Inventory is the lifeblood of any business that deals with products, and it is vital that you manage it efficiently for business success and growth.

The challenges of inventory management are several.

The right solution can help you boost profitability and deliver outstanding customer service.

Most Common Inventory Management Problems and Solutions:

1. Inconsistent Tracking

Manual tracking can lead to errors beyond our control.

Reported by AssetPanda: A study conducted by The Tuck Business School at Dartmouth College found that some 15 workbooks for a local business had a total of 117 errors which resulted in a total loss of about $4 million to $110 million approximately.

2. Inaccurate Data

Supply chain becomes compromised as quantity and physically availability of items don’t match.

Forbes: According to a survey by Gartner, “the quality of poor data is responsible for the loss of $15 million annually”. Gartner also found that about 60% of those companies didn’t even know how much bad data was costing their businesses.

3. Inefficient Processes

As business grows managing the inventory becomes complex and processes more complicated.

According to dummies: Inefficiencies of Processes cost many organizations as much as 20- 30 percent of their revenue each year.

4. Inadequate Software

The lack of integration with your existing business process platforms makes life difficult as there is no automation.

TechRepublic: In a recent report revealed that Inadequate Software affected 3.6 billion people, and caused $1.7 trillion in financial losses and a cumulative total of 268 years of downtime.

5. Manual Documentation

Managing inventory with paperwork and manual processes is tedious and not secure at all.

Altametrics: According to a survey, Case studies have found that while it costs businesses an estimated $1 to manually verify data accuracy as it is entered, it costs businesses an estimated $10 to correct data when it is in batch form.

Why ClanVent?

ClanVent is an Inventory Management System that allows you to manage your inventory in a more efficient way and maximize on the business potentials.

Get ClanVent to manage your business effortlessly