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What You Need From an Inventory Tracking System

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An effective inventory tracking system is one of the most important tools for any warehouse management tool. An optimized system will allow you to track your inventory from its arrival in your warehouse to the customer’s hands. When you have accurate data about your supply chain that is easily accessible, your warehouse business will see increased productivity and profits. A good system will also help you avoid errors, provide you with alerts, help you with warehouse space, and more. 

Here are some of the most important elements that any inventory tracking system must have.

Alerts for Inventory Levels

Gauging supply and demand is a constant aspect of the warehouse business. A customizable inventory tracking system can provide you the opportunity to set alerts for inventory. These alerts can be set based on certain thresholds that you deem appropriate. With alerts for overstocked items, you can create promotional advertisements to clear those items out sooner. It will also allow you to reduce or suspend any pending orders for that item in order to avoid further overstocking. 

If you receive alerts for understocked items, you can preemptively review any pending orders. This can allow you to gauge whether or not you need to increase orders. Additionally, this can help prevent a lag in delivery time in your supply chain if you are able to mitigate the chances of the warehouse delaying shipments due to understocking. 

Having alerts in your inventory tracking system is a crucial part of ensuring your warehouse maintains efficient levels of inventory.

Metric and Trend Reports

While getting your products from your warehouse to the consumer is the quintessential element of a warehouse business, it is also important to have access to the data and metrics that are generated from your activities. Having access to data will allow you to see different trends that are occurring over time. It is generally easier to get a grasp of what is happening in the immediate moment; however, our memories are fallible and it may be challenging to know what the trends are without access to historical data. 

Trends can show you which inventory leaves your warehouse the most, the optimal price for that inventory, when that inventory leaves with the most frequency, and other metrics. When you have access to this data, you will be able to more effectively optimize your warehouse enterprise. 

In order to sustain long-term growth and profit, your inventory tracking system should include the ability to analyze and observe trends. Short-term and long-term trends can speak volumes about employee efficiency, optimal inventory levels, and more. 

Easily Understandable Dashboard

It is great to have a system that has lots of data; however, if that data takes a long time to read or understand, then that negates the point of having access to that information. Whether the employee or manager is a seasoned pro or a new hire in your warehouse, it is essential that they have access to easily understandable information. 

The less time employees spend trying to figure out what certain data means, the more time they can spend performing other productive tasks. Additionally, if you have an easily understandable dashboard, it will reduce the amount of time newly-hired employees will have to spend in training. This will save the warehouse time and money. It can also help reduce the amount of human errors if data is easily understandable.

An accessible and useful dashboard that provides understandable data and metrics is another key component for an effective inventory tracking system. 

Important Inventory Metrics

Different inventory tracking systems provide different types of data. However, regardless of how the system is used, there are a few critical tracking metrics that must be incorporated in the system. 

Your inventory tracking system must have the ability to track returns. Items that come back from customers may be siphoned into a “damaged goods” category, and sent elsewhere. Or perhaps the customer got the wrong item or is unsatisfied with what they received. Whatever the reason, you will have an item coming back to your warehouse and your inventory tracking system will need to know how to accurately measure this metric. 

Your system will also need to efficiently track items that come from your supplier. Some of your inventory may be on-site at your supplier’s warehouse or storage, or in transit to your warehouse. It is important to know where the items exist in the supply chain. If there are points in the chain in which the item’s location is unknown, it will ultimately lead to an error or miscalculation. Errors and miscalculations will cost you time and money.

Before integrating any new inventory tracking systems, be sure it includes the ability to track returns, damaged goods, and the location of items in the supply chain from your supplier. 

Scalability

As warehouses grow, so too do the inventory levels. Increased growth is certainly a good thing; however, with more inventory come more organizational and logistical responsibilities. It is a good idea to find an inventory tracking system that can grow and evolve alongside your enterprise. Having growth coupled with optimized organization and tracking will aid your warehouse in avoiding negative trends or significant logistical issues. Employees with access to customization options in the system can review trends involving growth and identify which types of modules or metrics to incorporate in the newly scaled system. 

One element of scalability is finding software that uses a cloud-based system. This will let you more easily back up your data, allow access across various locations, and you will not have to hire a large IT staff to maintain computer servers. 

Contact eoStar for a Consultation

If you are looking for help in developing an inventory tracking system for your warehouse, contact eoStar today for a consultation. eoStar has been in the warehouse optimization business for years, and we would be happy to help you increase efficiency with a custom inventory tracking system. 

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Using Data to Keep You Ahead

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As a business owner, you always look for ways to get ahead and stay ahead. The key to reaching those goals may be something you’ve had at your fingertips for as long as you’ve been in business: your data. 

Every business generates data, especially businesses that have a strong online presence. This data becomes increasingly important every day, and it can often mean the difference between business growth and stagnation. In this day and age, not using your data can mean leaving a lot of money on the table. The question is how to start using your data instead of letting it go to waste. 

That’s where eoStar comes in. At eoStar, we’re known for our route accounting software, but we also offer complex professional services, including eoStar Analytics. This service helps our clients spot and use the data that they may have missed otherwise. 

Why Your Company’s Data Matters 

Again, every business generates data, but some generate more data than others. Distribution businesses generate a lot of data. In fact, these businesses essentially run on the data that they produce. From customer buying habits to seasonal changes, this information keeps distribution running every day. 

When harnessed and used properly, this data can prompt business growth, efficiency, and a healthier bottom line. That said, most companies don’t take advantage of all of the data they have available. That’s not surprising. Data analytics is no easy task, after all. It takes a lot of time that many business owners just don’t have. 

While you may have a lot of data available, success isn’t just a matter of finding that data and reading it. Once you’ve started pulling data from every available source, you’ll need to interpret it, analyze it, and model it so that it becomes usable information. Learning how to interpret data is like learning how to read a map. Until you can interpret the key, the information doesn’t mean much. However, once you figure out what all of the symbols mean, you can use your map to get where you want to go. The question is: How do you get started when you’re already busy running a business? 

How eoStar Helps You Use Your Data for Success 

Fortunately, you don’t need to sacrifice your time or sleep to get started with data analytics. eoStar Analytics can help you use your data to its fullest potential. 

eoStar Analytics is a service that finds and gathers relevant data that you can use for problem-solving. From there, we’ll help you turn that data into models and insights. You can apply context to your data and begin to see patterns that you may not have otherwise noticed. Once you have a clear picture of these patterns, you can make concrete changes and solve problems that may have been causing frustration for years. 

Essentially, eoStar will act as your field guide so that your data will finally start making sense. 

Your Data’s Possibilities 

Once you have the right data at your fingertips, there’s virtually no limit to what you can do with that data. For example, your data may tell you what your most satisfied clients have in common. Perhaps they all have had a similar experience with your website or ordering platform. You can then use this information to raise client satisfaction all across the board, making sure that all of your clients go through the same web process that your most satisfied clients go through. 

You can also use this data for things like keeping the right products on the shelves, preparing for seasonal inventory changes, and maintaining warehouse efficiency. This way, you won’t get caught off-guard by surpluses and shortfalls. 

One of the best parts of data analytics is that you can use it to make predictions. The longer you work with your data, the more you’ll see emerging patterns. You’ll be able to get ahead by using your preparedness and foresight. 

Overall, when you unlock your data’s full potential, you can make more decisions based on measurable patterns instead of limited estimations. As a result, you may have more confidence in your decisions.

Let Us Help You Make the Most of Your Data 

We covered a few possibilities, but those possibilities are just the tip of the iceberg in data analytics. There’s a world of possibilities when it comes to your data, and those possibilities can help your business get ahead and stay ahead. 

What you do with your data is ultimately up to you, but first, you have to gain access to that data and look at it from multiple angles. We’re here to help with that. If you’re ready to learn more about how data analytics can help you, contact the eoStar team today. We’d love to discuss our data analytics process with you and answer all of your questions. 

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3 Reasons why Forecasting is Crucial to Success

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You ask a lot of your route accounting software, and why shouldn’t you? In a lot of ways, your business software is what helps your business move forward. That’s why eoStar’s route accounting software covers a lot of ground. With eoStar, you can have excellence in each part of your software. 

That excellence includes eoStar’s forecasting capabilities. We put a lot of thought and effort into our forecasting software because we know that forecasting is crucial to your business success. But what exactly makes forecasting so important? Let’s take a closer look. 

Planning Ahead Makes You More Reliable 

Using premium forecasting software just makes good business sense. For one thing, it makes your business more reliable. By planning ahead, knowing when to anticipate low stocks, and keeping an eye on your ordering patterns, you can avoid running out of stock and disappointing your customers. 

It doesn’t take much for a consumer to ditch one brand for another. Don’t send your clients to your competitor by failing to provide what they need. 

Handle Variability Without the Stress 

Virtually every business deals with some kind of seasonality, but some deal with these ups and downs more than others. For instance, do your sales patterns change right around the holidays? Do you offer specific sales and clearances during the summer? 

Seasonal changes come with inventory variations, and without the right route accounting software, those variations can cause a lot of stress. Ordering the wrong amount of inventory could spell disaster, but how do you know for sure how much you need without the right software on your side? 

Thankfully, if you do have the right route accounting software, you can track those seasonal changes and keep up with supply and demand. 

Work With Patterns in Your Data 

Next, forecasting can help you make the most of your inventory data. Forecasting software has to analyze patterns to make predictions for your future orders. You can use those predictions and analyses to spot patterns with your orders. In the business world, data patterns can result in valuable insights. 

Route Accounting Software 

Need better route accounting software for your forecasting needs? eoStar is here to help. From palletization to sales and delivery, we’ve got what it takes to take your distribution to the next level. Take a look at what we have to offer here at eoStar today.