Thomas Edison said, “Opportunity is missed by most people because it is dressed in overalls and looks like work.”

Think of this quote in terms of managing inventory for your retail business.

Counting, tracking, pricing, storing, and, of course, fulfillment.  Sounds mundane. But, these, perhaps unglamorous tasks must be done with efficiency in mind. Otherwise, opportunity for success will be missed.

An article in Multichannel Merchant points out that when merchants don’t have quality inventory data available, they “face steep challenges to profitably grow their business and deliver great customer experiences.” 

You simply can’t ignore the heart of your business, and that, of course is inventory management.  You have to put in the work. It’s the only way to efficiently manage inventory, and it’s the best way to ensure customer satisfaction. 

The good news is that technology has replaced the tedium of the traditional inventory management process, making it possible to streamline operations “with a single, centralized order and inventory management solution.” The result is the ability to deliver the “perfect order.”

It means that, with the right inventory management strategy, you can attract and hold on to your customers because you can deliver what they want, when they want it and at a price they will be happy to pay. That’s because you’ll have everything figured out. You’ll have the data you need to fully understand what’s going on with your inventory. For example, you’ll be in a solid position to avoid overstocking and avoid costly mistakes that can hurt your profits.

If you have made “improved profitability” a resolution for 2017, you have to act to make it happen.  An efficient inventory management system is a necessary and intelligent business decision that is key to your business success.