not selling, you can avoid needlessly acquiring unwanted products and overstocking.
Outdated Tracking Tools / Lack Of Automation
Manual Tracking is time-consuming and won’t get you results. Manual tracking is also prone to human error.
How to fix it:
A Barcode Tracking System can effectively monitor your inventory and asset items, and can simplify the return process while keeping accuracy a top priority. An Inventory System / Asset Tracking Solution with a Built-in Barcoding Wizard will greatly impact the bottom line by saving time and money.
Absence of Accountability
Accountability is critical to the long-term success of any business since it decreases inventory loss, boosts profitability, and increases profit margins. The lack of accountability in a workplace plays a key role in business failures.
How to Fix It:
Accountability can be achieved easily once an Inventory and Asset Tracking System is put into place. Using a Check-in / Check out Feature, you will have knowledge of the exact location of any item, who has it, and when it’s due to be checked back in.
Constant Overstocking and Understocking Scenarios
Understocking and Overstocking scenarios mean you risk having to pay extra to expedite shipments or pay workers overtime for orders that require last-minute work. This has obvious financial consequences for your business, which can be avoided with proper planning and product flow.
How to Fix It:
The right Inventory System will allow you to set a min-max quantity to reorder limit. This process will totally eliminate any overstocking and understocking scenarios. The Inventory System sends out alerts, alerting you that you are overstocked or under.
To avoid mistakes, it’s best to work with the right tools.
