Every business needs a continuous inflow of inventory to be able to supply products to its customers in time. And that’s where inventory management comes into play. Inventory management essentially means managing the stock of raw materials and finished goods. These are generally stored in warehouses and sent to retailers and consumers from there. Inventory management has a lot of benefits for both big and small businesses anywhere in the world. Prevents ordering excess stock Companies need to continuously track their remaining raw materials and be aware of how much more they need. This is because ordering in excess is a waste of money. Proper inventory management makes it easy to identify what raw materials need to be stocked up again and what is already in surplus, cutting down the company’s costs and saving warehouse space. Avoids stockouts Stockout is a situation wherein a certain product’s inventory has diminished, so the product is either scarcely available or unavailable for supply. Frequent stockouts can cause customer dissatisfaction, as customers look forward to buying specific products at a given time instead of waiting endlessly for the stock to arrive. Inventory management ensures warehouse managers know what products are depleting from the shelves so that they can inform manufacturers beforehand and avoid a stockout situation from arising.

Businesses that operate fleets need to capture, organize, and analyze a constant data flow. This includes maintaining records about fuel efficiency and driver behavior to help maximize the fleet’s efficiency. A business usually installs GPS fleet tracking systems to manage this. Those who wish to explore these systems might come across several options on the market. Here are a few tips to help one choose a GPS fleet tracking system: 1. Check maintenance planning tools One should look for a system that supports an over-the-air maintenance process. This can help one remotely monitor maintenance data for fully integrated planning and preventive upkeep. A GPS fleet tracking system should ideally support digital inspections, engine diagnostics, and built-in warnings and early alerts. 2. Look for reliable customer support Though GPS fleet tracking software needs to be correctly installed, constant management is required to analyze the data. One should consider customer support’s reliability in resolving real-time issues. Reliable fleet management software companies usually handle the installation and activation and work with the business to troubleshoot and make adjustments wherever necessary. 3. Consider the ease of usability Ease of use is a crucial factor to consider when looking for GPS fleet tracking software. It should be simple for the end user to operate.

In today’s e-commerce scenario, improving supply chain visibility is critical. All parties, whether suppliers, manufacturers, or customers, want to know the ETAs of their shipments so they can plan what’s ahead. In that sense, GPS fleet tracking systems are worth their weight in gold in the fast and intense commerce industry. However, one must avoid these three common mistakes as far as possible when choosing GPS fleet tracking systems for business operations. Neglecting tracking range Companies delivering their goods over ultra-long distances must track their fleets throughout the route until they safely reach their destination. Therefore, people tasked with choosing GPS fleet trackers need to check the range of a given system before choosing it. Ideally, the range should be infinite if companies deliver their goods internationally. Even if a business delivers locally, it should choose a system with a long range. This way, it can track down its fleet accurately no matter how far away it is at any given moment. Neglecting the tracking range undermines the overall transparency of a company’s supply chain operations. Buying the cheapest/costliest option without thinking Usually, the costliest systems have the most fancy features and advanced capabilities. However, they may be useless to a small, local business just looking for a simple, no-nonsense fleet tracker.

Since data security has become a problem, companies must conduct a SOC 2 audit. This audit lets people know the company is working to protect their data. As a result, it increases customer loyalty, boosts the business’s reputation in the market, and provides many other benefits. However, one must prepare well and be careful during the process. Here are the three most common mistakes to avoid before starting a SOC 2 audit. Not assigning a project manager A company must assign a project manager after deciding to perform a SOC 2 audit. The individual oversees several audit-related tasks, one of the most important being data collection. During the audit, the company must collect documents and information from different departments, such as business operations, human resources, system admins, etc. This process can fall apart without a designated manager. Plus, there will be nobody to ensure effective communication between all departments, which can create confusion during the audit. Skipping a readiness assessment Skipping a readiness assessment is another big mistake companies must avoid before starting a SOC 2 audit. Before the external auditor arrives, a company must evaluate itself to check if it is ready for the audit. During this assessment, the company must evaluate the controls (security, privacy, confidentiality, etc.) the auditor will examine.

A professional employer organization or PEO works as an outsourcing partner for businesses, helping manage human resource functions. PEOs share employment liability, making it easier for organizations to offer employees better benefits. Acting as an extension of the business, a PEO engages with the management team and addresses complex employee-related matters. Some PEOs also manage platforms for handling employee data. Here are a few reasons why businesses may need PEOs: 1. Limited resources This usually happens with small or new businesses. Such organizations may not have enough funds to build a full-fledged in-house HR department. While they get on their feet, a PEO can offer the organization necessary human resource support. They can assist with streamlining administrative tasks, legalities, employee handbook edits, updating company policy updates, and other tasks. For businesses that already have an HR team in place, a PEO can manage the basic HR activities so that the team can focus on strategic HR initiatives for business growth. 2. Excessive paperwork While administrative paperwork is a crucial part of business, it can be tedious and time-consuming. When paperwork piles up, a business loses critical time that could have been spent on revenue-generating activities. In such situations, PEOs can be useful businesses, helping them outsource tasks such as record-keeping and benefits management.

E-commerce platforms continue to grow, which makes it crucial for a business to meet customer demands. One may require a more sophisticated order management system (OMS) in such situations. The system functions immediately after a customer places an order, from locating and picking up the item in a warehouse to packing and shipping the product to its final destination. For businesses still unsure about venturing into this automated space, here are five reasons to get an order management system. Maintain low inventory costs A key benefit of using an order management system is that it can take control of inventory management by simplifying the process with automation. The system uses in-location stock movements by setting rules to automate what happens to orders during packing based on triggers such as the delivery option selected, weight, and value. This reduces time spent manually on such tasks, which will help keep expenses low. Centralized customer service An OMS helps centralize customer service requirements by keeping all customer and order information in one location. Therefore, users are better informed about their orders through a complete view across all sales channels and fulfillment centers to address inquiries about shipping, delivery, and cancellations. The system helps build transparency in this avenue, which customers expect and appreciate when shopping online.

Companies hire more staff as they grow. Sometimes, different people from across the globe join them. However, managing a global workforce can be challenging. The company must manage multiple employees’ payrolls, monetary benefits, and taxes and handle many other things. Hiring an Employer of Record (EOR) to govern these tasks can somewhat smoothen the company’s operations. So, here are four of the most essential benefits of using an EOR service: Hassle-free management of compliance Although necessary, compliance is quite time-consuming. Companies must remember and follow many rules, like creating financial reports, fulfilling minimum requirements for insurance coverage, and filing taxes. As a company grows, compliance work only increases, which can be challenging. A better way to manage compliance is to hire an EOR. It will help the company ensure proper compliance at the global level and save time on these tasks. Timely payment of employee salaries Paying employees on time is essential to ensure they are happy with their jobs and continue to do well. However, as companies hire more people, it can become difficult to handle their salaries. An EOR service manages the entire company payroll, ensuring individuals get their monthly salaries on time. Easy hiring of employees from around the world As mentioned, some companies must start branches abroad and hire people from different countries as they expand.

An aspiring entrepreneur might consider buying a franchise for multiple reasons. For starters, it lets one launch into an established business where most of the hard work has already been done. The individual could capitalize on support from the franchisor before and after the business opens. But despite all the advantages of buying a franchise, there are a few drawbacks. An eager entrepreneur who makes purchasing mistakes might face various challenges throughout the venture. Lack of research Insufficient research might lead an entrepreneur to walk into a space one has little to no knowledge about. One should learn about the positives and negatives of investing in a franchise before signing up for it. Visiting franchise exhibitions and speaking to existing franchises would help an entrepreneur better understand the business model. Inadequate funding If one does not have good financial backing, one might need to secure funds to invest in the franchise. The money must cover various elements associated with the purchase, such as startup costs and expenses to run the franchise for at least a year. An entrepreneur usually prefers a combination of a Small Business Administration (SBA) loan with a Rollover for Business Startups (ROBS), which is highly beneficial towards the franchise’s operational goals.