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How SMEs Can Prevent Consistent Stock-Keeping Errors Using StockTrim

May 12,2024

When operating a small business, it is vital to keep track of all inventory and records of every transaction in your business. According to the wasp barcode, 46% of SMEs either don't track inventory or use a manual method of stock-keeping. This can be detrimental to a business if it is not taken into consideration. 

Running a small business can sometimes be a lot of work. However, if you're still tracking inventory with spreadsheets or notes, then you're not only vulnerable to human error, but you could be making losses in the process. To prevent these errors, keep proper track of your inventory, and keep up with the changing business environment, your company needs to be equipped with one of the best stock control software automation tools. 

Why should you use StockTrim for your business?

Over the years, inventory planning and demand forecasting have become more important because a sloppy inventory system can cause severe setbacks to the business's overall functioning. This is where a cloud-based small business inventory software such as StockTrim comes into play.

StockTrim is a plug and play revolutionary inventory planning and forecasting software that uses machine learning to analyze your available data and predict demand for new products without any sales history. Some of the important reasons you need StockTrim for your business includes:

  • Accuracy: One of the most essential benefits of utilizing StockTrim for your inventory planning is that it decreases the excess inventory your business has on ground, while enhancing its order accuracy. With StockTrim, proper inventory management becomes more effortless, and this enables you to understand exactly how much inventory you need to make available. It will also assist you in avoiding deficits and allow you to keep just the right amount of stock in the warehouse.
  • Saves Time and Cost: Inventory planning software makes it simple to save time and minimize labor costs. This is because as you automate the tedious and time wasting activities, you free-up resources so you or your employees can spend time on more tangible activities. Also, by streamlining your demand planning processes, you do not only stand to get rid of human error, but you can also take advantage of further cost-savings.
  • Planning and Forecasting: StockTrim has more features than only tracking your inventory and when you should reorder it. It also serves as a data collection system utilized to create the required strategic planning and forecasting reports. As a small business, this would enable you to intelligently plan for growth and how to best manage your cash flow resources.
  • Data Security: The safety of important information is secured when cloud-based inventory management software is used. According to Entrepreneur, 58% of small businesses experience a data breach, while about 70% experience cybersecurity attacks. Using StockTrim, your data is securely kept in the cloud and there wouldn’t be any need to backup your data on storage devices. Whenever changes are made, they are saved automatically, and security is managed through regular updates to prevent cyber attacks.

Scenario: The Tale of "Sarah's Sporting Goods"

Sarah's Sporting Goods is a small, family-owned sports equipment store located in a quaint town. For years, Sarah, the owner, and her small team managed inventory the old-fashioned way - with handwritten spreadsheets and notepads. While the store had a loyal customer base, they were facing several challenges because of their manual inventory tracking methods.

1. Overstocked and Understocked Items:

The most significant issue they encountered was an inconsistent balance between overstocked and understocked items. Since they had no real-time visibility into inventory levels, they often over-purchased popular items while underestimating the demand for others. For instance, during the soccer season, they stocked up on jerseys and soccer balls, but after the season ended, these items sat idly on the shelves, tying up valuable capital.

2. Inaccurate Stock Counts:

Manual tracking also led to discrepancies in stock counts. Occasionally, items would mysteriously disappear from the inventory without any record, leading to financial losses and customer frustration. These discrepancies also made it difficult to fulfill customer orders promptly, negatively impacting the store's reputation.

3. Time-Consuming Inventory Audits:

Sarah's Sporting Goods had to conduct frequent inventory audits to reconcile discrepancies. These audits were time-consuming and often required closing the store temporarily, affecting sales. Employees spent hours manually checking each item and recording counts, which could have been better utilized for customer service and business growth.

4. Missed Sales Opportunities:

Without accurate data on popular items and customer preferences, Sarah's Sporting Goods missed out on sales opportunities. They often ran out of stock on in-demand items, leading customers to seek alternatives at competitor stores. This not only resulted in lost sales but also eroded customer loyalty.

5. Seasonal Challenges:

The store's seasonal inventory challenges were exacerbated by manual tracking. They would either overstock or understock based on gut feelings rather than data-driven insights. During peak seasons like the holidays or back-to-school sales, they would often struggle to meet the sudden surge in demand.

6. Employee Burnout:

Employees at Sarah's Sporting Goods were overwhelmed by the manual tracking process. They spent considerable time on administrative tasks, such as updating spreadsheets and counting stock, leaving them with little time for customer engagement and support. This led to employee burnout and reduced morale.

In this scenario, Sarah's Sporting Goods faced numerous setbacks due to manual inventory tracking methods. These challenges ultimately hindered the store's growth potential and profitability. It's a compelling example of why small businesses need to transition to more efficient and accurate inventory keeping solutions like StockTrim to overcome these setbacks and thrive in today's competitive market.

How to implement StockTrim into your business

There is no point in having one of the latest and most efficient tools if it is difficult to operate or cumbersome for your staff to use. Implementing StockTrim is an easy and cost-effective way to facilitate the automation process and to improve operational efficiency across the workplace. Reading further, you'll understand how to implement StockTrim into your business with ease.

Once you order one of the available plans here, StockTrim is intelligently programmed to examine and analyze your optimal inventory levels. After placing your order, you'll make sure your suggested orders are highlighted in red to keep you in stock, while ensuring your adequately stocked items are highlighted in green. 

Conclusion

Getting StockTrim inventory software is a genuine need for any business. This is because if you have control over your inventory, you definitely have effective control over your production's most essential aspects. StockTrim will enable you to control costs and help you save money by keeping in check wastages. In addition to that, you will love how organized your business becomes once you have implemented the best stock-keeping software for your business.