Inventory Management System enables you for the fast processing of the inventory of orders and the balance quantity. It gives you a real-time eye to check the stock of raw material, as well as the ready stock. Inventory Management Software is the best because CRM enables you to quantify the work in progress and complete details of the product with all accessories’ information. It helps you to track inventories at each level.
Best Inventory management system gives you power to keep record of Purchase/ Sale Orders with complete details of balance quantity and the consumption. Track inventory professionally with the electronic identification and make sure well-organized and quick scan of the products sold, received or transferred with the Inventory Management Software. Inventory tracker gives you an intimation about a product to re-order when it reaches the marked level. It generates work orders, bills and related documents and the system warns you if an item is overstock at the same time you can avoid shortage with the help of set alert at the product’s quantity level. Company managers get a clear idea about the revenue engaged in managing the inventory of a product stock.
Read More – 6 Inventory Control Techniques for Stock Optimization
Inventory Control System enables you to track the items with its lot, Serial Number, Batch or barcode number. It provides you the real cost of material used to provide a service. In this case price of material to be added to service charges to understand the total cost. Inventory The management System enables you to track products during the transit at the vendor’s level or in the warehouse.
Ensures centralization of all information online, always updated with the information, intimation of finished goods and track information in reference to the model of the product with the inventory management system. Manage the list of assemblies & components of a product, name of spare parts, Description, Serial Number & Units Measurement.
Stock Inventory Software helps you to reduce the chances of frauds and enables you to streamline the entire inventory process. It not only saves your valuable time but also gives you a user-friendly interface to reduce mismanagement. The best inventory management software eradicates the chances of errors in managing stock and it enables you to generate Issues and Receipts online.
Read More – How to Deal with Excess Stock in Your Inventory
Streamline Inventory Management With These Five Expert Tips
For inventory-based businesses, it’s essential to maintain efficient processes for ordering, tracking, and selling your stock. A perfectly implemented inventory management system can minimize operating costs and increase margin.
#Maintain Safety Stock Levels
To get the accurate sales forecasts use statistical formulas and then use the results to predict stock levels for each item in your inventory. Additionally, to forecast sales it’s important to keep a minimum in-stock count for each item and vendor. If you know a particular vendor has a longer lead time to ship you their products, maintain an appropriate minimum level of stock at all times. A basic inventory management or Enterprise Resource Planning (ERP) system can support you track this valuable information for each item and vendor.
#Use Real-Time Data to Make Decisions
Today, robust systems exist to analyse your inventory and sales operation’s data in real-time. Rather than using several Excel spreadsheets, systems like these that operate on a unified platform can intake and compare sales forecasts, inventory levels, and purchasing costs to provide the powerful model for the acquisition of inventory, lot sizes, and manufacturing requirements. An inventory management system which unifies customer, inventory, e-commerce and manufacturing data in one database can mean faster acquisition, allocation and fulfilment, and better profits.
#Do a Little Micro-Managing
Don’t treat all the products in your inventory in an equivalent way. Inventory items will have different demands from your customers as well as varying costs and valuation methods. A comprehensive ERP system will enable you to trace each SKU’s pricing, inventory levels, and lead times. When a listing level reaches a minimum, your system should notify you and automatically create purchase orders which are able to be sent to vendors.
Not all vendors are alike either. Warehouse managers will know which vendors are more reliable than others, which items tend to be received in better condition than others, and the way to treat expected receipt dates and actual receipt dates. Your inventory management system should also have skills to trace this information. The result is going to be useful for information for all instead of just counting on the knowledge of one or two people within your organization.
Read More – Avoid Making Costly Inventory Replenishment Mistakes
#Maintain Detail in Your Inventory Records
Insight into inventory and sales operations means tracking SKU numbers also as lot numbers. If you are doing some light manufacturing and manage assembled items or kits, track the SKUs, lot numbers, and stock levels of the component parts just in case you’ve got to purchase or return individual parts of assemblies and kits.
For this, it helps tremendously to urge obviate those Excel spreadsheets and implement an ERP which tracks inventory management and lightweight manufacturing.
#Communication plays an important role
It’s not surprising to learn that a lack of communication between the various departments and sections of a company can lead to inefficiency and higher operating costs. The important thing about an ERP application that functions on a unified platform is that reporting can take place cross-company. Sales forecasts can straight away influence budgeting for procurement and operations.
When purchase orders are submitted by purchasing managers to the vendors, the sales team can then view expected inventory levels right on their sales orders and manage client expectations on the spot in real-time.
Strategies to keep inventory management under control
Get centralized inventory management in place
If you are selling across numerous geographical locations both online and offline, then centralized inventory management software is the most recommended option. It might be either an ERP system or POS, which is integrated with your eCommerce platforms which enables you to manage your inventory in real-time.
Hybrid warehousing
It is a combination of your warehouse space and that of third parties like suppliers. This will give you the superpower to decide the items you want to store close in your neighborhood and the ones that will stay safe with your suppliers. This warehouse technique is practiced by leading eCommerce such as Snapdeal, Flipkart, Homeshop18, Amazon, Jabong, Myntra, etc. For instance, small products such as stationery items, clothes might be kept in their own warehouse while heavy electronic items like washing machines or TV will be delivered to customers directly from the supplier location while an order is placed.
Drop-shipping
Using Drop Shipping, you will be able to sell online without maintaining a storage unit. The suppliers will maintain the inventory of items and ship the item as soon as the purchase order is made to the buyer. The suppliers will remain secret and the buyers will feel as if the items are delivered from your eCommerce store. The success to use drop shopping is to maintain inventory software as these will enable immediate sharing of information between you and the supplier with regard to orders, invoices, real-time inventory counts, etc.
Conclusion
The cornerstone of implementing lean internal control is to know inventory intrinsically, from supply all the way to storage and sales. To provide an accurate understanding, custom software programs are used and will certainly be considered to realize a firmer grip on inventory, which eventually may result in increased profits.
If your inventory management system isn’t working for you, keep the following pointers in mind and perform an assessment of your company and operations. There could be some simple steps you’ll fancy to streamline the method. You would possibly also find it’s necessary to overhaul your systems and hire an outdoor consultant who can have a glance at how your warehouse runs and interacts with the rear office and customer service. Either way, no inventory-based business can afford to not keep an in-depth eye on success during this area.
