Today we are here to answer some questions. Questions that are still a headache for many people. Although many blogs and articles have been written on the subject. But many of the articles do not cover the boost of the wholesale business. In general, writers and bloggers focus on how to grow your business, not the wholesale business. The wholesale business is a very different business.
Before we dig any deeper, let’s start with the definition of inventory and wholesale business.
Wholesale business involves buying and selling in bulk. Wholesaling is a complete process that begins with the supply of raw materials and ends with sales. A wholesaler can be an industrial, agent, or retailer. It depends on how the wholesaler wants to work in the industry. However, in all types, they need to manage their inventory. Inventory is an asset for wholesalers.
Types of inventory
There are different types of inventory including raw materials, work in progress, finished products, and finally, MRO (maintenance, repair, and overhaul). The wholesaler needs to know the inventory to improve the business inventory.
What is an inventory management system?
The inventory management system manages and monitors your inventory. As a wholesaler, you are ready to sell everything from raw materials to ready-made products. You need to monitor a huge list. It is almost impossible to keep accurate records of your inventory without an inventory management system. The inventory management system automates the process and helps you manage your inventory without fear of mistakes.
Why inventory management is important
An inventory management system is important to a wholesale business in many ways.
- It automates and streamlines your warehouses
- It increases productivity
- Provides accurate forecast and reduces the cost
- Reduces pick up time
- Standardized your inventory process
Best tips to optimize inventory for wholesale business
Here we are going to suggest a few tips to optimize inventory for wholesale business.
- Install an inventory management software
A wholesale business involves a huge stock. Without an automatic system, it is difficult to guarantee an efficient process. If you spend a little on inventory management software, you can reap huge benefits in the long run. Many systems like SeeBiz Inventory offer a free trial. SeeBiz Inventory offers its users a 3-month free premium trial. Let’s see how SeeBiz Inventory helps you optimize your inventory.
- Features of SeeBiz Inventory
- Automates process
SeeBiz Inventory automates the entire process and ensures meticulous records. Gone are the days when pen and paper were meant to organize your system. Today, manual tasks can damage your business due to human error. SeeBiz Inventory guarantees an absolute inventory management process for your business.
- Auto-generate sales and purchase orders
SeeBiz Inventory auto-generate sales and purchase orders to run sales and purchase flow smoothly. SeeBiz helps you to prevent data entry errors and duplicate entries. It increases productivity and reduces costs.
- Multi-warehouses system
As a wholesaler, you may have your inventory in different locations. SeeBiz Inventory integrates all locations on the same system. It allows you to get the data in one place with just one click. It informs you about the locations of each item. Which item enters which warehouse and leaves which location? This system answers everything for you.
- Inventory reports
SeeBiz Inventory offers sales, purchase, and inventory reports. These detailed and accurate reports help you forecast demands. These reports monitor your inventory and give you a detailed summary related to your revenue.
- Reorder points
SeeBiz Inventory allows its users to set reorder points. Reorder levels are the minimum quantity of the available products in the inventory. It prevents over-stocking and out-of-stock situations. SeeBiz Inventory notifies the users in case of low inventory.
- Manages your contacts
In wholesale business, you have to manage your contacts. They can be your customers and vendors. SeeBiz enables you to manage and export your contact in bulk in the system.
- Track the supply chain
In the beginning, different elements of the supply chain worked independently. Their connectivity and updates were few and far between. In this modern age, when everything is available on screens, the entire inventory process is integrated into a single system. The use of modern technology including mobile devices, barcode readers, and other tracking devices connects each item of supply. Having an accurate supply chain report allows you to control your costs and revenue. Even if you are not a manufacturer, it still helps you to record your order from a supplier.
- Efficient forecast models
Buying trends tend to change following market trends. Efficient forecasting models optimize your inventory. They are key to knowing when and what product is in fashion. It plays a vital role in production planning, inventory management, and cost reduction. It helps you decide what to produce and how.
- Business pricing Strategies
Your product price is your profit. In many cases, businesses lower their prices to generate revenue. However, it is not a practical approach. You need to evaluate your products and manage them to price. For this, you can use business pricing strategies. These not only influence your inventory but also keep your prices on track.
Relatively simple techniques can be used to optimize your inventory. All you have to do is using these methods in the right direction. You have to spend some on an automated system to get a precise yet accurate inventory record. Your inventory earns profits for your business. Use this weapon wisely to secure your place in the market.