We have already talked about the inventory management system and why it is important.
In this article, we want to tell you what inventory management system gives to various stakeholders of the organization.
First, let’s understand who the stakeholders are.
Stakeholder is any group or individual who can affect or is affected by the organization’s actions. Stakeholders are very important for business. A good inventory management system will help you to create successful relationship between a business and your stakeholders.
Let’s talk about some:
- Owners and shareholders always want to successfully grow business. One way to do this is using and understanding inventory management system. Accurate, up-to-date and relevant inventory management reports will allow to discover trends, identify weaknesses and strengths. Using these insights, they can take steps to grow profitably.
- Top management. Inventory management system allows top management to control employees and evaluate their efficiency, analyzing their sales volumes and structure, engagement of new customers, etc.
- Warehouse manager. When there are multiple warehouses, it becomes difficult for warehouse manager to manage all together. Inventory management system solves that problem by being able to integrate inventory multiple locations – whether it’s in one warehouse or many warehouses.
- Shipper. Without adequate inventory management system, shippers will spend time sending spreadsheets, manually write all reports, or visit the warehouse every time there’s uncertainty regarding stock. Instead of wasting money and time on these tasks, you can avoid them altogether with a good inventory management system.
- Strategic planner. Inventory management system increases accuracy, which is very important to develop the right growth strategy. It will help strategic planner to gather, analyze and organize accurate information for organization.
- Inventory analyst. A good inventory management system gives to inventory analyst real-time information about what sells well and what isn’t, what products customers prefer more, what products are in high demand – in other words, it helps to understand a company’s inventory situation and making recommendations to improve that situation.
- Financial analyst. Inventory management system let financial analyst get the latest information about the inventory, analyze past results, perform financial forecasting, reporting and make recommendations for improvements.
- Of course, our main goal is having satisfied customers. Customers want the business to provide high-quality goods or services that meet their needs. Inventory management system ensures meet that demand by enabling to have the right products available as soon as your customers need them. Customers will buy confidently from you, knowing you have the inventory that meets their needs.
As you can see, the inventory management system is not only important for business development, but also it will help you to create a relationship with your stakeholders.