An Inventory tracking software is one of the biggest challenges in managing a profitable and productive e-commerce business. Ideally, you’d have a system in place that ensures you always know how much inventory you have available, so you can plan your supply chain management accordingly. But without efficient inventory tracking, it becomes increasingly likely you’ll encounter stockouts, delays, or excess capital tied up in inventory.
As your company scales to the next level, it’ll be that much more important your method of inventory tracking can evolve with you. Keep reading to learn about the ins and outs of tracking your inventory, and discover how to optimize this process to make your daily operations as smooth and streamlined as possible.
What is inventory tracking?
Inventory tracking is the monitoring of inventory items within your supply chain at any given time. Tracking tools provide data on just how much inventory companies own, plus the current status of said inventories (damaged, returned, rejected, etc). In addition, inventory tracking software also limits unnecessary theft or loss, by detecting real-time inventory levels for every SKU across every channel.
3 ways to streamline & improve inventory tracking
Despite the challenges associated with inventory tracking, there are still ample opportunities to move beyond these issues and help your business soar. By implementing a few ways to streamline and improve your inventory tracking, your company can breeze by any impending roadblocks and exceed your goals with ease.
1. Use an inventory tracking system
The best way to fend off stockouts, delays, or unnecessary inventory costs is with an innovative tracking system. Fortunately, GOIS is a leader in inventory management solutions, having designed comprehensive software with built-in inventory tracking tools.
There’s no doubt inventory tracking becomes increasingly complicated as you add more sales channels and warehousing options (in-house, FBA, 3PL). With GOIS, you can make sense of your multi-faceted business needs and automate inventory tracking to enhance your workflow, simplify your supply chain, and see greater results across the board.
2. Harness data and inventory forecasting
Rather than manually adjusting your inventory levels based on customer demand, you can actually harness inventory data to uncover selling patterns and product fluctuations. Inventory forecasting allows you to modify your projected demand based on previous years’ sales, current market trends, and even your inventory turnover ratio for incredibly precise planning.
Not only does forecasting make inventory tracking that much easier, but it also gives you improved inventory control, by calculating what you’ll need to fulfill future orders and predicting what you’ll sell over a given period of time.
3. Conduct frequent inventory audits
The purpose of conducting inventory audits is to ensure accuracy between your existing stock counts and financial records. Frequent inventory audits can provide an in-depth look at your stock flow, help you gauge profits and losses, and keep your business running smoothly.
In addition, regular audits can readily upgrade your inventory tracking. That’s because audits offer important insights into where your inventory is located, and whether certain SKUs have been misplaced or mispicked (which gives you a chance to correct these problems, if needed).
Inventory tracking is an indispensable part of your eCommerce operations and has the potential to make or break your success in the long term. But when you partner with a capable and qualified inventory management system, there’s really nothing your company can’t achieve — and GOIS is definitely that kind of system.
GOIS is the ideal solution for accurate and efficient inventory tracking, by maintaining real-time stock counts and automating ongoing processes to elevate your brand at every level. With GOIS’s superior functionality, you’ll never wonder whether you have the right amount of product on hand; instead, you’ll have access to continual inventory updates, so you can have total confidence from the initial point of sale to the final order fulfillment.
If your e-commerce company produces, purchases, or sells merchandise, it’s imperative to track your inventory throughout the various stages of your supply chain. The following are a few frequently asked questions to help you determine which inventory tracking method might be the right fit for you and your business.