The history of apparel is a very long one; that dates back almost 500,000 years ago. During the early period, animal skins were used to cover the body. But as time passed sophistication came and people started to use different materials for clothing. There were many problems that the people faced during the whole time. Still, now many challenges are there that stop the process of progress. Today a major issue for the businesses is handling the finances of the company.
Advantages of b2b Apparel inventory management
You will be surprised to know that many of the financial issues faced by the apparel industry can be solved by b2b Apparel inventory management. There is not always one reason for the money problems; sometimes several factors contribute to making one dispute. In order to figure out what can be done to manage the finances; you need to know the other advantages of the software.
Continuous Running of Operations
If any obstacle occurs in the affairs and dealings of the business then it will always cost you more. But when the operation of the business is running continuously without any hindrances then you can save a lot of money.
Decrease overall Costs
When all of the inventory tasks are managed with perfection then it can help to decrease the overall costs of production. This includes raw materials, labor, finishing and proper stacking of the final product. The correct stacking of the products in the right catalogue will reduce the cost and increase the profits.
Unification of the whole Business
It is really crucial for businesses to have unification in all departments. At many times various sections in an organization have no communication with each other. A good connection between the departments boosts the speed of productivity.
Manual Work Automated
Today no one wants to sit on a desk and do all of the work manually. It is the thing of the past. There were a lot of problems in the old process because at many times it has been observed that the items have been placed in the wrong categories and there have been a lot of troubles in the ordering of the items.
Customers are Happy
A happy customer is the one who is satisfied with the company in general. It means that the operations of your business are running smoothly and your clients are getting what they want in a proper manner. These customers will recommend your business to others and this chain will go one and increase the number of people.
Solving Apparel Industry Financial Issues
There are many features of the inventory software that can help you resolve the financial issues. There are several platforms like Order Circle that make it very easy for you to have control over the finances. The following ideas can surely solve many of money management.
Predict the demand of Products
The very first thing to do is to check which if the product is the most beloved of the customers. A simple way to do that is to keep a regular check on the products that are being bought regularly or at least five times during any seasonal selling. The information that you have collected in the past year or six months will be a great help to know the favorite amongst the public.
Determine minimum Stock available
This will be of great assistance because on several occasions the products are left in the inventory unsold and become old and unwanted. So a well-defined number of products must be determined. This can be decided on the basis of the purchases that are previously done. Another point to look out for is maintaining the product catalogue with the advised number.
ABC Analysis of Products
This is for the in-house management team so that they set preferences for the items that are in the stock list of the inventory. Categorize the items according to the ABC priority in which the product that is purchased on a regular basis are given the most focus. The B category items that are less frequently bought and then come those which are the very least shopped or forgotten.
Have an Emergency Plan
It is very important to have an emergency plan of action. It may happen that some unexpected circumstances develop and the items in the inventory go out if stock and need of items become necessary. In this case, money is needed and if you have planned ahead that it will be not difficult to manage it.
Integrate with the Cloud
Giving access to the information to the related departments; solves a major issue of the communication gap between various branches of the business. A cloud is a place where the companies can upload the data and give means of entry to the people and staff that are relevant.
Keep a Check
It is crucial that the apparel businesses have a close check on the different systems to keep them going on smoothly. This not only means to have the machinery keep on running but also other management systems must do their work correctly.
Old Stock to Sell First
Your b2b Apparel inventory management provides the best favorable chance to organize the stock of apparel you have. It indicates that the items in the inventory that were purchased first must be the ones that are sold as a priority. This will reduce the cost of production.