What exactly is inventory management software ?
Inventory management software is software solution for digital age build in a way by software development company so that retailer can effectively manage , order and track inventory on the go thereby replacing traditional methods like spreadsheet . With the use of advance automation technology , software aids retailers to even predict the future sales and demand without even a single loss of inventory .
Smarter Inventory Tracking Eliminating Dead Inventory
Before the rise of the digital revolution , managing inventory was a mess . A shop concern person was to manually reconcile every sales receipt with inventory and then gets the gross output out of it . This whole process which has been explained to you in one single line was a lot more cumbersome process for store owners. This indeed results into inventory loss and replenishment which is almost next to impossible to avoid loss of inventory and goods .
With the rise of digital era , it has also given rise to automated inventory management software
and with the high demand of mobile apps , there has been also rise in demand of retail industry app development
which focus on consumer centric solution and helps managing inventory and reports from the mobile devices as well .
Lets quickly look at some of the smarter inventory tracking solution :
Sales Forecasting Module
Although sales forecasting module is important for all business , but when it comes to retail industry it is two way situation for shop owners , as firstly they have to maintain the sufficient stock to meet their future demands and at the same time they have to take care of the inventory which are getting expired to be sold first in order to avoid inventory loss due to expired goods .
It’s a well known fact that fumbling stock is the quickened way to business disappointment—the overhead skyrockets without the expansion in deals to match .
Hence the key to consistently meeting stock demands and not exceeding more than the demanded quantity is made feasible due to future forecasting of sales .
Automatic Stock Replenishment
Automatic stock replenishment is software solution that works automatically thereby eliminating the human intervention and hence in turn reducing data corruptions . It is a computer assisted software system that helps generating the purchase order from historical data which is entered in the system automatically with bar / QR code scanners , thereby reducing labour cost and improving data accuracy .
Inventory managend software solution aids you analysing when do you actually in need of stock and when you can take care of controlling the cost in order to avoid loss of goods that’s get expired even before the purchase order has been released . The good automatic stock replenishment software is known to be one who has the highest capability of :
- Establishing minimum stock allowed
- Establishing maximum stock allowed
- Operating a replenishment timing system
These add on alerts allows managers to compute economic order quantity ( EOQ) . As per the need a custom reports can also be generated with use of this software that can help you measure cost of goods sold (COGS) , overall turnover and net profits arising out of it .
Custom Inventory Integration
Track receipts , invoices , purchase order or any other things that was earlier the task of your accountant or personal assistant on real time basis which has been made possible because of inventory management software . These software system can be integrated as well with ERP software system that can directly help in creating a chain with other applications , grocery store , convenience store that is used to manage business which is not limited to human capital , supply chain , sales , CRM , accounting function and more .
Cloud Based Storage
The best part of retail inventory management and other software solutions are their data are stored on a cloud based system thereby giving power to merchants to access inventory from anywhere with internet connectivity – visibility from desktop , mobile or wearables devices .
Revitalising Quality With Automation
Inventory management software bridges the gap between supplier and consumer by helps them with satisfying their emerging market demands . Implementing a custom inventory system software helps business in numerous of ways thereby helping then in monitoring stock and trends and cutting loss .