Stop Wasting Money: The Importance of Product Management Software

Stop Wasting Money: The Importance of Product Management Software

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Stop Wasting Money: The Importance of Product Management Software Americans throw away nearly half a trillion dollars every year (yes, that’s trillion with a “T”).

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Published 23 May 2015
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Stop Wasting Money: The Importance of Product Management SoftwareAmericans throw away nearly half a trillion dollars every year (yes, that’s trillion with a “T”). From high ATM fees ($7 billion) to lottery tickets ($31 billion) to credit card interest ($49 billion), we toss away our dollars like we are the first name listed on Bill Gate’s will. Unfortunately, many small business owners also are wasting their income when it could be invested into strengthening and expanding their company.One of the biggest ways that businesses waste their money (or waste their opportunities to make money) is when they fail to have a proper way to track their inventory with better product management systems. An unorganized stock room, procrastination on performing inventory counts, or the inability to price products properly can all create slow leaks towards your profit margin.The best solution is to implement high qualityproduct management softwarethat can resolve most of these common problems and save you tons of time and money. With basic product management tools you can add, edit and remove products including images, stock levels and tax. Product pricing can fluctuate based on supplier costs and market trends, so you many need pricing option software that can calculate holiday promotions or price variations based on location and customer type if you run multiple stores. Retail point of sale software allows for these variables to keep prices proportionate to profit and cost allowances.Moreover, many stores are like a puzzle with a million pieces; you may sell 15 sweater styles, but each sweater also comes in four colors and five sizes. With a simple barcode, a great product management system can let you define multiple sizes, colors, or any other variation of your products. Plus with support for up to three types of variants per product, the possibilities are limited only by your imagination and the size of your stock room. Run a food truck or café? This same program can let you charge toppings separately such as when a customer orders extra cheese or guacamole on that hamburger.As a small business owner, there may be no such thing as “disposable income.” Every cent that is earned is hard earned and wisely invested. And as the old saying goes, “a penny saved is a penny earned.” With the right POS system and product management software, you’ll be surprised how fast those pennies add up for your business.