Inventory management is one of the most important parts of growing a business. This is labeled as so important because it takes a significant amount of information, time and effort to get it right. Many eCommerce platforms and companies can now forecast how sales will look in the future. Knowing this helps with a lot of things but it mainly informs you how much stock you would need on-hand in order to fulfill the sales that inventory management predicts will happen.
This data that eCommerce platforms provide can help you determine not just how much of your item you should stock up but also how much space it all will be taking. This space will not only be taken up by your product but also things like boxes, tape, infill, and other things you want to be added to your orders. This data will also tell you how many people you will need to on your team, how much space you need for your people and how much equipment you will need to get to ensure your team completes their work. The data from managing your inventory is so valuable. It can be used to inform things from HR and hiring to technology to operations and beyond.
Every eCommerce company should see inventory management as one of the most important parts of your business that should be prioritized from day 1. Here at Launch Fulfillment, we can help you prioritize managing your inventory and give you the tools necessary to scale without a worry. Be sure to contact us will any questions you many have.