Inventory Management System - Webpreneur Lab is the best solution
Inventory management means a combination of hardware and software processes that supervise the monitoring and support of stocked products if the products can be beneficial for the company or not.
This software greatly benefits the bottom line of your business. As it tracks accurately the goods so that you can minimize wastage and can make better decisions about the business.
What is an Inventory Management System?
An inventory management system is a software that allows you to chase goods over your business supply chain. It improves the whole range crossing from order placement with your dealer to order delivery to the customer.
Benefits of Inventory Management System
To help you to understand if your business could benefit from an inventory management system we’ve described some of the benefits of the Inventory Management System.
Simplified Inventory Management
One of the biggest benefits of using this software is that it makes the procedure of managing your inventory a lot easier by saving your time and money. It helps you to avoid the risk of human error by automating your basic procedure.
Reduce The Risk Of Overselling
Overselling is an important challenge for online sellers. The software contemporized your order and inventory over your every marketplace and e-commerce platforms by ensuring the stock levels are adjusted every time you make a sale.
Greater Cost Saving
You can be benefited from further cost savings by using this software. As it allows you to reduce extra stock it can also reduce your loss. It improves your chances of reducing your supplier lead time. It also gives you a chance to reduce excessive stock.
Avoidance of Stocks-out and Excess Stock
Maintaining the right balance is challenging. Whether having access stock incurs an unnecessary charge, too little stock can also lead to stock out. This software can track low stock levels as long as high stock levels too.
Improved Business Negotiations
By using this software you will be able to gain important information allowing for potential negotiations with suppliers. That means you will be able to get a better understanding of which suppliers are benefitting your business.
Better Product Visibility
Product recalls can at times be unavoidable. Without full product traceability or the ability to reach your suppliers can be a basic challenge.
The Ability to Make Profitable Business Decision
This software can give you sales data which allows you for more data-driven business decisions. Because the more you get information about your business, the more competitive advantage you get.
Helps Save Time and Money
An effective inventory management system ensures the best output from vendors. And helps you to save money and time by avoiding slow-moving products. By tracking up-to-date data of which you have on-hand or ordered, you save yourself the effort of having to do an inventory recount to ensure your records are accurate.
Features of the Inventory Management System
No matter what software you choose, it should provide you all the features that are beneficial to your business. Here are given some features of Inventory Management System-
This feature easily identifies and tracks your products. This software is combined with barcode scanners which instantly identify and label the product.
It maintains the exact amount of inventory for every product, without over or under stocking any product. It is helpful if you distribute products that undergo a seasonal rise and fall in demand.
Exact inventory control lies in the core of any business. It links to a tracking system that automatically updates stock levels if sales are made.
To maintain the business flow, ensuring data accuracy, creating, and editing purchase orders is crucial as it updates pipe-line and on-hand inventory.
Inventory management systems can help you to manage sales orders. Users are allowed to use such tools to customize, track, and manage returns. Order management is a necessary step to increase customers’ satisfaction.
This software is capable of receiving alerts and notifications when the stock is over or less than the customer’s need. Thus it helps you to place orders or offer discounts to clear extra stock.
This feature views sales history in your list so you can know the most popular product in your stock. It also helps you to manage items that have not reached the sales level yet so you can offer discounts on them.
It manages warehouses and POS(Point of Sale). All locations are united with the help of inventory management systems.
Stock Returns Handling
It manages returns more easily because it can reduce time to return through automation of the whole system.
Group inventory in built-in categories and make sure you never miss any recent news information about quantities of ingredients and defines that make up your product stocks, and manage their reordering schedules as needed.
Having a good shipping quality is necessary to fulfill all the customers’ satisfaction. This software system automates your process so that human errors are reduced.
Purchase Order Record
It creates a single view of order records. So you can easily recognize which products are highly demanded, both perpetually and seasonally, and fulfill your customers’ needs.
Some Additional Features of Inventory Management System.
RFID-based in-transit tracking
This feature is helpful if you supply from a third-party and you send goods for delivery. This feature holds RFID technology to give you real-time tracking of your inventory in transportation.
It is useful if you need to improve your warehouse stock and maintain an exact log of every product’s location. It will help you to know a single view of where all your products are loaded.
By using this feature you can draw on past data to know future demand. It is not offered by all platforms so if forecasting is important to you make sure to ask the vendors on your shortlist about this ability.
Customer and Supplier Data
Number of users, Integrations, Physical Devices, Sales and Catalogues, Create, Edit and Manage Order, Offline Access, Complexity now and in future.
Modules of Inventory Management System
This software allows you to take good control over inventory. It starts with a receptive and dynamic dashboard. It will show your monthly development through a histogram. It also gives you a graphical presentation of your overall business.
Easy Invoicing System
This software makes invoicing easier. It starts with a few clicks. This software stores your all invoices in a certain space.
By using this software you can easily manage your product even while you are not active.
Maintaining customer relationships is more important than sales. CRM is necessary for long term business progress.
Category Based Management System
It helps you to categorize all products of your business.
Supply Based Management
This software enlists all your supplier data and maintains. It provides you the best structural data of your supply management chain.
Purchasing order maintains your profit. This software is featured to preserve all data in one place.
Challenge of Inventory Management System
The most challenging part of the Inventory Management System is to handle or follow the best practices or outdated methods like – manual documentation and inconsistent storage layouts and processes. The best solution to this problem is to reduce human error by eliminating manual documentation. And it can be maintained by using barcode labels, barcode scanners, and inventory management software, reducing costly mistakes such as:
- Having too much slow-moving inventory in stock, taking up valuable storage space, and eating into the company’s bottom line.
- Unexpectedly running out of stock of an essential inventory item, which can delay the supply chain due to backorders.
- Inaccurate records (wrong part numbers, incorrect inventory counts) that arise from manual documentation errors.
- Wasted man-hours spent tracking down items that are stored in the wrong locations.
Why Choose our product?
If you are looking at the best inventory management software that is suitable for your business, Webpreneur Lab is the best solution. You can easily filter hundreds of products by the number of intended users, popular features, deployment type, etc.
- Location names.
- Easy-to-read location labels.
- Unique item identification numbers.
- Units of measure.
- A starting count.
- A software solution that effectively monitors and tracks activity
- Clear, company-wide policies and processes.
- People who know how to support these policies and processes.
How does it work?
The main concerning part in the inventory management system is sales forecasting. An inventory management system helps to provide relevant information. The information is for ordering supplies and identifying sales patterns. And it is very helpful to guide what amount of stock should be ordered in the upcoming shipments.
Once the items have been purchased and delivered, the items need to be stored and organized in a warehouse in an effective manner. The inventory management system allows the tracking system for each of the items at once when it arrives in the warehouse. It confirms updated stock quantities and sends alerts when stock is getting low. Once it is sold, the item’s status is updated in the inventory management system. By providing this service inventory management system allows the company to save that data for future sales forecasts.
Small businesses, vendors, and enterprises in all sectors can use the inventory management system. It can ensure customers’ satisfaction enough and balance the goal against a retailer’s financial need to maintain as little stock as possible.
If inventory can not be managed perfectly it represents the dissatisfaction of customers. And also cash tied up the warehouse and slower sales.
Statistics about Inventory Management System
Inventory Management System can ensure customers’ satisfaction enough and balance the goal against a retailer’s financial need to maintain as little stock as possible.