When you’re a large organization, inventory management becomes an important part of your operations. Are you, however, doing whatever you can to leverage automated inventory solutions? If you’re still skeptical about making the switch, it might shock you to discover the truth.
There are some costs you may not be aware of that can really hurt your bottom line in the long-run. Here are some of these hidden costs.
1. Input Errors on Excel
Like any other program, Excel Spreadsheets has its cons. Among its biggest drawbacks is the high likelihood of entering data incorrectly.
Given that humans make one error per every 300 characters, it’s almost inevitable for input errors to occur. This leads to time wastage when manually updating Excel data, failed re-orders of inventory for items that were actually needed, false information submitted for audit or credit, and other costly blunders.
2. Bad Customer Service
Failure to accurately track a package from your store to a client’s doorstep leads to disappointed clients, which can dent your growth plans.
Going by statistics, it costs 2.5 times more to acquire new clients than to retain existing ones.
Here’s the point: Happy clients lead to repeat visits while making them angry not only leads to their leaving but possible loss of the many people that dissatisfied client tells of their experience.
3. Employee Satisfaction
Who relishes a gig that involves keying in thousands of SKU numbers daily to keep track of inventory? No one, not even your employees. In fact, it’s a sure way to send them packing for a new job. It costs thousands of dollars to replace a low-grade, low-earning employee, let alone a mid-range executive. One proactive way to avoid such mammoth costs? Improve the experience of your staff by automating your inventory management system. Switching to automated inventory management is highly beneficial. It can go a long way in helping your business avoid the cost implications that often come with running manual inventories.
That’s why you need a partner who understands the intricacies of inventory management, a partner like Advance Solutions Corp. (ADVANCE). Ready to automate, optimize, and supercharge your inventory processes for optimal business success? Call us today, and we’ll be buzzing to discuss your options!