Every expanding business encounters productivity bottlenecks that stunt its growth in the short-term and can potentially lead to financial problems and eventual failure. One of such bottlenecks is an inventory management system that fails to meet the company’s growing demands. Throughout my career, I’ve seen it many times and learned to recognize the signs which indicate that it’s time to do something about it.
1. Poor Forecasting
Forecasting is important at all stages of development, but the larger the business is, the more drastic a mistake here can be. Project too high, and your warehouses will be filled with products that don’t sell and take the place of something else that could. Project too low and you may find yourself without enough inventory, orders you cannot fulfill, leading to client dissatisfaction and lost opportunities. If such miscalculations happen regularly, something is certainly amiss.
2. Lack of Visibility
Do you find that most of the time you simply don’t know enough about your inventory to make informed decisions? This is especially unpleasant when you cannot view inventory for specific warehouses across the network in real-time. It is usually the case when you use a system that doesn’t fully integrate with the rest of your company’s tech, apps, and data stores.
3. Problems Keeping Up with the Market
Irrespective of industry, market conditions and customer expectations keep evolving at incredible rates. If you find your current system to be cumbersome, inflexible, and incapable of adapting to changing requirements, it may be time for a change.
Don’t be too wary of this change, though. Restructuring of an inventory management system doesn’t necessarily lead to long or short term chaos. There are plenty of solutions offering relatively painless transitions. Take GLOVIA® OM, for example – it is a cloud-based solution that fully meets the demands of the modern market (it is adaptable, helps track inventory at all stages via a single system and provides real-time visibility, among other things) while seamlessly integrating with legacy systems to minimize disruption.
To learn more about GLOVIA, visit Fujitsu.com/us/gloviaOM