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Inventory Management

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What is inventory management?

Inventory management is a step in the supply chain where inventory and stock quantities are tracked in and out of your warehouse. It approaches to sourcing, storing, and selling inventory- both raw materials and finished goods.

Why is inventory management important?

Inventory management dictates how you run your business, serve your customers and grow sales. For businesses based around selling products – from craft breweries to big wholesale distributors – managing inventory efficiently is crucial.

Benefits of Inventory Management

Efficiency & Productivity in Operations

You want efficiency in managing your stock levels so that your business is cash flow positive. We all know what happens when your business runs out of cash, never mind profits. Also, analytics and reports can help you see what products are selling fast through your multiple sales channels. This helps you make smarter purchasing decisions

Minimise Costs, Maximise Sales & Profits

You can avoid deadstock & overstock situations with the assistance of inventory management System. Inefficient management of inventory can lead to revenue loss, over-spending money, etc.

Carrying costs such as storage fees, insurance, taxes, theft, natural disasters and passing fads can all potentially eat into your profits.

Integration of Entire Business

Firstly, User management. You create user accounts for each staff in your company’s departments: management, administration, sales, purchasing, and fulfilment.

Secondly, tasks and notes enable collaboration between members of your team. Your staffs can seamlessly share and handover information. Collaborate on customers, suppliers, products, invoices, sales orders and shipments.

Thirdly, for fulfilment, your operations team can easily create a shipment. They can then pack all the items and quantity in the sales order that has not yet been shipped. Within the delivery order, they can also issue picking and packing lists to the warehouse team to ship. When the order has been received by the customer, the team can mark it as delivered.

Finally, your accountantcan filter sales orders by their shipment status.

Automation of Manual Tasks

Nobody wants to be sitting around doing manual data entry tasks or complex manual calculations with every purchase order. It’s best to leave it to software to automate these common tasks for you. Inventory management software should automatically split landed costs by the proportion of the purchase cost of the product, saving you time, effort and mistakes.

Keeping Customers Happy

A decent stock management methodology keeps your clients returning for more. It reduces your time to fulfilment for a start. With an inventory management system you’re able to keep fast-selling products in stock and fulfil them immediately.

Features of Inventory Management

  • Inventory Management
  • Inventory Alerts
  • Inventory Tracking
  • Reporting Tools
  • Barcoding & Tagging
  • Inventory Forecasting
  • Inventory Security and Backups
  • Cloud-Based Software with Real-Time Updates
  • Inventory App Integration with Other Systems
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