When it comes to inventory management, many businesses are looking to both make processes more efficient and save significant amounts of money. Here are six of the most notable ways Sortly can save your business money:
1. Not wasting money reordering redundant inventory.
One of the chief ways businesses using Sortly start saving money right away is by controlling how much inventory is ordered. Because Sortly helps companies understand precisely how much inventory they have on hand, where it is, and how much they need to keep in stock to meet demand, customers can place complete orders with vendors regularly and confidently.
Gone are the days when, due to disorganized stockrooms or inaccurate inventory lists, employees weren’t quite sure what inventory was on hand and, as a result, overordered out of confusion or fear. By placing complete orders with clarity and assurance, businesses reduce the risk of profit-draining inventory shrinkage and obsolescence, unnecessary labor costs, and carrying costs associated with excess inventory.
2. Avoid costly work delays and stoppages.
The right inventory management software can also help businesses avoid costly work delays and stoppages. For many companies, certain items simply must be in stock for work to be performed. In a hospital setting, these include key medications, medical supplies, and personal protective equipment. In construction, these items include safety gear, common tools, and essential raw materials.
But without a solid handle on where these items are and whether an operation has enough of them to conduct regular business, stockouts can easily occur. In the worst case, services or production must be halted until additional inventory arrives.
However, businesses using Sortly can avoid delays and stoppages by utilizing key features such as low-stock alerts. With such alerts enabled, the right people will be notified whenever inventory falls below any customized threshold. Even outside of designated ordering days, your team will always know when to place an emergency order for an item you simply can’t afford to run out of.
This easy, comprehensive guide will help you:
Free Ebook: Getting Started With Inventory Tracking
3. Ordering the right amount, on time helps you avoid last-minute trips to the store to buy inventory at a higher price.
As previously mentioned, incomplete or inaccurate inventory orders can lead to work delays and stoppages at your business. Some businesses have no choice but to wait for additional inventory to resume operations.
Other companies may have the option of purchasing items locally so they can return to work immediately. While it’s certainly a relief that these products are available for purchase, they are often not quite right and not priced at wholesale, either. On top of that, replacement inventory may take hours to acquire, as opposed to being delivered to your business’s doorstep. Overpaying for this inventory and paying for the extra time it takes to obtain it chip away at your business’s profits and productivity.
If this becomes a regular habit for your team, the cost can add up over time. Solve the problem, and it’s also a huge opportunity to save.
4. Faster, leaner processes allow your team to take on more work and drive revenue.
Next, the right inventory management software keeps your business well organized and makes your entire operation more efficient. In other words, when a business allows Sortly to automate tedious inventory-related tasks, that same company finds that it has extra time to focus on other aspects of the business.
With these extra hours, your team can tackle other essential tasks and focus on driving more revenue instead of tracking down supplies, materials, and equipment that aren’t where they’re supposed to be.
5. Know how much inventory you have on hand so you can accurately track profit margins.
Another reason to consider Sortly’s inventory management software is to practice perpetual inventory management. This strategy involves maintaining constantly up-to-date inventory lists via barcode and QR code scanning.
This inventory list not only leads to better and more organized inventory management but is also highly useful for accounting and financial forecasting. After all, an always-accurate snapshot of your inventories’ actual and sales value can help you determine and track your business’s profit margins and more in just a few minutes.
This data can inform all sorts of crucial business decisions, especially those that impact a business’s bottom line.
6. Happier customers lead to repeat business.
Finally, another way Sortly can help a business save money is by improving the relationship between their company and their customers. By always having the proper inventory on hand to provide goods and services swiftly, your business builds a reputation that ensures customers come back for more.
If you fail to meet their needs, those customers will likely look elsewhere for goods and services. By taking total control of your inventory, you can help ensure that all of your customers’ needs are met and that there’s never any reason for those same customers to shop or spend elsewhere.
About Sortly
Sortly is an inventory management solution that helps you track, manage, and organize your inventory from any device, in any location. We’re an easy-to-use inventory software that’s perfect for large or small companies. Sortly builds inventory tracking seamlessly into your workday so you can save time and money, satisfy your customers, and help your projects succeed.
With Sortly, you can track inventory, supplies, parts, tools, assets, and anything else that matters to your business. It comes equipped with smart features like barcoding & QR coding, low stock alerts, customizable folders, data-rich reporting, and much more. Best of all, you can update inventory right from your smartphone, whether you’re on the job, in the warehouse, or on the go.
Whether you’re just getting started with inventory management or you’re an expert looking for a more efficient solution, we can transform how your company manages inventory—so you can focus on your next build. That’s why over 15,000 businesses globally trust us as their inventory management solution.
Start your two-week free trial of Sortly today.
