Why you need Inventory Management Software in 2021

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Why you need Inventory Management Software in 2021

Lessons learned from the last 12 months

As we looked back on the year that was 2020, one thing that stood out to us and impressed us most, was the number of existing Fishbowl clients that excelled through the turmoil by quickly utilising integrated solutions around their Fishbowl Inventory platform.

 

At the same time, we were amazed by the number of companies that did not have proper inventory management software in their business, approaching us looking for a better way to run their inventory-based business as they were feeling the disruptive effects the year brought.

 

Last year has shown us all, things that are totally out of our control can have a major effect on our business. Companies that were vulnerable have paid the price in 2020.

How could this have been avoided?

Fishbowl Inventory, streamline your operations

Inventory Management software provides your business with the proper operational platform that you need to manage your purchasing processes, inward goods, stock management, manufacturing, and dispatch of your customer orders. Having these correct systems and processes in place gives you greater business stability.

 

The above processes can also be achieved using your accounting software, or excel spreadsheets, but there comes a point when you outgrow the capabilities of using these systems to manage your inventory business.

 

Using Inventory Software alongside your accounting system will allow you to breakthrough to a new level of business management. Giving you the possibility to:

  • Manage multiple warehouses rather than all your inventory being lumped into one listing.
  • Allow you to effectively control your stock holding levels using smart min/max and forecasting functions.
  • Manage customer backorders with ease.
  • Manage your suppliers and purchasing processes with true, accurate Landed Costings with Multi-currency.
  • For the manufacturers out there, you can utilise the full manufacturing suite with Bill of Materials and Manufacturing Orders. Allowing for smart management of Work Order scheduling to instantly know your labour demands so you can manage staff and resourcing of your production team.
  • Plus more.

For most stock-based businesses the biggest impact on cashflow is stock holding.  For example, if you carry $500,000 worth of stock at the moment and if you can reduce your stock holding by 10% by knowing slow moving stock or having greater understanding of your stock turnover rates, you can put $50,000 back into your businesses daily working capital.

 

These elements are all part of good inventory management software and sets a solid foundation for your business. This platform is the foundation for the operations of your business and can be added to as your business-needs grow. Good inventory management software will allow you to connect with other programs to drive even more efficiency and stability.

 

What integrations are available with Fishbowl?

Popular integrations include:

  • Full integration with your Accounting software.
  • Barcode scanning in your warehouse for accurate receiving, picking, and stocktake.
  • Connecting your eCommerce website with your inventory system.
  • Incredible Apps for your Sales team to utilise while on the road.
  • Allow your customers to place orders utilising online ordering portals (B2B).
  • Courier and freight portal integrations, making the shipping process easy!
  • CRM platform integrations.

 

When you are selecting an Inventory Management solution for your business, you should factor in what smart solutions are available to be added alongside as futureproofing. While you may not need all of the available integrations on day one, you should have the comfort in knowing that you can add these if and when needed. Connecting your Inventory Management software to your accounting system is just the beginning. 

Would you like to see how this would work for your business?

What does it look like to add integrations to Fishbowl?

When salespeople could not visit customers face to face anymore, we had clients quickly and easily plug in a B2B order portal with their Fishbowl to keep getting these orders in the door. This allowed existing customers to place orders and a time that suited them, without a salesperson present and these orders automatically flow straight into Fishbowl for your warehouse team to dispatch.

 

We saw extreme disruption to business models, especially in the hospitality space with venue closures. Revenue streams were bought to a grinding holt. With the solid platform of Fishbowl Inventory, our clients were able to move very quicky to implement new alternative revenue streams. One Fishbowl client set up 3 new eCommerce websites and connected these all to their Fishbowl. This client had never sold online before and this client is now busier than ever, all while utilising their existing operational software!

 

Other companies had severe staff restrictions, so they needed to work smarter. Implementing time saving solutions like a freight integration removes the double entry of consignment details for each order leaving your warehouse.

 

It is this agility that you need in your business so your business can thrive no matter what the year ahead brings.

 

If you would like to see how these smart solutions can assist you in your business, book a no-obligation demo with one of our amazing Solution Specialists.

What is an online demo?

This is a personalised one-on-one meeting where we will discuss your current needs and frustrations and show you how Fishbowl and the eco-system of integrated programs can build the solid platform that your business needs to grow.

5 reasons you should use Fishbowl:

  1. Manage your business, not your Accounts: Managing your customers orders and operations should be your number one focus. Let Fishbowl take care of this, and your accounts will look after themselves.
  2. Eliminate data entry errors: Use barcode scanners to instantly update your inventory records instead of manually typing in data.
  3. Save time and money: No more double data entry thanks to Fishbowl’s seamless integrations.
  4. Increase security: Get your staff out of your Accounting system. Assign user rights to staff to restrict information viewing, and access rights for certain tasks.
  5. Get detailed reports: Fishbowl lets you analyse your inventory, sales and purchasing data to spot trends and other valuable insights.

Bring your inventory management system to a whole new level of efficiency by signing up for a free trial of Fishbowl!

 

 

Outgrowing your Accounting Software and Excel Spreadsheets

Outgrowing the capabilities of your current business software is a very common situation when we are talking with companies. We would love to speak with you so that we can help you put together your ideal Eco System, and show you how advances in technology now allow for a fully integrated business solution with Fishbowl at the heart of your operations.

Call or email us today and one of our experienced Solutions Specialists will contact you to find the perfect fit for you and your business.

CONTACT US

Contact one of our amazing Client Solutions Specialists to have a chat about your frustrations, and let us show you how Fishbowl can help your business to grow.

Fishbowl has been successfully developing and implementing inventory management software for 20 years!

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