Increase Inventory Turnover Tenfold: How to Grow Company Revenue Through Efficiency
SimplyRFID, a leader and innovator in inventory management and supply chain technology, is asking other businesses what business would be like if inventory turnover increased by 10? SimplyRFID defines inventory turnover as how many times a business sells a certain product, and how much of it the business needed to keep stocked to sell that many. When it comes to retail in the physical world, the efficiency of logistics, spacing, and restocking can have significant effects on the bottom line.
Inventory turnover is all about efficiency and, with SimplyRFID, organizations are selling up to 10 times the number of items they were selling prior to incorporating RFID technology into their existing workflows.
To increase turnover, businesses need more selection available in the same square footage. More specifically, businesses need to look at their turnover rate and their sales per square foot. Turnover represents efficiency, and higher turnover means more profit. RFID is a force multiplier that will completely modernize the way organizations manage their inventory and run their business.
With RFID — using an example in a retail setting — when an item is removed from its sale location, the item is automatically replenished. This means only one of each item needs to be stocked; with more space, businesses can increase the number of items, and sales, without increasing store space. The same amount of space can sell five times the amount it did prior, saving the need for stocking multiple units of every item, size, and color.
Ten times increased volume in sales is possible with SimplyRFID. Take a look at the RFID Cookbook for inspiration and ideas for how to begin increasing sales.
SimplyRFID is a software and hardware development company that makes radio-frequency ID tracking systems. We track millions of IT servers, trash cans, drugs, military equipment, and regular old laptops all over the world. RFID is a fast-growing technology using low-cost (15 cents) microchips we can attach to just about anything and monitor where they move. SimplyRFID makes the impossible simple.