This year, more than ever, having tight control of inventory is essential for pool and spa businesses to ensure they have a profitable, successful, and stress-free season. Up to the minute, accurate inventory management will help prevent over- or understocking, improve cash flow, reduce shrinkage, and gives pool and spa business owners the ability to quickly make marketing decisions and promotions. With so many new technologies available, there are several essentials to look for when determining the best inventory tracking system for your business.
Must haves for good inventory management program
The best inventory management software provides tools to improve logistics, manage cycle counts, and ensure you have control over inventory. Here are several must-have features to ensure success:
Seamless integration: Software that integrates seamlessly with your other business applications (such as accounting and selling tools) reduces error and saves time.
Integration with pool industry vendors: Having immediate access to all pool and spa industry vendor orders, status, and inventory availability before placing orders avoids costly delays.
Inventory search options and reporting: Allowing users to easily search inventory by department, category, vendor, description, or any combination improves efficiency and may lead to higher sales. The ability to generate reports on inventory helps management make smarter business decisions based on real-time data.
The importance of real-time tracking vs. Excel
While there are many in our industry who use Excel as an inventory management program, Excel doesn’t provide real-time tracking. In addition, Excel is cumbersome and can impede business growth. Spreadsheets require human input, which can be delayed and error-prone, especially in the busy summer months. Using industry-specific pool and spa business software that is integrated with pool and spa vendors will make inventory much easier and will also do the following:
Ensure stock availability: By keeping track of inventory in real-time, you ensure that popular products, such as pool chemicals, pumps, or accessories, are always in stock. Running out of these items can lead to lost sales and frustrated customers.
Prevent over- and understocking: Proper inventory management helps you strike the right balance between having enough stock to meet demand without overstocking, which ties up cash flow and storage space. It helps avoid situations where you’re stuck with slow-moving items while running out of essential products.
Improve cash flow: Tracking in real-time helps optimize inventory levels to improve overall cash flow.
Reduce shrinkage: Tracking inventory helps identify discrepancies between physical stock and what’s recorded in your system. This helps identify if there’s any theft, damage, or mistakes in the ordering or stocking process.
Supports promotions and discounts: Inventory management is key to running effective sales promotions. You can track which items are overstocked and plan discounts to clear out old inventory. Conversely, it helps you avoid discounting items that are in high demand.
Tracking inventory ultimately enhances customer satisfaction
By knowing exactly what’s available in stock, you can provide better service. Customers appreciate knowing when items are available or if certain products need to be ordered. It also helps in offering alternatives when their first choice is out of stock.
Discover automated ways to regulate your inventory. Schedule a live online demo at download the Pool & Spa Business ebook to learn how RB Retail & Service Solutions software tracks inventory and improves business operations.
