What Are The Advantages of Real Time Stock Management?
Being a sales representative and not having a clue about the available stock is one of the commonly faced issues in the market. You could miss a sales opportunity if you aren’t updated with all the current stock news and results. But this can be avoided now, wondering how? Pretty simple, you can use software that will help you with the management of real time stocks. So, now let us dive into the details and check out what exactly is stock management.
What is stock management?
In simple words, stock management means the activity where resources and assets are used to organize, plan, control and keep track of those stored products with maximum quality, speed, reliability, and versatility at a minimum price.
What are the three main objectives of stocks?
- Making sure that there is plentiful and constant supply so that business activities do not get affected.
- Looking after the needs of the consumers when he is looking out for the product or service.
- Facilitating the generation of personalized offers to every customer to carry on with upselling or cross-selling.
What are the major perks of real-time stock management?
Increase in the performance: when the salesperson has all the information about stocks at his disposal, it gives rise to more effective sales. This, in turn, will increase the upselling and cross-selling and will result in selling more effectively and making a positive impact on the investment return of every visit.
Speed: you can use mobile tools that give you information about each stock movement at the time it happens. That will help in increasing the speed of response to the demand for the information. This speed can be achieved by reporting systems as the reports can be made at any given time from anywhere, which prevents the loss of important information.
Better salesforce autonomy: now, the sales representatives do not have to wait for calls to the central office to get the information about the stock product. Thus, the visit times are cut down, and in the bargain, independence and performance will also become better across the entire team. But you need to ensure that the tool you are using has the local data exchange service that will let you synchronize customers with the contact list of every device and the products that are available in the database.
Identifying and planning: using the right tools, you will easily be able to manage real time stocks. Moreover, you can collect data for every sale that happens on-site, which can be used for future analysis, and you will be able to conclude. You will also be able to detect seasonal peaks for particular products, locate slow-moving inventory and execute a proper plan for sales campaigns and resources for your stocks depending on your sales. You will also get sales and marketing traceability, which helps in determining the appropriate market material that can be used for better selling and readjustment sales strategies.