Improving Inventory Management with Automated Inventory Alerts
Effective inventory management control can often be the difference between being able to fulfil an order or not. Constantly monitoring and reporting on inventory data changes can be a difficult, if not impossible task for employees. For all businesses, the stock is a major asset, but if stock is mismanaged, it can create endless problems such as inconsistent high or low inventory levels, miscommunication between warehouses and delays in fulfilment. So, it’s important to protect your business from poor inventory management.
To dynamically monitoring your business systems and applications for inventory data changes you may rely on Automated inventory alerts which are provided by eVanik.
The benefits of inventory alerts
Enhancing inventory management control by monitoring and reporting on stock data changes can help to enforce company rules and procedures so that stock levels are optimized to the business’s best practices. Numerous commercial benefits can be seen by Companies that automate inventory management, which is as follows: –
Reduced stock waste
Optimized inventory levels
Improved cross-department visibility of stock data
Enforced best practices
How do you create automated inventory alerts?
eVanik automated Stock Alerts Platform provides monitoring capabilities with real-time inventory updates. This can be achieved by providing you with:
1. An easy to use drag and drop graphical user interface (GUI) to synchronize data
2. Flexible system integration, which removes the need for complex programming
3. Limitless automated business processes and business notifications
Inventory Automated Alerts helps in the following: -
Avoiding selling out
Improving cash flow
Fueling business decisions
Managing multiple sales channels
This eVanik platform is having visibility of your stock and where it is in the buying journey. This includes:
The quantity of available stock across multiple channels
The quantity of stock ordered but not yet shipped
The cost price of the stock
The listed price of a stock
How long stock takes to sell
Helps in managing Sales on multiple channels
This is where live inventory management is essential. Multi-channel selling brings customers, sales and profits. With multiple channels, the stock is coming in and going out all over the place. Live inventory management enables you to easily handle multiple sales channels by ensuring that they are accurate and up-to-date – keeping you selling, stopping you overselling and giving you more confidence.
Live and automatic syncing
Inventory is automatically synced across your sales channels, removing the need to update sales channel individually
eVanik stock alert platform provides a quick and easy overview of your stock figures across various channels, which in turn leads to a clearer understanding of your business and what is selling well, where and when – allowing you to make informed business decisions.
eVanik software also allows you to update your sales channels when additional stock arrives, new stock is added, or when there are returns – giving all of your customers access to everything.
This feature allows you to determine the amount of stock you want to display, and on which platforms it will be displayed. This is beneficial to a seller who is an exclusive distributor of a unique product.
This enables the seller(you) to manipulate the prices of products by limiting the number of products displayed at every point in time. You could also release inventory during important seasons like Diwali or other holidays.
One important feature of eVanik inventory sync platform is that you have the ability to display as many or few items to prospects on various sales platforms.
- With stock sync you’ll be able to display your entire inventory on all sales platforms, giving you the opportunity to get the most conversions.
- When you correctly manage your inventory, you can reduce the price of your product and increase your delivery rate. This is because once your stock is at danger level, you’re likely to panic and might end up purchasing products at a higher price from a more expensive supplier. By synchronizing inventory, it helps you source products more carefully, and maintain reasonable pricing, which will also help you to deliver products quickly by always having them in stock.
- Delivering items quickly and efficiently leads to an increase in customer satisfaction, which in turn increases customer retention and referrals.
- Improper inventory tracking could lead to more demand than supply, which might cause you to increase your prices or end up having to buy from more costly suppliers to meet demand. This isn’t good for your business and negatively affects your bottom-line. Syncing your stock will help you deliver ordered items in good time since your store will only display the stock that is available with you.
The synchronization process and how it works
Our inventory syncing platform updates the quantities of stock available across all channels every few minutes, and sometimes in real-time. Let’s see how this process works:
- You begin by inputting the current stock availability of everything you’re selling and link everything to the listings across all your platforms.
- Customers place orders on any of the platforms you’re selling on, like Shopify, eBay, Amazon, Flipkart, etc and are ‘imported’ to your sync platform, which allows for the automatic adjustment of your inventory. You can always manually modify quantities later on.
- As soon as your sync platform recalculates your inventory, this information is updated automatically on your linked listings.