Why Inventory Management Will Be So Important In 2023

The turning of a new year is traditionally a time for resolutions. Here at Workhorse, we think the New Year is the perfect time to reassess your inventory management strategy.

Taking stock and setting goals for your inventory management in 2023 really can provide so many benefits for your business, particularly in the face of a challenging economic landscape.

Let’s look at some of the upcoming inventory management trends for 2023.

Inventory management trends for 2023

Supply chains are going green

In response to consumer demand , businesses are thinking more consciously about how every link in their supply chain impacts the environment.

We expect to see better supply chain mapping, so businesses need to know where goods flow to and from. There will also be increased efforts to shrink the carbon footprint of warehouse buildings and transportation solutions.

Digitisation is going mainstream

Paper records will soon feel like ancient history. The digitisation of inventory management will continue to make great strides in 2023.

And while some warehouses will experience the benefits of digital inventory management software for the first time, others are already way ahead of the pack. They’ll be tracking goods, in real-time, throughout the entire supply chain — from raw materials to transportation to distribution.

Inflation is here to stay

Unfortunately, the inflation rate doesn’t look like it’s going to go down any time soon. As of October 2022, prices in the UK had risen around 10% since the same time last year.??

Businesses need to deal with the current economic reality by thinking more carefully about the stock they hold. They’ll consider reducing SKUs and may even rethink the raw materials they use to help cut costs.??

How good inventory and order management will help your business in 2023.

Planning to simply weather the storm? Or big plans for business growth??

Whatever your ambitions for your business in 2023, good inventory and order management can help you get there. Here’s how it can help!

Save money

Make good inventory management a 2023 priority, and you’ll see that it boosts your bottom line in a number of different ways .

You spend less money on products that end up going to waste (more on this in a moment). You spend less on staffing because there are fewer manual processes to complete. And you save money by managing your stock levels more efficiently and reducing storage costs.

Reduce waste

When you have a handle on your inventory management, you can see exactly what’s happening with your stock and get a big-picture view of your whole operation.

With this real-time insight, you can maintain stock at the correct levels and make better future stock projections too, ensuring less stock (and money) goes to waste.

Get more visibility into your supply chain

When your stock travels from suppliers to your warehouse to retailers, manual processes make it difficult to track where your products are at any given moment.

By upgrading your inventory management, you get better visibility. This means you can manage stock more effectively while finding and resolving bottlenecks within the chain.??

Better customer service

With a streamlined inventory system in place, you always know what products you have in stock and when you need to order more.?

This has a couple of key benefits for your customer experience:?

? Stock-outs are a lot less likely

? You pick and dispatch products quickly

? You track products accurately?

All of which amounts to fewer frustrated customers and more very happy ones.?

Increase productivity

When you embrace digital inventory management, team productivity makes huge gains.?

The whole team spends less time managing stock because all the information you need is at your fingertips. You know where to find stock within your warehouse. You know where shipments are. And you have everything you need to make decisions quickly and effectively.

Get 2023 off on the right foot with Workhorse

If you’ve decided that 2023 is the year you’ll get your inventory in order, Workhorse can help.

We know that SME budgets are tight — now more than ever — so our software is all module-based. That means you can pick and pay for the parts you need and leave the rest.

Want to ditch manual processes and ensure better inventory visibility??

Send me a message and I can get you started with a free Workhorse trial today!