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Multichannel inventory management softwares

1. Take note of inventory forecasting best practices.

Most retail businesses overstock. Reducing the amount of products in your warehouse puts more cash in your bank account, but it increases the risk of stockouts. The way to mitigate this risk is to know what is on its way and when.

2. Place purchase orders with your suppliers.

Purchase orders are your official, written records of purchases, and they are essential for inventory control, forecasting, and reporting. Advanced inventory control systems automate a lot of this, showing you which items need to be reordered and enable you to create new POs with the touch of a button. But if your system doesn’t generate purchase orders automatically, then you should still record each purchase in your system manually.