Inventory is one of the critical parts of any business, especially the repair business. Can you imagine running your repair business without the proper device parts in your inventory? That is hideous even to imagine.
Every repair business, whether small or large, needs an equipped inventory. But a non-managed inventory can prove to be a curse. Since inventory consists of your liabilities, it is a big risk as it is prone to theft, errors, spoilage, and inventory leakage. To minimize the risk, it is necessary to clear out inventory as soon as possible, which means there should be more sales. For that to work correctly, managing inventory is of grave importance.
Usually, warehouse workers manage inventory manually, where they count each item, label them and monitor in and outflow. That can be hectic as it is unable to keep track of products as items are continuously entering and leaving the warehouse. There is a higher chance of errors.
But now you have an error-free option that is an inventory managing software that tracks each item throughout the inventory and adjusts its number accordingly.
So don’t let dollars slip from your fingers by sleeping over the importance of inventory management.
Here are a few points that will let you know the importance of inventory management in your repair shop.
Order Your Inventory Before Stock-Out
Imagine you have to deliver the customer’s repaired cell phone in a day which he handed you a week ago. You have received the alert about his delivery on the repair management software along with all the client and device information. All the job is done except for the touch screen, which you planned to fix before delivering the cell phone. You look for the touch screen part in the inventory, and it’s not there. You searched the inventory upside down, but all in vain. A wave of regret hits you when you recall that you forgot to place the order for the stocked-out touch screen last week. And it will still take a couple of days for your supplier to send the bulk. What a mess! Now you will have to face embarrassment or, even worse, losing a loyal customer.
But good inventory management can save you from this. Keep a check on your inventory before it reaches the stock-out level. An inventory management software can help you better because you have a fair chance of forgetting when to order new stock. The software will alert you when your inventory is about to stock out. So that you can reorder it beforehand and your repairs will not suffer.
Helps to Avoid Loss of Inventory
Since inventory has a significant share of expenses in the repair business, it’s essential to manage it efficiently. All your retail stock and repair parts in inventory are a liability because they have to be sold for the business to run. Any missing, lost or damaged item is a pure loss of your money. Instead of making a profit, you will end up losing all your investments in the form of lost or faulty items in the inventory.
So, good inventory management is the ultimate solution to all these problems. Monitoring your inventory regularly will show you how much time your inventory needs to be restocked and when. Which items require special attention and which of your inventory items’ shelf life is expiring due to weather conditions etc. With this information, you can then decide the restock your inventory beforehand. You will know that you must first sell the items approaching their expiry date. It will save you from a major loss, and your inventory processes will be smooth.
Additionally, you can use your repair ticket management solution to check the tickets on priority and stock the rest of the inventory according to that. As some tickets require parts that are not commonly used, knowing this beforehand can save you the hassle and loss.
Cut Your Expenses
You spent a fortune hiring new employees to manage your inventory, resulting in other issues such as theft or damaged items due to mishandling. In addition, employees can be dishonest and tend to use items for themselves. Moreover, human errors are inevitable. For example, they can make mistakes in counting the items, shifting the aisles, or packing them. It all adds up to your burden instead of reducing it. Plus, you are losing tons of money on managing and fulfilling the inventory needs.
You can eradicate these issues in a split second using efficient inventory management software as everything is on record. It tracks your inventory from entering the warehouse to leaving it. Furthermore, you don’t have to spend extra costs on unworthy employees to monitor your inventory because all is tracked in the software. Congrats! Your laborers’ activities are now handled by a unified inventory management system free of cost. What a bargain!
Secondly, if you are a small business and cannot afford any inventory loss, then smart inventory management can come to your rescue. It can calculate precisely how much inventory you need to order from the supplier. Next time you will order that amount without wasting any money on excessive inventory that will probably rot in your warehouse.
By doing good inventory management, say goodbyes to stock-out, over-stocking, or inventory leakage. Then, automate your inventory processes using good inventory management software, barcode scanners, and SKU codes. This will increase your productivity exponentially and save you a hefty amount of time, leaving you to focus on other repair business matters. So with good inventory management, you will not have to worry about inventory issues again.