What is Inventory Software?
An inventory management system or inventory software oversees all of a company’s inventory and stock items. It enables businesses to track and manage every item of inventory through its entire lifespan, from a warehouse to a customer’s shopping bag.
Inventory systems are often build using a similar form of application. First, the system has a way of identifying each stock item, usually through a barcode. After each item is coded, the system needs a barcode scanner to track the items as the items come in or leave the warehouse.
A dedicated barcode scanner or even a smartphone app enables the consistent tracking of stock items. Next, the system needs an efficient software that can keep track of all the items and manage them. Simply, the software acts as a nerve centre.
At the same time, the software analyses data and generate detailed and extensive reports that keeps business owners well informed. Advanced inventory software such as Million Inventory Software can even link up with other software systems such as accounting software.
Another basic element inventory systems include is an inventory valuation method, such as First-In-First-Out (FIFO) or Just-In-Time. Finally, like all other efficient systems, well trained employees are needed to keep the system running smoothly and effectively.
Why is inventory control important?
When there is an increase in customers, a business should be set to see an influx in sales. Businesses should then expect to see a continued increase in sales as a business grow and improve marketing strategies.
However, keeping up with the increase in demand and potential increase in returns puts a business’s warehouse in strain. For example, businesses will risk losing a sale because of insufficient inventory to fill an order.
Inventory control is therefore important in maintaining the right balance of stock in a business’s warehouse. Below are reasons why inventory control is significant:
Increased sales bring challenges
While stock is coming and leaving a business warehouse faster and faster, businesses need to ensure that their stock levels are accurate so that all processes are remains streamlined and efficient as they can be. Otherwise, businesses could end up tangled in endless stock takes, customer complaints and stressed out warehouse staff which dampens a business’s growth.
Multiple sales channels are tough to manage alone
Customers shop from many different platforms and stores all over the world. This wide diversity in shopping platforms give businesses the ability to be where the shoppers are. Keeping track of stock across all of these channels could become tough if businesses are using spreadsheets that does not accurately track inventory levels. Using an accurate inventory software allows business owners to shift their focus and energies onto growing their business as the software automatically and efficiently updates all sales channels in real time.
Satisfy demand and avoid overstocking
Tracking inventory accurately ensures businesses always know when they are running low on their best sellers, when is the best time to restock and how many items a business should purchase to be able to fulfill back orders. This allows business to satisfy the ever-increasing flow of demand for best products without running the risk of tying up assets in overstocked inventory.
Stock checks are kept quick and easy
Tracking your inventory everytime a stock is bought, sold, exchanged or returned across multiple channels makes stock checks instantly easier and quicker at the end of the week, month or quarter. Stock should always be checked regularly and accurate stock control lets businesses know instantly if a stock is missing or mispacked. Trusting inventory levels are correct in the majority results in faster and easier stock checks.
Brighter business reputation
With accurate and efficient stock management, customers will be happier and more satisfied, resulting in better chances of positive reviews leading to even more sales. More sales results in higher possible returns, keeping a business growing sustainably. Keeping customers updated if and when new stock is available encourages them to trust businesses, which in competitive times, a valuable asset to any business.
Why choose Million?
With Million Stock Control Software, many companies have benefited greatly from using a computerised system that minimises human error and automates time-consuming work. Not only is Million able to create unlimited databases, there’s no recurring fees meaning at a fixed price, you get to own the software forever!
- Landing Cost
- Bill of Material
- Serial Number
- Stock Valuation – Fixed cost/ Average Cost/ FIFO and many more!
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