ADP Lightspeed: Managed Inventory Adds Sales
Editor’s Note: The following article was authored by Adam Shiflett, marketing manager for ADP Lightspeed, stressing the need for effective inventory control.
What is the value of having exactly what the customer wants when they want it? Is it just worth the retail value, or more?
It is every stores’ worst nightmare; customer walks in, wallet in hand. They know exactly what they want and even know what color they want. Then comes the bad news, “It’s not in inventory.”
Of course the sales person tries to reassure the customer. “We can have it ordered in, and expedite the order.” But it’s too late. The wallet goes back in the pocket, and your door closes as the customer heads to your competitor to spend their money. Money that should have been yours.
It’s an everyday occurrence. You can’t stock everything so you have to make educated calculations to determine supply and demand. But sometimes you just don’t have it. And here comes the really scary part: with that one miss you may lose more than a sale, you may lose a customer.
Right Sizing Your Parts Inventory
Your job is to know what the customer wants and have it (or at least have access to it). But let’s be frank, you don’t have the money or the space to inventory everything. So how do you choose what to stock and where to put it?
How about based off of facts?
Your parts inventory management system can do more than tell you what parts are on your shelf. It contains the most valuable information for you to know what you need to buy. Using this information when you order will give you the most accurate stocking projections and decrease lost sales.
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