Transforming inventory management with advanced software
Photo by Scott Graham on Unsplash
Has your business remained trapped in the past in terms of inventory management?
Manual systems and basic application software require improvement in today’s fast-paced business environment. Advanced inventory management tools have revolutionized this process.
Applying new technology in business management decreases the risks of manual errors while conducting inventory business, thus increasing productivity.
Whether it is an individual store or an enormous distribution center, the right program gives real-time data tracking, self-replenishment, and the best demand prediction.
You will be updated in real-time on trends, access data from anywhere and at any time, and avoid stockouts or overstocking.
How can you effectively manage your stock and get insights that will improve your decision-making?
By implementing a software solution! In this article, we will explore inventory management software and how it can benefit your used device business.
Introduction to inventory management software
Inventory software is a tool that allows you to track each item of your stock at each stage of the workflow. For used device businesses, that also means collecting all the information about tracked phones in one place.
It provides accuracy and stabilizes this entire process, starting from the acquisition and ending with the sale. The details provide you with a snapshot of the value and status of each device, and you can make decisions on the same readily.
This makes it easier to make decisions when pricing and reselling the products in the market. Furthermore, inventory management solutions help to minimize the incidence of mistakes, thus guaranteeing your customers the intended outcome.
This consequently increases customer loyalty, and they develop faith in your product line.
Key features of modern inventory solutions
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Although most inventory management solutions have similar features, those developed specifically for the used device industry, like NSYS Inventory, suggest more profound options.
Let’s look at several features that are extremely efficient for wholesale mobile phone businesses.
1. IMEI tracking
The most convenient way to track devices is by the unique IMEI number. With it, you can easily find information about phone blacklists, SIMlock, and financial statuses. Moreover, the NSYS Inventory has the results of ESN Checks & NSYS Diagnostics integrated into the solution, so you have information about more than 60 hardware tests in one window.
It also becomes easier to manage your stock as you can quickly know the quality and state of every device you intend to use. The owner may easily see if the given phone number is lost or stolen or if there are unpaid bills.
This way, you only spend a few minutes conducting the checks instead of hours while ensuring you sell the devices that are in good condition.
Such integration enables you to decide on matters concerning returns, minimizing some of the returns possible on your commodities and enhancing the customer’s experience.
You can effectively ensure that each of them has passed these requirements so that your inventory management process becomes easier and more efficient.
2. Advanced analytics
Apart from tracking the inventory, specialized solutions offer analytics reporting that will help you improve decision-making and focus on the most profitable items. For example, the NSYS Inventory analyzes:
The most popular device models
The primary benefits of advanced analytics include identifying what device models are hot sellers. This keeps you informed of trends and the desires of the customers, hence buying the most popular models in bulk.
Because you know which brands of phones are the most popular, you will be aware of which phones to promote when designing your marketing campaigns and offering bonuses.
Reasons for returns to suppliers
By using an analytical method, it is possible to identify the exact causes for returns to the suppliers, including defects, damages, and non-functionality.
The ability to recognize such patterns is beneficial when pointing out issues with quality control so that corrective measures with suppliers can be implemented.
This information will also enable you to change terms of use more to your advantage or to expect improved quality to reduce the number of returned products and improve customer satisfaction.
Returns by supplier
Analyzing returns by supplier allows you to determine whether the devices provided are reliable and of good quality.
The data gives you a chance to know suppliers with high return rates and, therefore, take the necessary action on whether to continue with the suppliers or renegotiate with them.
Measuring return rates by suppliers is also insightful in that it allows you to notice that a specific model or batch comes back more often, thus potentially offering you a chance to remove a quality issue.
Overall, this information will enable you to optimize your supply chain and minimize costs of reversal and faults.
The most profitable models
Understanding the most profitable models also enables you to target the biggest profits from devices, buying patterns and marketing to improve overall profits. This ensures efficient use of the resources and gains optimum returns on investment.
Sales and spending over time
Sales and spending records for a certain period assist in identifying changes expected to happen and making the necessary changes on time. It also enhances the effectiveness of the distribution of the available resources so that revenue is maximized.
3. Multiple locations tracking
Last but not least, the solution should be able to track multiple warehouses. When you can easily add new locations to the system, scaling your business will be easy and straightforward. NSYS Inventory offers these features so that you can grow your business based on data-driven insights!
Conclusion
Utilizing sophisticated inventory management systems, your business can ensure that all its processes are correct and efficient while making wise decisions for the company’s future.
This way, by choosing features such as IMEI tracking, a higher level of analysis, and multi-location operation, you make sure your used device business is effective, lucrative, and prepared for further development.
