Inventory control for small businesses is becoming more and more technologically advanced. It used to be that bar coding and electronic tracking of inventory was reserved for large businesses due to excessive start-up costs. However, that has recently changed and there are now inventory tracking systems available at affordable prices. Small- to medium-sized businesses finally have the technology they need to compete with larger companies.
One of the major competitive advantages large companies have always had over smaller ones is efficiency in managing inventory. Through electronic inventory tracking systems, larger companies have real-time counts of all items in stock and the ordering of replenishment stock is done automatically based on the count in the computer. Smaller businesses relied on a physical count, usually done monthly, that had to be manually entered into the computer system. This required extra man-hours and made it difficult to know exactly how many of a particular item was on hand at any given time. It also increased the likelihood of running out of an item, causing customers to get it somewhere else.
Small- to medium-sized businesses may...
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