Developing healthy, mutually beneficial relationships with your suppliers is an important aspect of running a successful business. With the right inventory management software, you can foster these connections in a way that benefits everyone involved.
After all, your suppliers, wholesalers and manufacturers are the first step in your supply chain. Without them, you wouldn’t have product to sell. If things don’t go right from there, you could experience challenges further down the line, including:
- Product delays
- Stock outages
- Dead stock
All of these can have a significant impact on your overall sales and customer satisfaction.
Ordering Made Easy
Just like you, your suppliers have a business to run. Anything you can do to streamline the ordering process and make it easier for them, the better.
That means doing away with handwritten orders sent through a fax machine. These days, inventory management software will let you assemble and send ordering information digitally so there’s less chance of human error.
Tracking Order Status
Once an order is made, it’s nice to have a system in place that allows you to monitor the status at any given point. Rather than having to annoy the supplier with constant update requests, you can simply use your inventory software.
You can also use it to stay abreast of other routine tasks in real-time, such as:
- Upcoming delivery dates
- Stock levels
By remaining constantly aware of your stock levels, you’ll be able to notify your suppliers well in advance of your next order. They’ll appreciate your proactive approach, as it will provide as much leeway as possible on their end.
To learn more about the importance of stock levels, read: Inventory Management Software: The Cost of Stock Imbalances.
Forecasting Future Growth
Successful companies grow. It’s inevitable. And with that growth comes an increased demand in product and services.
For example, let’s say you operate a company that sells and rents outdoor power equipment. You’ve noticed a steady increase in the number of customers buying lawn mowers by Brand X. Using the reporting features of your rental software, you’ll quickly recognize this trend and be able to inform your supplier so they can adjust your order accordingly.
Having the ability to accurately predict growth and demand is huge. It requires constant diligence, but the payoff is worth it. And with the help of a fully integrated business management system—one that incorporates inventory software, POS software and accounting software—it doesn’t have to be overly daunting.
It’s never a good thing when an issue arises with a supplier. When it does, it’s good to have a contingency plan in place. For instance, it’s a prudent decision to develop a network of alternate suppliers, rather than depend on a single one. That way, if something does go wrong, you can hopefully find the product or material you need from someone else.
Need powerful inventory management software that keeps you connected to your suppliers and customers? Call Windward Software to learn why our fully integrated System Five package is the right choice for your business.