Inventory Management | 4 Minute Read
Are you a retailer, wholesaler, distributor, or manufacturer? If so, inventory is the core of your business. Poor inventory management is one of the main reasons why small businesses fail. Having a robust inventory management software is key to running an efficient and profitable business.
Inventory management software is an application designed to manage inventory, sales, purchases, and shipping. An inventory management system alone cannot efficiently optimize your stock, nor ensure minimal stock-outs – at least without manual intervention and adjustment. Unless, it is integrated with accounting software like Quickbooks, Xero, ERP, or sales channels such as Magento, Shopify, or POS.
The three benefits of having an integrated inventory management software:
Although there are other benefits of having an integrated inventory management system, these three can significantly impact your company’s bottom line.
With an integrated software solution, your online marketplaces are always in sync with the stock available. The sales team knows the exact amount of stock available to close a deal. This helps warehouse workers to pick, pack, and ship orders, as received. The purchasing team does not need to confirm inventory levels before buying products and can have an exact, real-time view of the levels. This reduces errors and ensures that the right quantity is purchased every time. Buying excess inventory ties up your cash on hand.
Recalls are painful. They often can get daunting, and it is the most significant issue faced by manufacturers, wholesalers, or retailers. Their businesses depend on prompt actions taken to resolve this issue. An integrated solution helps recall products quickly, no matter what channel it is sold.
One of the key advantages of using an inventory management system is that you can simplify various processes within your company. Specifically, it ensures that information passes from employee to employee and department to department with little or no delay. This results in fewer mistakes and ensures everyone is on the same page.
Without real-time visibility and communication, orders can be mixed up, inventory misplaced, and productivity hampered. Every person needs to be able to know what’s happening at any given moment. Advanced inventory management software provides you with this needed visibility.
Inventory Control is essential for both customer and investor satisfaction. Customers want “Fresh” products on-demand, and investors prefer no working capital tied up in inventory. Balancing these conflicting objectives is tricky and might incur extra costs.
Activities such as storing, counting, and reworking inventory incurs additional working capital. So, this reduces the availability of the products your customers want. Planning the right level and amount of stock requires everyone to have real-time visibility of your inventory.
Inventory and integrations must be real-time, flexible, simple to use, reconcilable, and scalable. Being real-time ensures complete visibility to your customers, employees, and that your financial reports are always up to date and accurate.
Continuous changes in business processes may require adjustments to the integration. Users do not want to always think about the possibility of an integration working or not. Scalability is sometimes forgotten about when choosing the software, but if ignored, it will come back to haunt you when your company’s success overloads it with high transaction volumes.
Benefits of Scalable Inventory Management Software
A system like ours can do the job effectively. Check out Brahmin Solutions, a central platform for your business. Schedule a demo of our inventory management software for leaner business operations, enhanced visibility, and increased productivity.