Know Your Inventory, Know Your Business
Published by: Amy Doherty on: 10/07/18
“Knowing me, Knowing you” – perhaps you associate this with Alan Partridge, or the classic Abba song, but in terms of your inventory, you most certainly want to know your inventory, in order to know your business.
Keeping track of the quality and quantity of your inventory, be it grain, feed, or seed, is paramount to all agribusinesses. As our Marketing Manager will happily tell you; “if I don’t know what we have, we can’t market it.” Of course, she was referring to her product knowledge when she first joined the team, but this is also true for agribusinesses, generally. A reliable agribusiness software system will let you track exactly what you have and where, ensuring you can make timely and profitable decisions.
At your fingertips
The bottom line is totally dependent on fulfilling orders and essential to knowing your inventory. With the data at your fingertips, you know if you can meet a specific order and can plan effectively to have it delivered. The key is having this information readily available. The term “at your fingertips” was used very deliberately because the ‘at a glance’ view to help enable market opportunities to be seized is essential. In addition to the bottom line, it helps improve communication throughout your teams, be it marketing, operations, and sales.
They say knowledge is power and they’re not far wrong – knowledge of your bin management takes a lot of stress and anxiety out of running certain agribusinesses. When it comes to harvest and shipping, you can work out which particular contracts can be met and make sure the required grade of the commodity is available.
Time is money
They also say “time is money” and to combine the right timing with the above-mentioned knowledge also supports the profitability of your agribusiness. Knowing what you have at all of your elevators, ensures you can get your product to the market, at the right time. This reliability of accurate data is essential to knowing your inventory, and therefore knowing your business.
It works both ways though, and knowing what you don’t have as attributes in bins have been shipped out, and new weights calculated, is also essential. When carried out manually many of these processes inevitably leave room for human error. However, with the right software in place your entire inventory can be managed, automatically updated, and more importantly, trusted. Opportunities can then be capitalised upon, quick decisions made, resulting in additional profits for your business.
To find out how Primetics solutions can support you to know your inventory and, therefore, know your business, please contact the team on 01257 279 811, or email firstname.lastname@example.org today.« Back to Blog