Inventory Management Software
Inventory management software is a term used to describe software applications that are often cloud-based and used by enterprises to keep a record of their inventory. This kind of program takes a look at the entire lifespan of your merchandise: Material purchases, manufacture (if relevant), sales, and delivery.
Why Inventory Management Software is Important
Inventory software allows you to keep an eye on how many materials you have in stock to produce the items you need to sell to your customers.
Typically, inventory software programs operate on a barcode system so that you can track them in real-time throughout the entire production, storage, and subsequent sales process.
Why’s it useful
Inventory management software can help you plan ahead and make wise choices affecting your business. It can save you time and help you track patterns and trends concerning your inventory in real-time. It can also help you to forecast and plan for your company. You can take an active approach with ordering and/or producing products, which enables you to better deal with downturns in sales and upturns too.
How exactly does inventory management software save you time?
Here are just a few of the ways:
- Stock Management: Gone are the days where you had to manage your stock manually. Instead of writing reports, you now have access to data about sales and stock items that need reordering.
- Storage: If you have inventory in more than one location, it’s trickier to manage but using inventory software, you can track where your wares are and save time on delivery.
- Delivery: Inventory management software shows you in real-time when an order is placed and gives the customer information about when they’ll receive their shipment, including tracking information. This makes meeting delivery deadlines easier and helps you to manage the expectations of your customers. Tracking information works wonders for keeping your shoppers updated. They no longer have to wait around for parcels because they know when they’ll be delivered!
- Better Productivity: When you know what inventory you do (or don’t) have, you can always give customers accurate information. For example, if you run a clothing store and one of your items isn’t in stock, you can check in real-time if it’s available at another store of yours. Then you can reserve it for the customer accordingly. Such a system also reduces the threat of items running out.
- Integration with Your Back-Office: A sound inventory management software integrates with everything going on behind the scenes such as your accounting systems and stock data. Usually, software with an open API system is the most effective way forward because you can then create your own integrations (or hire someone to do that for you), so you can connect with whatever third-party add-on you need.
Inventory management software is a program that allows entrepreneurs to manage sales, track orders, control stock levels, and bill your clients. It has to, however, integrate with your existing accounting tools in order to do this. It also saves you valuable time by limiting the amount of manual work you have to do to manage inventory and track sales.