Inventory is a major component of product based businesses. Mismanagement of inventory can cause huge losses both in term of reputation and monetary value. There are numerous instances when business loss huge sum of money because of inventory mismanagement. Inventory management is one of the biggest challenges faced by the expanding businesses. For example, a local sports goods business expanded and opened a new branch in another city. Now they have inventory stored in multiple locations which is being sold in two different cities. So, with the expansion, managing inventory also became complex and if not handled properly can cause serious troubles. VTiger CRM provides comprehensive inventory management tools, in the shape of its inventory add on.
Following are some of the disadvantages of poor inventory management
Overstocking/Understocking: Poor inventory management causes overstocking. If you do not know how much quantity of a product should be ordered, it is very likely that you will face overstocking or understocking of that product. In case of understocking, your customer have to go back empty handed means loss of business. In case of overstocking, you have to pay extra costs like warehousing, expired products etc.
Competitive Disadvantage: Poorly managed inventory puts businesses at a disadvantage. As, their competitors are more organized and customers will go to the competitors instead of waiting.
Poor Forecasting: When a business does not know the trends in selling of its products and inventory then how could they forecast accurately. So, poorly managed inventory system causes serious trouble in future forecasting of the products.
A good inventory management system can do wonders for a business and VTiger CRM provides its users with one of the best inventory management solutions available in the market.
VTiger Inventory Management System
VTiger CRM provides a comprehensive inventory management tool, It not only optimize inventory management process but also enhance the operations related to the warehouse. Using this feature you can also add delivery, credit and receipt notes. Good inventory management also supports supply chain. Once the shipping of a product took place from and to the warehouse. It makes adjustments in the inventory automatically . In addition to the making process of purchasing goods convenient for the customer it also keeps the CRM inventory count up-to date.
So, start managing your inventory on VTiger CRM by getting inventory add-on and yield the maximum benefits out of it.