Maintaining stock control can be a real challenge. If you're struggling to gain access to the information you need, that can make the process even more overwhelming. You might notice popular items frequently going out of stock, or maybe you've re-ordered deadstock that keeps piling up in your warehouse.
Profit4's purchase order software can help keep your stock in focus - and prevent shortages. But how does it work? Here are some of the key features that can streamline your purchasing processes...
First, it's important to be clear on exactly what purchase order software does. As it sounds, purchase order software is software that is used to simplify and streamline the process of replenishing stock. It can be used to order stock, pay bills for items purchased, and ensure that stock is kept at an optimum level.
As useful as these features are, they can only be effective when they work together with data from other departments. Profit4 combines these features along with accounts and financing, customer relationship management (CRM) and detailed analytics. This way, staff from each department will have access to all the information they need right at their fingertips.
So, what purchase order features does Profit4 offer? And, more importantly, how will they impact your business' purchase order management?
Purchasing orders
Profit4's software offers diverse features for purchasing orders. As well as placing orders to replenish stock, you can place orders for direct delivery and back-to-back delivery.
With direct delivery, you can place a purchasing order with a supplier to be shipped directly to your customer. Whereas with back-to-back orders, you can purchase items from suppliers when you receive orders from customers. These options can help your business reduce costs and keep stock to a minimum level, as well as ensuring your customers receive their orders on time.
Shortages list and automation
If you need to order multiple items or need to meet a minimum order amount, then you can also add orders to a shortages list. This list can be accessed by multiple departments, so your sales team can add an order, and purchasing can process this without any emails or time-consuming conversations required.
There's also the option to automate items to automatically be restocked or added to the shortages list as soon as they fall beneath a certain threshold. This can ensure stock is maintained at minimum, maximum or optimum levels, depending on your requirements.
> Minimum levels are a good option for products that don't sell as frequently or for smaller warehouses
> Maximum levels are suitable for best-sellers that frequently go out of stock
> Optimum levels ensure your stock is kept at a balanced level
As the data in Profit4 is updated in real-time, you can be assured that the automated system can keep each item stocked to its own unique requirements. This also removes the possibility of human error.
Informed decisions
With Profit4's unique, integrated system, your team will be able to make truly informed purchasing decisions.
Your customer service team will have access to detailed information about a customer's purchasing history, so they can easily prompt customers about other products they might want to purchase.
They'll also be able to see accurate stock levels for the products that customers are buying. As orders are raised with your sales team, they can easily create shortages lists, which can then be accessed and processed by your purchasing team. This approach links together different departments across one simple system, making purchasing smoother.
Plus, with detailed reporting, you'll be able to see clearly which products are selling, and which are deadstock - or you can automate restocking for a hands-off approach.
Dig a little deeper into those features, and you'll find a number of benefits that Profit4 delivers for your business:
Saving time and money
Automated shortage lists take a big task off your team's to-do list. That means a lot more free time to focus on processing orders quickly or growing your business. Let's not forget that time is money. You may even have some people employed solely to track stock and shortages, meaning that some businesses can streamline their workforce to cut down on staffing costs.
That's not the only cost saving. With clear data on shortages, you won't end up with stockouts where you miss out on sales. On the flip side, there's no chance of unnecessarily buying more stock that doesn't sell.
On top of all that, there are the savings on storage. Savills found that the average cost of warehouse property increased by over 8% from June 2021 to June 2022. With storage costs at an all-time high, it always helps to have systems in place that streamline the amount of stock you need to store in-house. Profit4 could be the difference between keeping your current, affordable space and needing to invest in a larger unit.
Improving productivity
Time and money aside, Profit4 can keep your staff informed at all times. Data is updated in real-time, so the sales team, purchasing team and beyond are all kept up to date without lengthy emails. With 86% of employees citing a lack of communication as the main cause for workplace failures, this software could be a real game-changer for your business.
As well as the automated system, it's very easy for staff to see what stock is low or in excess without manually looking in the warehouse. Above all else, everything is done automatically. That means human error is removed from the equation. So, you won't have to worry about a staff member forgetting to restock an item or ordering too much of an item.
Try it for yourself
From making quick, informed purchases to maintaining optimum stock levels, Profit4's purchase order software features really can transform your business for the better. But don't just take our word for it! At OGL Software, we can give you a free tailored demo of Profit4, so you can see it in action and identify exactly how it could help your business.
Contact our team today to find out more about the software and its features.
