Ad business inventory software is not a new concept. However, technological advancements in the advertising industry over the past decade have made the advertising technology ecosystem so complex and fragmented that in order to achieve optimal sales levels in the most cost-effective manner, an ad inventory management solution is needed.
Is becoming more and more necessary. Publishers and media companies want to operate smarter, faster and more efficiently to stay ahead of the competition and meet customer demands.
8 Main Benefits of Business Inventory Software
An effective business inventory software solution benefits businesses of all sizes by helping large businesses with their more complex day-to-day operations while allowing small businesses to remain competitive. Explore the top five benefits of deploying ad inventory management software for media companies and publishers of all sizes.
1. Easily manage your ad inventory
As digital advertising becomes more central to ad sales, delivery strategies become more complex. Overlapping audiences, new device platforms, and programmatic sales are complicating the process of digital inventory billing, pricing, and selling.
The most immediate benefit of using business inventory software is that it greatly simplifies the digital and traditional inventory management process, saving you time, money and, frankly, your sanity as well. By making the industry’s favorite reliable inventory management across complex data tables obsolete, overall media inventory management is faster, with significant benefits in terms of data accuracy and accessibility. will be dropped.
2. All Your Essential Ad Inventory Information in One Place
The challenge of effectively managing your ad inventory lies in the fragmentation of today’s advertising technology industry. A salesperson typically manages products in her CRM or spreadsheet, while an ad ops department manages products across various delivery channels, including multiple ad servers, social media platforms, exchanges, and more.
This fragmented approach transfers data from one or more of his spreadsheets to multiple systems, making it time consuming and error prone. A modern inventory management system replaces old spreadsheets with cross-departmental records to become your single source of truth.
For example, you can store all price and tariff information along with your order history in a full-featured CRM and integrate with external systems for ordering and automatic data synchronisation.
3. Advertising inventory management software can lead to significant cost savings
Poor inventory management can result in significant revenue loss due to avoidable problems such as human error and duplicate inventory orders. There is a nature. By modernising your inventory management process, you can take advantage of real-time inventory information to effectively eliminate the possibility of double-ordering inventory.
Perhaps the greatest cost savings come from automation, which eliminates costs associated with human error. A good business inventory software saves you time that you can spend doing other things.
Eliminating manual steps from the day-to-day operations of your sales reps and ad ops teams through automation speeds up their routines and improves data accuracy at every stage of the ad sales process. This frees up the employee’s time for value-added tasks such as responding to her RFP and analysing data.
4. Optimal Inventory Sales
Tracking the status of available ad space can be very difficult and time consuming when managing inventory manually. Portfolio availability can change frequently as advertisers book, reserve, and cancel scheduled campaigns.
To avoid duplicate orders and optimise sales, it’s important to be able to rely on detailed inventory information from your inventory management software. With a clear view of available and sold inventory, sales reps can talk with advertisers with confidence when bidding on unsold inventory, speeding up the sales process and improving overall improve customer satisfaction.
5. Make more profitable business decisions
Effective business inventory software provides valuable sales data and enables you to make data-driven business decisions. For example, a deeper understanding of past advertiser demand trends can help predict sales trends and give you a competitive edge. This type of information can also be used to build and test product bundles that combine with more common inventory types to get higher ROI from underperforming inventory. With access to reporting and sales forecasting, inventory management systems give you the tools you need to make data-driven strategic decisions.
6. Better Customer Service
Giving customers what they want, when they want it is a big part of customer satisfaction. Thanks to automated low-stock business inventory software sent directly to your mobile phone, businesses can track popular inventory levels in stores. See all your supplier information in one place, see available quantities, and order faster.
Stocking popular items on your shelves can turn one-time buyers into loyal customers. They know you can get what they need, which is why they appreciate your service and continue to buy from your business. Therefore, inventory management software can help you retain customers and generate new ones.
7. Reduce Risk of Out-of-Stock
Business inventory software helps businesses prepare for events such as inventory levels that affect the demand and supply of goods. “Out of Stock” occurs when there is an unexpected demand for a particular inventory and the product is sold out.
Using inventory tracking software can help businesses prepare for this eventuality. Inventory shortage alerts, real-time inventory valuations, and automatic quantity updates are all features that help you adapt to market and customer supply and demand.
8. Accurate Expense Tracking
Expense tracking is an integral part of any department in a business, and inventory is no exception. Business inventory software can run reports to calculate total sales, total taxes, and other related financial information, such as real-time inventory valuations, to help you track inventory costs and revenues.
These inventory and expense reports will support your business in auditing and accounting aspects of your inventory. Cross-reference your stock against your financial information to ensure they line up properly when it’s time for your next inventory audit. Get the most money from the least amount of inventory.
Increase Advertising ROI Through Optimisation and Automation
Implementing an inventory management system for your advertising media space brings huge benefits to both small and large media companies. Publishers and media companies must leverage technology to gain a competitive advantage over competitors.
Advertising inventory management software uses automation to speed transaction times, eliminate inefficiencies and improve data accuracy & accessibility to benefit all functions of your business from sales to senior management.
With easier access to accurate data and more time to review this information in depth, your ad sales & operations team can prioritise optimising inventory sales to drive greater results and quickly deliver return on investment for advertising business inventory software your choice.
And that’s an explanation of the advantages of business inventory software. Hopefully the information we provide is useful. See you in the next article.