The business landscape has changed dramatically over the past
6 years. The economy is moving away from
the days of excess consumption to smarter consumption by consumers. They are becoming smarter with their purchases,
so businesses need to adapt to this change in the demand of goods.
Effective inventory management will play a key role for the
long-term survival of many businesses. The
companies that are most efficient with their operations will survive this
downturn and prosper in the upturn. Companies need to carefully evaluate their current
inventories, identify the slow-moving items and use promotional strategies to
sell them quickly. In addition, they
need to identify those items that are in demand and keep them on order with the
suppliers and manufacturers so they will have the most popular products on hand
to sell to their customers.
To achieve this, they need quantifiable data to know which items are in the
highest demand. Businesses need to be
aware that demand is different than sales when they do inventory forecasting. Most ERP systems can tell you which item has
the highest sales, but not necessarily the highest demand. Elliott Business
Software’s Customer Wish List function can help businesses identify the
top-demand items. This information can
also be integrated with the company website(s) to expand their digital business
intelligence in this Internet age.
A sudden drop in demand could leave businesses holding a
large amount of excess inventory. To
effectively manage and maintain inventory has become a top priority for many
businesses. Elliott Business Software
has a built-in warehouse management solution to help you manage your
To learn more, contact us at 909-598-9019 or e-mail us at firstname.lastname@example.org.