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Are High Inventory Costs Keeping You Down?

Published on: Oct 08, 2015

Save Time and Money with Barcode Inventory Management

How much time and money is your business currently spending on inventory management? If your company is like most, your resources are tied up in manual processes that are contributing to inefficiencies and high inventory-related costs, tying up precious business resources and leading to frustration for both your employees and customers. For small businesses in particular, the time and money spent on inefficient inventory management strategies can be particularly cumbersome.

The Effects of Poor Inventory Management

Poor inventory management is easy to spot. The company experiencing poor inventory management often experiences a high number of inventory inaccuracies, high inventory costs, and inefficiencies leading to delays in the shipping or reporting process. More often than not, you will be able to tell if your company is experiencing poor inventory management simply by taking a look at your company books. Do your inventory-related costs (the costs of the actual goods and their associated labor costs) seem exceedingly high? While inventory-related costs are always higher than we’d like them to be, if your costs keep climbing, you could probably use some improvement in your inventory management practices.

Solving Poor Inventory Management with Barcode Scanning Software

No matter which way you look at it, the culprit of poor inventory management is manual processes. Manual processes add extra time and money to any task, inventory-related or not. In the area of inventory management, however, manual processes can be especially burdensome. No matter how hard your employees work, manual processes are still going to take longer and cost more than most companies can afford. So what are you to do when your inventory costs are high and your company is spending longer than necessary on order fulfillment?

The answer is simple: automate the process.

The perfect inventory situation is one that is supported by automation. Barcode inventory management solutions automate crucial inventory processes, including inventory counting, transferring, Purchase Order receipt, tracking and picking, allowing your company to achieve gains in efficiency, reduce labor costs, and boost productivity. Barcode inventory management solutions work in partnership with your company’s existing ERP software, linking your inventory data back to your ERP system so you can see the whole business picture.

In the past, barcode scanning technology has been unavailable to small businesses mainly due to the expense of the solutions on the market. Recent advances in technology, however, have made barcode scanning available to even the smallest of organizations in need of the technology. We recently released our own Sage 300 barcode inventory management solution designed specifically for the small business. With smart inventory management software and barcode scanning technology, you can reshape the impact your inventory processes are having on your company’s bottom line.

This web based inventory management solution provides users with full control over their inventory management, allowing them to eliminate costly and time-consuming manual processes and remove the barriers to effective inventory management. To learn more about IWI Consulting’s web based inventory management solution and its unique features built especially with the small business in mind, click here.

To learn more about how barcode and scanning technology can help improve your company’s inventory situation, download our Barcode Scanning Inventory Module for Sage 300 ERP product brochure.

Our small and dedicated team specializes in helping small-to-medium size Canadian businesses and non-profits select and adapt Enterprise Resource Planning (ERP), Customer Relationship Management (CRM), Human Resource Management (HRMS) and IT services. With IWI’s 15 years in business and 100 plus years of combined experience, IWI has helped hundreds of food manufacturing, distribution, and financial service companies gain efficiency, grow, and lower their operating costs.

With the unique combination of industry knowledge and diverse technology expertise, IWI provides cost-effective solutions to help clients gain a competitive edge.  As a Sage business partner, servicing the Greater Toronto Area, we support evaluation and implementation of operations and finance systems to optimize technology, ensuring high return on investment with a quick and painless transition to new software.