7 Common Inventory Management Mistakes and How to Avoid Them

Inventories are one of the essential components in retail and wholesale businesses. Poor inventory management generally leads to stock-outs, shipment delays, customer dissatisfaction and eventually financial loss. The U.S. Census Bureau says that manufacturers, retailers and merchant wholesalers carried more than $1.9 trillion in inventory in June 2018 and experts say that 90 percent of the inventory remains stationary and only about 10 percent of a company’s inventory is actually in transit. This is why inventory management is crucial for any business.

Apart from implementing best practices, a few measures can be taken to avoid huge inventory losses. These tips will prove effective in the long run and be useful if implemented in the right way. Therefore, here are seven common mistakes made by retailers and wholesalers regarding order management and how they can be avoided.

  • Conducting inventory counts once a year

Performing inventory counts once a year isn’t a good practice. Also, having yearly inventory counts can consume a lot of time to check on your stock items. One of the most effective ways to keep a track on your resources is by performing periodic checks on inventories.

This means instead of doing a physical count regularly; you can try ‘cycle counting management’ which requires you to count a small portion of your inventory. You can compare it as you go to what is listed previously within your system database. This can be performed every month until everything is eventually covered and recorded correctly.

Keeping a regular check on the number of recorded items in your database and the available items helps you determine what’s selling and what’s not!

  • Holding unnecessary inventories

Sometimes holding too much inventory can definitely act as a disadvantage to your business. Small businesses have fluctuations, and when consumer demand recedes, the value of the products reduces consequently. You would also require more staff to manage your inventories, which will burn holes in your pockets.

To maintain the right amount of inventory required for your business, all you need to do is forecast your inventory needs. Find out how many stocks are necessary for your store or warehouse by regular analysis and reviewing the inventory reports subsequently.

  • Using manual techniques

Inventory tracking can be very time consuming, labor-intensive and costly when done manually. Paper records or excel spreadsheets are very vulnerable to errors and losses. If you keep a large inventory in multiple warehouses and stores, all you need to do is invest in eCommerce Inventory Management software. It will help you track your inventory levels, figure out inventory values. This automated system also generates accurate, in-depth reports to forecast inventory needs and manage your supplier data through one system.

  • Keeping your storage space unorganized

Storing supplies carelessly will not only prevent your business from achieving higher efficiency but also slows down the process of picking and packing, which can alternatively lead to shipment delays. Therefore, it is vital to tidy up your inventories and warehouses.

To make your item sellable, you need to sell them from an accessible position. One way is to put labels or stickers on each compartment to make it easier for pickers to find the items instantly. Furthermore, you can integrate your inventory management software with the aid of barcode scanners to speed up the picking process.

  • Not training your staff properly

Even if you have made your inventory management service automated, it will all go in vain if you do not have the right inventory management services required for your business. It is of utmost importance that you train your employee correctly to manage your inventories efficiently.

Conduct regular training and upgrade your inventory management techniques with the latest technologies. Keep your staff updated on the status of your inventory. Ensure the person in charge of the inventory ensures smooth running by implementing the right inventory management solution for your business needs.

  • No game plan for the future

Being held up with day-to-day operations can sometimes make you lose track of your business growth. This can often make your business become a failure or bring your business growth to a standstill. Therefore, have a set vision of your business and have a team working towards your goal. Set achievable targets, and reward your employees.

When it comes to order management services, you upgrade your infrastructure and the automation system that you use regularly. This will not only help you grow your business but also earn profits at a higher rate.

  • Not using the right vendors

This may appear to be a no brainer, but it is a commonly facing issue by many. A good vendor is basically a fine balance between someone who is consistent and doesn’t also charge a bomb.

Before looking for a vendor, ensure you review their services thoroughly and look for customer feedback.

If you are selling a niche product, always consider a complete vertical integration to control over manufacturing, demand and therefore your inventory levels.

Final Thoughts

If you are looking for expert order management services for your business or order management outsourcing companies, Wow customer support is one of the leading organizations providing one of the best inventory management solutions at affordable rates. They provide eCommerce inventory management services to many Fortune 500 companies and top organizations. To know more about their services, click here.

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Everything You Need to Know About eCommerce Order Management Outsourcing!

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10 Valid Reasons to Outsource Inbound Call Center Services

Call center outsourcing has gained popularity in recent times as more companies leverage BPOs. This is because handling various customer communication channels such as callsemailswebchats, and text messages–in-house is an expensive proposition. It requires investment in facilities, equipment, technology, time and energy for staff training and ongoing operations. Therefore, many Fortune 500 enterprises and government agencies outsource inbound call center services to ensure they stay focused on core competencies.

Generally, inbound call center services are availed by organizations to manage incoming calls from customers/clients. Trained inbound call center agents handle these calls, who are experts in providing such information and resolving queries. Also, an inbound call center offers workspaces for call center executives to handle calls. Usually, an agent is given a computer and a headset connected to a telecom switch to attend customer calls.

Why outsource inbound call center services?

Customer support services have become one of the most critical components of any business strategy for organizations worldwide. Hence, inbound call center outsourcing has multiple benefits apart from cost reductions. Also, India provides one of the best inbound call center services across the world. Not convinced? Then here are a few reasons why you should consider outsourcing inbound call center services.

  • 24×7 service for your customers

If you run a business that caters to customers across the globe, a good idea is to outsource your inbound call center services. For companies in Europe and North America, outsourcing customer support services to India is very favorable. With almost a 10-12 hour difference in their time zones, they will be able to provide services round the clock, making your business operate 24×7.

  • Offers flexibility and scalability

Due to seasonal surges, most businesses tend to have an unpredictable workload. Sometimes, you end up with idle agents due to low business volumes or end with inadequate staff due to excessive workload. Therefore, to avoid such issues, you can always to outsource inbound call center services. Moreover, inbound call center companies are already equipped to handle such situations. They can customize their services to give you the flexibility to utilize their services according to your needs.

Furthermore, in India, you can find a highly trained workforce with diverse skill sets at an affordable price that will help you deliver optimum results.

  • Stability and attractive IT policies

When you provide great customer services to your clients, you create a mindset that your company really cares about its customer’s experience. This creates loyal customers who might refer you to their colleagues, leading to a stable growth in your business.

India is an ideal country to outsource inbound call center services as a pro-IT government supports it. Their GDP growth policies, economy, power, taxation, industrial parks, telecom and special zones have been extremely favorable for the IT sector. Also, IT is considered as one of the top five priority industries, and thus the policies framed by the Indian government aim to harvest the most out of IT outsourcing.

  • Expert support staff and management

Inbound call center companies are generally expert service providers with well-trained managers and support staffs. They have years of experience with call center operations. On the other hand, in-house call centers struggle as they will be used to providing customer care for one type of product or service. Therefore, when you outsource inbound call center services, you get access to institutional knowledge and skills necessary for top-tier customer service.

India is known for its well trained and educated workforce. In a year, nearly two million graduates are English speaking students, and out of which approximately 75,000 students are IT graduates. Hence, this is a huge advantage for call center operations, which require fluency in English. Due to a large workforce, inbound call center service companies in India can provide scalable services to your business.

  • Focus on core operations

Generally, inbound call centers are the primary touchpoints for your customers. Therefore, how you interact with them plays a crucial role in your business growth. Therefore, apart from expert services, you free up your time and workforce to focus on core operations while the rest is taken care of by the inbound call center companies.

  • No capital investments

Having an in-house inbound customer service operation would require you to spend heavily on real estate, infrastructure and software. These investments can be quite heavy on your pockets, especially if you are starting out. On the contrary, outsourcing inbound call center services to a reliable operator will provide you instant access to all these resources without breaking the bank. Especially in India, inbound call center companies offer cost-effective and customized plans for your business so that you pay for only the services you utilize.

  • Access to the latest technology and tools

Inbound call center companies generally invest in the best technologies for multichannel customer support services. They utilize software tools that offer features like cloud-based platforms, VoIP, email, webchat, SMS text, social media monitoring, etc. Therefore, you gain access to advanced tech at affordable rates.

India is currently in the middle of a digital wave, and therefore the government hopes to connect the entire country with a robust IT infrastructure. Thus, making it an excellent choice to outsource inbound call center services.

  • Eliminates staffing issues and increases business continuity

Inbound call center companies typically handle all of the hiring, training, scheduling, and managing of a team of call center executives. Thus, saving your company time, money and stress. Moreover, inbound customer service providers guarantee 100% uptime. In addition, they have staff dedicated to making sure call quality is excellent round the clock. Therefore, you can be more confident with your business as you can meet your customer’s needs.

  • Detailed reports on data analytics

Inbound customer service providers understand the importance of collecting and analyzing call information to gain insights to improve their processes. Also, outsourcers have experience with multiple clients and generate data through marketing and advertising campaigns. Outsourced inbound customer services have monitoring tools, performance assessments and improvement plans to ensure SLAs are met. Generally, inbound call centers may not have the resources or expertise available for the same.

  • Utilize currency exchange rate difference

Having call center operations in house costs a bomb. Subsequently, inbound call center outsourcing gives access to quality talent at a considerably cheaper rate, all thanks to the currency exchange rate difference. Many companies from India can help you cut down the costs of your inbound customer services considerably. For example, a company in the US can lower the cost of its inbound customer services by up to 2-3 times without any compromise in its quality.

Wrapping up on Inbound Call Center Services

If you are considering outsourcing your inbound call center services, Wow customer support is one of the leading organizations providing one of the best inbound call center service at affordable rates. They provide services to many Fortune 500 companies and top organizations. To know more about their services, click here.

Interesting posts to read:

6 Core Benefits of Multiple Customer Support Platforms for eCommerce Business

How to Build a Successful Outsourcing Team for Phone Answering?