Businesses today are aware of how inventory software makes simple the process of tracking and managing stock for improving efficiency while reducing cost. Undoubtedly, the capacity to manage effectively inventory levels and keep track of goods via the supply chain is critical for businesses of all types, especially distributors.
Consider the following advantages of using inventory management software:
- Visibility of complete supply chain
In case of full optimization, inventory software provides entire operation with actionable information and insight with regard to both outbound and inbound product flows using attention to details.
- Quality management
Nature of non-durable and durable goods is that errors and issues will surely arise. Fill rates can delay, shipments can lag, packages can break etc. Inventory software can identify and track different issues that can occur and guide factors impacting quality via analytics and reports.
- Planning and forecasting
Inventory management software for one, manages ‘optimal stock levels’ at the warehouse and additionally, does prediction of your future requirements of capacity. Via insights gained through the software, you can evaluate the viability of opening of multiple regional warehouses situated near important customers to raise efficiencies and make improvements in service levels- using the apt software.
- Cost management
Any product languishing on your shelf makes for a liability which eats into the profitability of your business. By managing the needs of your stock in real-time and raising inventory returns, the most can be made of current shelf space for improving margins.
- Customer service and efficiency
By optimizing your inventory process, you can reduce time taken to process shipments, replenish stock and provide customer service. These complete improvements in efficiency do not compromise on quality or raise headcount.
- Increasing scale
With growth of your business, you require software which will grow with you. Software for inventory management assures you of growth without adding a major amount of system or hardware expenses. In case you are involved with entry into new markets, introduction of new products, or expansion of customer base, the suitable software for inventory management keeps abreast of your business.
- Better decisions for merchandising
With easily accessible insights into product performance, profit margins and levels of inventory, you can increase profits and sales.
- Synchronizing of inventory data of real time
Synchronizing analysis of data from across sources helps to improve supply chain and operational efficiency.
- Streamlining of end to end inventory
Using inventory management online software, stores can track inventory by making use of tablets, smartphones and barcode scanners. Even better, store owners with multiple outlets are able to track and manage all the sites in one dashboard.
- Reduced operation costs
Software for inventory management throws light on what is stocked in store shelves and what is waiting to be stocked. Using bar-code scanning, streamlined logistics and automated reporting, it is easier for determining efficiency of promotion and making of strategic decisions with regard to item pricing, purchasing and vendors.
- Integrate accounting
Integrative software for inventory will also effectively communicate with accounting software to bring back together, all office tasks in one place. You can audit sales, integrate payroll, track deposits, monitor payments and taxes and do management of supply chain in a single, centralized, cloud based tool of management, when you use online inventory software.
These are the benefits of using inventory software.