At the heart of every fastener and fixings distributor is stock and their warehouse, so it's no wonder why efficient and controlled stock management processes are key to success.
Uncertainties in the economy with the dreaded Brexit negotiations, plus ever-changing customer demands are all key pressures in the need to stay modern, competitive and relevant in the industry. These key challenges all have something in common - stock. Keeping a tight control of stock accuracy, making smart purchasing decisions and improving efficiencies in the warehouse are all vital cogs within the business that will help fastener and fixings distributors to stay competitive. With full control and visibility of stock, distributors and wholesalers can face any future challenges or uncertainty with confidence.
There are new automation technologies arriving on the market at a quicker rate than ever and many distributors are turning to AI, following in the footsteps of distribution giant Amazon, in order to stay competitive. But there are many fundamental things you can do, regardless of your size, that will ensure you embrace technology to stay modern and relevant in your industry.
First and foremost is an ERP system - business and inventory management software that will connect all areas of your business giving you full control and visibility of your current processes. Whilst an ERP solution is often a big investment, a software package that is tailored to your industry simply enables you to do what you do, but only better! Implementing an ERP solution doesn't have to involve disrupting your current business culture, it simply allows you to automate existing time-consuming manual tasks freeing up vital team members.
Investing in a scalable ERP solution will give you the freedom to grow, adapt and drive your business forward. Utilising the software to its full advantage, you can look to expand and transform the way you operate. Warehouse management systems, CRM software and integrated eCommerce will allow you to modernise the way you sell, implement a multi-channel selling strategy and dramatically improve your sales order management.
Accurately forecasting stock usage is key to making informed purchasing decisions and meeting customer needs. Order too much stock, you hold precious cash in dead stock, order not enough stock and you risk damaging your reputation. Auto-calculating optimum stock levels enables you to confidently purchase inventory for tight stock control.
Star Fasteners, an OGL Software customer explains how, without Stock Control and the Works Order Processing modules we would not be able to forecast stock usage so accurately. We have the tools to be able to calculate just the right amount of stock required at any point in time to meet the needs of our customers.”
Wholesalers and distributors must meet certain regulations that require accurate and traceable stock information. Manually keeping on top of stock movements, batch and serial numbers, warehouse location and sales orders becomes a mammoth task when managed manually. Processes easily taken care of with ERP software.
Star Fasteners explains how, OGL provides us with our business software, prof.ITplus, which manages all our daily transactions. This gives stock and orders full traceability and ensures that we meet our customers' expectations and comply to ISO 9001:2015 standards.”
Utilising technology to remove expensive labour costs and human errors immediately saves you overhead costs but also improves the accuracy of the processes from picking to dispatching. One of the leading UK distributors of known brand fastener and fixings, Forgefix, implemented OGL Software and the integrated WMS to improve warehouse efficiencies - we use the mobile scanner to confirm the picking list in our warehouse, which had previously been a manual job. In fact, it was a two-man job but now it's achieved by one person, which saves important resources. It's cut the cost in half and reduced mistakes made by human error, so scanning has made us more efficient and has further improved our customer service.”
With tighter control of stock levels, improved accuracy and traceability of products as well as improved efficiencies in the warehouse, you'll inevitably have an impact on the level of service you can provide.
Right from initial enquiry with your sales team, your employees can provide accurate stock information, confidently place orders and guarantee delivery times, offering customers quality customer service. Even from multiple sales channels, with an integrated business software solution you can control the stock from your eCommerce website, Amazon & eBay accounts enabling you to offer quick, accurate order processing, helping you to stand out from your competitors.
Broadbent Welding & Industrial Supplies commented "Just thinking about how I used to do the invoicing before Profit4; I'd have to take a pile of paper, look them up individually on Xero, mark each job complete, raise an invoice etc. In Profit4, it's a simple tick box and I can send them all, it's amazing."
Investing in a software solution, tailor made for fasteners and fixings distributors will ensure you have the tools you need to transform your stock management processes and leverage technology to stay competitive, future-proofing your business to tackle any challenges head on.
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