Top 7 Ways Brands Lose Money With Inventory Stock Issues and How to Mitigate Them
Inventory stock issues can take a significant toll on brand budgets. A range of challenges can cost businesses valuable time and money, from inconsistent tracking to problem stock. Fortunately, you can take proactive measures to help protect your brand and mitigate money loss risks. Knowing what can cause money loss — and how to prevent it — enables you to equip your business to be consistently more profitable.
Keep reading to probe into some of the top causes of money loss from inventory stock issues and what you can do about it.
Why Brands Lose Money With Inventory Stock Issues
Brands can lose money from several different inventory stock issues so it’s important to know what to watch for when managing inventory.
1. Warehouse Inefficiency
A warehouse management system with inefficiently managed space or workflow can be costly. The multi-faceted processes of receiving, picking, packing, and shipping need optimized management to cut down on costs.
2. Fluctuating Demand
As consumer demands continually change, companies have to be able to adjust and forecast upcoming shifts and trends quickly.
3. Limited Visibility
If you have trouble locating or processing your inventory, you can lose significant time and money attempting to track down items.
Having more stock than necessary in storage can disrupt business cash flow and potentially cause a loss in the long term. You want to balance supply and demand based on accurate data.
5. Inventory Loss
If inconsistent management and documentation processes lead to inventory loss, you could also be losing significant funds. Accurate and up-to-date product tracking is essential to staying on top of your inventory.
6. Inadequate Order Management
Staying ahead of current trends and historical data is vital to avoid overselling products and getting behind on inventory shipments.
7. Inadequate Software
You need to have user-friendly, efficient software that can handle the complexities of inventory management for you. Without an effective management system, you may struggle with maintaining data quality and tracking stock.
How Verte Can Stop Stock Issues and Save Brands Money
At Verte, we’re committed to optimizing your stock management needs and helping save you money. Verte gives you more control over your entire supply chain with order management software and robotic and automated processing systems.
Tracking incoming supplies and stock in storage equips you to manage your operating requirements and workflow more accurately. Our system’s in-depth data can help you identify potential issues and proactively address them.
With our innovative technology, you can stay ahead of management and get optimal visibility across your supply chain. The cloud-based inventory management system lets you automate critical processes, maximize efficiency and accuracy, and manage your fulfillment workflow from one intuitive platform.
Verte Can Help You Prevent Inventory Stock Issues
When you want to help protect your business from money loss, Verte can offer the inventory stock solutions you need. We also provide in-house custom integrations and solutions, so you get the best fit for your unique needs.
With Verte, you can access a flexible and smart system that integrates seamlessly with your existing systems. If you want to explore how we can support your operations, get in touch with us today.