What is Inventory Tracking?
Inventory tracking is a process, which designed to maintain a stock system which not only shows the addition of product to inventory warehouses, but also define the spending on existing inventory. The Inventory tracking normally provides information like, what Product is in stock, what is on order, when it will come and what has been sold, the data enable companies to replenish the inventory in a timely manner.
Why Inventory Tracking is requiring?
Inventory tracking is core process for every business whether it is in manufacturing business or in Trading Business Nature; it helps companies to track their stock transactions & availability of goods in the warehouse at micro level and in a timely manner. Inventory Balancing is a crucial task which requires three key aspects for any lucrative inventory.
- Optimized Stock Levels: Avoid stockouts and excess inventory by maintaining optimal stock levels based on demand forecasts and sales patterns.
- Cost Reduction: Minimize carrying costs associated with excess inventory and avoid lost sales due to stockouts.
- Improved Cash Flow: Optimize purchasing decisions to ensure timely payments to suppliers and avoid unnecessary cash outflows.
- Enhanced Decision Making: Access real-time inventory data to make informed decisions about production, purchasing, and pricing strategies.
To maintain & track the status of entire stock transaction on the Finished Product and Raw Material, we required Inventory tracking applications internally, because Inventory Management is Crucial & Mandate Process for every business who handles stocks at their warehouses.
Key Components of Inventory Tracking:
- Accurate Stock Records: Maintain detailed records of inventory quantities, locations, and values.
- Timely Procurement: Implement efficient purchasing processes to ensure timely replenishment of stock.
- Vendor Management: Establish strong relationships with reliable suppliers and manage lead times effectively.
- Demand Forecasting: Use historical data and market trends to predict future demand and optimize inventory levels.
SalesBabu Online Inventory Management System providing a robust Tracking Tool on entire purchase & inventory process @micro level, where companies can easily track their purchase quotas, and can synchronize their plan’s effectively. SalesBabu Inventory keeps TRACK on total material movement and allows companies to track effectively all the Pending and In-process Schedules upon the required raw material or item and enable them to reduce the overall stock keeping cost.
SalesBabu Web-based Inventory Management enable lucrative tracking tool on stock transaction at micro level and enable companies to take real time inventory status on Stock.
SalesBabu helps organization to handle all Inventory stuff on single computer and allow them to synchronize all inventory levels & operational things on one platform and every information club with other information, which enable companies to manage & keep track all the Material Movement.
