Optimize Your Inventory Management with Analytical Tools for Wholesale Businesses

Efficient Inventory Management in Your Wholesale Business: From Idle to Turbo

If you’re a driver or passenger in an inventory-driven wholesale business, you might be familiar with sometimes managing your inventory blindly: 

You’re ready in the starting position, turn on the engine, and are about to send out orders—only to discover that there’s no gas in the hybrid car. The tank is empty. You haven’t purchased enough goods to fulfill your customer orders on time. 

Conversely, you might experience having too much capital tied up in your inventory because your purchases aren’t properly coordinated with your sales and order management. 

In both cases, your inventory management has veered off track: 

You risk losing customers due to delays and bleeding money on goods parked in the garage collecting dust. 

But… 

What Is the Root Cause of All This?

The reason you can’t get your goods out the door is that you’re managing your inventory using spreadsheets or systems that aren’t dedicated to inventory management, such as your webshop or accounting system. ‘

Your specific need is a tool that reports on and gives you control over the product’s journey from purchase to sale and reorder, enabling you to make the right, data-driven decisions for your wholesale business. 

This blog post gives you five points illustrating how this inventory management tool transforms your wholesale inventory management from a traffic jam on the highway to a relaxing parade drive along the beach road. 

But first:

Why is Data Overview and Efficient Inventory Management So Important for Your Wholesale Business?

For a wholesale business, having a clear overview of your inventory data is crucial for ensuring efficient and profitable operations. With the right data, you can:

Invest in the Right Products and Optimize Your Profit

With the right numbers at hand, you can get a clear overview of which products sell best and provide the best margins, allowing you to focus on them.

Avoid Risks from the Lack of Data: 

Without precise data, you risk buying products that don’t sell, tying up capital and reducing liquidity.

Meet Customer Needs: 

The inability to meet customer needs can lead to potential lost sales opportunities and bad reviews for your wholesale business. 

To address these points and ensure more data-driven inventory management, you should consider implementing a dedicated inventory system. It’s designed to handle all aspects of your inventory management and follow your product’s journey from purchase to sale and reorder.

How a Dedicated Inventory System Helps Your Wholesale Business

A dedicated inventory system is the key to optimizing your inventory management. It provides you with a GPS for your inventory, a firm grip on your purchasing management. It ensures that you always have an overview of the engine of your business, namely the product, with its data-driven reports. 

We have compiled 5 functions that will help your wholesale business achieve more efficient, time-saving and growth-oriented operations:

1. Real-Time Inventory Updates

A dedicated inventory system will provide you with real-time updates on your inventory movements, so you always know what’s in stock, which products are on order, and how much needs to be reordered. This minimizes the risk of stockouts, as you can quickly react to changes in demand, ensuring you purchase the right products on time.

2. Automatic Adjustment of Inventory Values

An effective inventory system helps you keep track of how much money you have tied up in inventory. Real-time updates on your purchases, inventory adjustments and sales also give you a clear picture of the monetary value of your inventory, making it easier for you to respond to any over-investments.

3. Purchasing Management

Most inventory systems include what is commonly known as purchasing management. Purchasing management allows you to order directly from suppliers and register receipts when your goods arrive, so your inventory is updated immediately. This saves you time and reduces the risk of errors while ensuring that you always have the necessary goods in stock.

4. Reports and Analytics

A dedicated inventory system allows you to generate reports on everything related to your products. For example, you can access reports on purchases, sales, and inventory movements, giving you insight into how much you have purchased, sold, and what you have paid for the goods over time. This allows you to adjust your sales prices and ensure that you continue to make a profit on your products.

5. Reorder Reminders

You can also use your reports to set a minimum inventory level for all your different products. When the minimum threshold for the product’s inventory is reached, the inventory system will remind you that it’s time to order new goods from your supplier. This ensures a constant flow of goods and satisfied customers.

With these features, a dedicated inventory system fuels your inventory management, ensuring that your wholesale business is always ahead of market demands. But how do you find the right system for your business? This is where Rackbeat comes into the picture.

Rackbeat’s Dedicated Inventory Management for Your Wholesale Business 

Rackbeat offers a user-friendly inventory management solution specifically designed to meet the needs of the wholesale industry. With Rackbeat, you not only get real-time updates and user-friendly purchasing management but also solid analytics tools that help you understand and optimize your inventory management. 

Rackbeat helps you transform your inventory data into valuable insights, allowing you to make better decisions, increase your efficiency, and maximize your profit. Whether you need to optimize your inventory turnover, improve your customer experience, or reduce your costs. 

You can test the system completely free and without commitment for 14 days.