The Secret To Cutting Costs And Boosting Efficiency—Track Product Consumption By Volume And Unit
Inventory management often feels like a juggling act. Traditional inventory tracking methods can be prone to inaccuracies, overstocking, wastage, and unanticipated expenses. Many businesses rely on simple unit-based tracking, which often leads to variations in product volume. With this enhancement, you can accurately track stock levels, which is crucial to avoid the pitfalls of overstocking, stockouts, and waste. Track product consumption by both volume and unit. Also, automate the process of product consumption to avoid mismatched product quantity.
In this blog, we’ll explore the importance of accurate product tracking and how MioSalon benefits your business.
The Importance of Accurate Inventory Tracking
Accurate inventory tracking is important for many reasons, including:
- Avoiding stockouts: It helps your business to ensure that you have the right inventory to meet customer demands, which can lead to shorter wait times and fewer stockouts.
- Reducing costs: It can help you to avoid costly overstocking and understocking, which can reduce unnecessary expenditures.
- Improving financial reporting: Accurate stock reports help you to maintain the perfect amount of stock details, including its quantity and value, which provides precision for several financial reports.
- Prevent theft and damage: It also helps businesses to identify discrepancies between the physical stock and the recordered inventory, which can help reduce the theft and damages.
- Making better decisions: It helps businesses to make better decisions about when to reorder, how much to order, where to order and what products to stock.
How does MioSalon help track products and maintain accurate inventory?
Instead of just recording the number of units you use in decimal values, you can directly enter the consumed volume. This straight-forward approach ensures that tracking starts off with accurate data from the beginning.
- Track products by volume and unit
- Get alerts on minimum stock levels
- Maintaining supplier and order details
- Helps in product transfer
- Comprehensive reporting and analytics
Track products by volume and unit
Traditionally, inventory tracking has relied on unit-based metrics, which can be imprecise for the products sold in varying volumes. By updating the consumed volume directly, i.e., 100 ml used from a 1000 ml bottle, it accurately calculates and represents the inventory levels, reducing errors and mismatches.
Get alerts on minimum stock levels
Managing inventory levels proactively is important for avoiding stockouts. By automating the low-stock alert, you can easily keep the products in stock up to date. This ensures that you can restock products before running out of critical items, which helps you to maintain optimal inventory levels.
Maintaining supplier and order details
Keeping track of supplier information and order history is important for efficient handling of inventory management. The inventory management software allows you to store and manage supplier details, purchase orders and order history in one place.
Helps in product transfer
Businesses with multiple locations often tend to transfer products between branches. Improper maintenance of transfer details can lead to miscommunication and misunderstandings. Product inventory management software helps to track the transfer details and ensures all the products are available where they are needed most.
Comprehensive reporting and analytics
Understanding your inventory data is necessary to make informed decisions. With advanced reporting and analytics, you can gather detailed insights into product usages, trends, high-saleable products and patterns. You can also analyze your inventory performance, identify areas for improvement and make data-driven decisions.
How it works: Existing vs New Products
- For existing products, use decimal values to represent the quantity consumed (e.g., “0.1 Qty” for 100 ml used from a 1000 ml bottle).
- For new products, enter the consumed volume directly (e.g., “100 ml” used from a 1000 ml bottle).
Also Read- How Is Your Salon Inventory Management Impacting Your Salon Business?
Conclusion
Accurate inventory management is essential for smooth business operations. With inventory management, you can track products by both volume and unit, enancing accuracy, reducing wastage and controlling costs more effectively.
Ready to take control of your inventory like never before?
Experience the benefits of enhanced inventory management with MioSalon. Start optimizing your inventory, minimize manual errors, automate the process and gain detailed reports.
