Managing inventory effectively is one of the biggest challenges faced by Indian SMEs. From overstocking to stockouts, these issues can lead to significant revenue losses. Recent studies indicate that poor inventory management can cost businesses up to 15% of their annual revenue.
The Pain Points
Many Indian businesses still rely on accounting systems or manual processes for inventory management. This creates multiple bottlenecks, increasing costs, lost sales, and even reputational damage. Key challenges include:
- Scalability Issues: Traditional accounting or manual inventory systems can handle simple transactions for very small operations. However, they fail miserably as businesses scale up and require more complex inventory practices such as batch/serial tracking, FIFO, stock classification, bundling, or high-volume transaction processing.
- Stockouts & Overstocking: Accounting or manual inventory systems lack built-in inventory management features, leading to stock-outs or overstocking, which can result in lost sales opportunities and customer dissatisfaction.
- Information Gaps: Without real-time data and integration, businesses face duplication, delays, and errors, making decision-making unreliable and inefficient.
Modern Inventory Management Solutions
An inventory system best suited for a growing company in today’s ever-changing economic and technological landscape must be agile, scalable, and robust. At a minimum, such a system should be:
- Integrated: The system must seamlessly connect both internally and externally as needed for smooth operations, including GST, CRM, accounting, vendors/customers, or e-commerce.
- Productive: It should enhance process efficiency and effectiveness through automation, forecasting, and real-time, actionable insights and alerts.
- Easy to use: Users should find the system intuitive, with a simple interface that eliminates complexity and ensures ease of operation.
- Fast to implement: The inventory system should be cost-effective and quick to deploy, saving both time and money. It must also be adaptable to various business needs and processes, whether simple or complex.
Meeting these requirements is no easy task! However, BizProWorld Solutions, powered by the robust kernel of Zoho Inventory, not only fulfills all these seemingly demanding criteria but also offers numerous additional business-friendly and user-friendly features.
Case in Point: A mid-sized manufacturing unit in Navi Mumbai adopted Zoho Inventory and streamlined its inventory processes, eliminated stock discrepancies, and improved order fulfilment by 30% within three months—resulting in consistent sales growth every month.
Want to Know More?
To learn how Zoho Inventory can transform your business, reply ‘YES’ or WhatsApp us at +91 9137924640!