Netstock, a leader in inventory management software, recently conducted a survey of small and mid-sized businesses. The survey was designed to illuminate inventory management challenges faced by wholesale, retail, and manufacturing companies. Some interesting results emerged. A critical insight gleaned was that 78% of US SMBs are not currently using purpose-built Inventory Management Software.
At Netstock, we see this statistic as an invitation for supply chain businesses to reevaluate their current strategy and consider investing in an inventory management solution. Netstock's Predictive Planning Suite™ can help optimize inventory visibility, automate data, and reduce operating costs. Inventory optimization software should integrate seamlessly with your other office systems, like your Microsoft Dynamics 365 BC solution. Netstock does that and more.
Netstock CEO observed that while access to credit and money has become more challenging, +2,300 Netstock SMB customers are experiencing the benefits of unlocking valuable working capital through Netstock's AI-powered inventory management solution. Investing in the right inventory management software should be a top priority so SMBs will have the visibility to minimize excess stock, free up working capital, and have the agility to respond to market variations.
Top Takeaways from the Survey
1. Underuse of purpose-built inventory management software
Remarkably, 78% of our respondents acknowledged that they are not using purpose-built commercial inventory management software. That statistic indicates a significant technology gap that may account for some of the supply chain challenges today's small and mid-sized companies face.
2. Unbalanced inventory
92% of those surveyed acknowledged significant supply chain disruptions over the past few years. These disruptions led to either a lack of inventory or an unacceptable amount of overstocked items. Excess inventory ties up working capital and challenges operational efficiency.
3. Rising storage costs
80% of companies expressed concerns about the escalating inventory storage costs over the past two years. Again, excess inventory adds to the financial pressure exacerbated by supply-chain disruptions.
4. Evaluating ROI of inventory management solutions
A noteworthy finding is that 82% of businesses surveyed said they need help quantifying their current inventory management system's ROI (return on investment). There should be no question about whether your system meets your needs and saves you money.
5. Strategic decision-making capabilities
Companies believe that supply chain technology should do more than fix operational problems. However, the majority of respondents have not invested in strategic solutions to address their supply chain issues. An astonishing 48% of respondents continue to rely on spreadsheets or in-house systems that don't integrate with their other office systems, making it difficult to share information or coordinate their efforts.
Netstock's co-founder and CTO, , points out that Netstock's mission is empowering clients to achieve more with innovative solutions. We want to help them plan, optimize, and manage their inventory more efficiently. Our latest software enhancements offer cutting-edge tools, such as the AI-driven , that scan your inventory data to quickly identify issues and address challenges like excess stock or potential stock-outs. The user-friendly is a new enhancement that furnishes management teams with performance insights about inventory, ordering KPIs, and sales, eliminating the need for an external BI tool.
For more information on the survey results and access to the full report, Netstock.
Enhance your Microsoft Dynamics ERP for Supply Chain Management
Unlock your supply chain data with Netstock and Microsoft Dynamics. Netstock extracts and analyzes the data in your Microsoft Dynamics ERP, creating prescriptive recommendations to make intelligent supply chain planning decisions for your business.
Quickly meet demand with the right inventory by using Dynamics 365 for Inventory Control
Increase inventory visibility with powerful insights and trusted recommendations to balance your inventory investment and allocate resources to your high-performing, profitable products. Working from a personalized dashboard, you can quickly see all your critical KPIs, enabling rapid response to changes in supply or demand.
Connect with a Netstock consultant to get a personalized demo. Let's discuss your unique supply chain challenges and identify how Netstock can help you unlock operating cash and accelerate business growth.
By Netstock,
