Advanced stock and inventory management solutions can optimise your business for greater efficiency, cost savings, and customer satisfaction. Learn more.
While 61% of business leaders in the UK recognise the importance of connecting supply chain data, only 35% use this data to make strategic decisions. At a time when numerous businesses are faced with overstocking or stockout situations, poor stock and inventory management can put companies at a serious disadvantage. Effective stock and inventory management solutions from FMIS can turn this around.
The Importance of Stock and Inventory Management
Stock management boils down to knowing what your stock levels are, how you order, track, and store stock, and what its value is. In this sense, stock refers to business assets such as consumables, raw materials, and finished goods, as well as items ordered, leased, sold, or owed.
Inventory management is the supervision of your business’ inventory. The visibility offered by good stock and inventory management solutions from FMIS provides data that helps you identify and respond to trends, minimise supply chain breakdowns, stay organised, and stay profitable.
Reliable Stock and Inventory Management Solutions
The key features and benefits of FMIS’ stock and inventory management solutions deliver complete visibility of inventory and stock from purchase to pay.
Real-Time Tracking
Real-time stock and asset tracking provides you with up-to-the-minute visibility of your assets and stock. The barcodes and scanners used for this offer greater accuracy. This accuracy and visibility can help improve your demand forecasting and planning. This, in turn, can lead to minimised stockouts and disruptions, more efficient allocation, replenishment, and order fulfilment, steadier inventory levels, and proactive inventory planning.
Automated Processes
Automating the various processes involved in stock and inventory management with the help of advanced solutions from FMIS reduces or eliminates the need for manual data entry, recordkeeping, stock counting, and other manual tasks. This allows you to allocate personnel and resources to more important strategic activities. Automation also offers greater accuracy, reduced overhead costs, early problem detection, and time savings.
Data Analytics
Premium stock and inventory management software such as FMIS offers data analytics that provide valuable insights into trends and patterns. You can use this data to fine-tune how you manage your inventory to improve your business operations. In addition to helping you achieve improved operational efficiency, these insights can also help you prepare for or prevent supply chain disruptions, identify the most and least popular products, and forecast demand.
The Impact of Efficient Inventory Management
Efficient inventory management can help improve your business’s overall performance. In addition to avoiding potentially costly overstocking and understocking incidents, your employees will take less time to find assets or stock and to ship items, which means enhanced productivity and customer satisfaction. Additionally, being able to avoid or mitigate supply chain issues means fewer disruptions to your operations, while improved accuracy and automated processes result in more accurate accounting and reporting.
When your inventory is managed efficiently, you can also expect to see cost savings. By maintaining optimal stock levels, you don’t need to worry about losing sales due to stockouts or losing money due to large amounts of unsold stock.
Stockouts and slow deliveries result in unhappy customers. Managing your inventory efficiently allows you to offer faster shipping and reduce the risk of listing items as out of stock and of cancelling orders, which can increase customer satisfaction.
Solutions for Your Business
Choosing reliable stock and inventory management software is one of the best decisions you can make for your business. Thanks to effective key features and an array of benefits, FMIS’ advanced solutions are the preferred choice of numerous UK businesses. Elevate your operations and inventory and stock management with software you can trust.