Why digitizing Inventory and Gate Pass processes are critical for mid-small sized Companies.
Mid-small sized Companies usually have tremendous growth potential, but are often held back by business processes that are not efficient and aligned to their growth trajectory.
Paper / Excel based Inventory Management and Gate Pass Management process is one such area that can impact decision making, compliance, and Employee morale.
Impact on Decision Making – Management and Business Leaders need access to accurate real-time information to make decisions. Paper and Excel based Inventory Management and Gate Pass Management processes can result in significant delays by the time Business Leaders get accurate information. This can translate into lost opportunities, higher costs, and losing market share.
Poor Compliance – Paper and Excel based processes are riddled with gaps that could result in lost materials and inventory, which directly eat away from the Company’s profits. According to the 2016 National Security Survey, businesses in the United States lost $45.2 billion through Inventory Shrinkage. These are significant losses for businesses that can be easily avoided or reduced by moving to a Digitized Inventory management process that is transparent, compliance driven, and automated.
Low Employee Morale – Employees do not want their integrity to be questioned due to a Company’s inefficient processes. Employees are happy to be held accountable but do not want to be put in situations due to a lack of adequate Technology. Paper and Excel based processes can cause delay’s in how and when information is relayed to different stakeholders , which can in turn lead to Employee conflict since everyone is seeing a different reality.
A good Inventory and Gate Pass Management Cloud Software can help solve these mission critical issues for mid-small sized Companies by ensuring that there is One set of facts for all to see. These softwares can be customized to the unique needs of a Company and its industry and can help ensure that inventory is digitized from the moment it enters a Company’s premises and right through its exit from the Company.
TereoTech is a provider of Inventory and Gate Pass Management Digital Solution that is Cloud based and is scalable across geographies and offices.