Inventory and Supply Chains

As the global pandemic has raged over the past few years, a list of infinite complications and implications for individuals and their businesses has continued to unfold. One area where this has had massive impacts on both personal and business life is within the industries of inventory and supply chain. With the unstable fluctuating workforce and higher border administration caused by COVID-19, supply chains have been stretched beyond imagination.  A remarkable statistic from the Australian CEO Survey 2021-22 is that 98% of our trade is connected to sea freight in some way!

Stories abound about how businesses and customers had to adapt to log jammed supply chains – indeed we will never forget the supermarket isles devoid of toilet rolls. The reliance of long supply chains has been called into question and Australian businesses are re-evaluating their future supply chain models including where manufacturing is located.

Manufacturing, retail and distribution businesses are a key part of Australia's economy.  Inventory and warehouse management systems are integral to these businesses as they provide inventory tracking and product manufacturing tools to help give you timely and relevant data relating to your operations.  Incorrect inventory data and records can result in unhappy customers, lost sales and inaccurate accounting records or reporting.

Wrong data here can result in massive under or overs in gross profit margins.  This results in incorrect net profit figures which certainly makes accurate product profitably and sales analysis problematic at best. Getting this data right is critical for successful financial management for any business that sells a product.  

At Business Lighthouse we partner with Dear Inventory to get all these figures right. As a DEAR partner, Business Lighthouse is uniquely positioned to help set up, migrate or integrate your DEAR Inventory system, and educate you and your team on how to best use it to meet your goals. Good data equals better business decisions.

Contact Business Lighthouse today to discuss how we can help your business get its inventory management right. Talk to us too how about we can integrate your inventory system service into our Finance Department service offering or Virtual CFO service.  Go to our web-site at www.businesslighthouse.com.au for further information and book an appointment with our team.