All About Inventory Management Software

Inventory management software is how companies track and remote stock before selling it out. Whether manual or automated, inventory management software looks to bring your inventory carrying costs down while ensuring that sufficient stock is in the stock to fulfil customer necessities and requirements.

Here’s a comprehensive guide below that will explore more about the best inventory management software that will help you provide maximum knowledge about the system. Keep reading to learn more.

What is inventory management software?

Do you wish to know what is inventory management software? If yes, you’ve come to the right page. Let’s start exploring all inventory management systems.

Well, Inventory management software is the process that allows you to track your goods and products throughout the entire supply chain, from purchasing to manufacturing to end sales. It controls the way you approach stock management for your business.

If you have a large level of inventory in your business, you are required to stay efficient and manage high margins. The best inventory management system helps you achieve this.

What is the importance of inventory management software?

Then inventory management software is a foremost part of the organization for constantly updating all outgoings and incomings. It is crucial because inventory is an extensive expense for business operations.

It offers a positive effect on most businesses, from vendors to client services. Most companies utilize this software to control the needed products as per the customer demand.

Let’s discuss the importance of stock management software in depth-

• Cash Flow

  Small businesses manage their cash flow opportunities with inventory planning and control. Small and mid-scale businesses are not always able to buy high-level inventory, the reason being limited capital. Having control of the inventory, they can have exact data about how much and when more inventory they will necessitate. This can release additional capital for reinvestment in different aspects of the business.
  

• Business intelligence

  An inventory planning and control system helps small businesses to earn insights into fast-moving products. Additionally, this allows them to alter their product queue and make smart and quick business decisions.
  

• Limits employee mishandling

  Inventory planning and control controls the employees’ ability to seal from inventory. Further, usually, employees utilise products from a business’ inventory for their personal use. With no control over inventory, the organization would have poor strategy and reduce the revenue of the business. By controlling the employees’ access to using or stealing items, the employer can minimise potential ‘hidden’ costs.
  

• Reduce labour costs

  Improved inventory control tactics and strategies ensure small-scale businesses lower labour costs connected with inventory. Moreover, these entail the spend time on numbering stock and the stock’s transformation. Deploying an excellent inventory planning and control solution may minimize these time-consuming activities.
  

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Types of Inventory Management Software

There are multiple types of the best inventory management software that companies employ depending on the way they operate. A few types of software have been elaborated below that you can explore and enhance your knowledge about.

• Manual Inventory System

  This type entails physically counting items and recording them in a spreadsheet and on paper. Small-scale businesses can use manual software or systems.
  

• Periodic Inventory System

  Periodic inventory software is a combination of manual and periodic counts. Periodic counts record product or item details as items move in or out of stock. Barcodes streamline stocktaking. While a database holds the records of locations and stock levels.
  

• Perpetual Inventory System

  Perpetual inventory software endues current stock updates, as they depend on active radio frequency identification (RFID) tags that remain always active and convey updates on item movements. Meanwhile, RFID tags share stock information to the database through a scanner.

Benefits of Using Inventory Management Software

Inventory management is a strategic practice of buying, storing, and selling shock, whether it’s raw material or finished goods to determine the availability of appropriate type and amount of stock without having in advance and thereby tying up cash. Besides, the right inventory management is the foremost necessity to run a successful business. Stay tuned to know why you should consider this software to run a business successfully-

 1. Ease Inventory management

Distributors and manufacturing organizations that require an integrated warehouse approach will experience that stock management systems simplify their operations while saving both time and money. With continuous changes in supply and demand, and stock levels fluctuating, this significant software aids firms in minimising the chances of human errors by automating crucial processes.

2. Order fulfilment assurance

Meeting deadlines is essential for any business, and when production is obstructed by the inefficiency of required material, the outcomes might be objectionable, resulting in losing customers and damaged goodwill.

The stock management system aligns any order with your inventory, making sure you can meet requests, while automated ordering can ensure that materials with a long lead time are always available.

3. Impressive savings from stock control

Enhanced stock management can allow you to decrease outdated and extra stock levels by using valuable space and the cost of this. Furthermore, less waste stock every year may add up to a large level of savings over time, and automated processing can keep your inventory levels always on the peak.

4. Better business negotiations

An inventory management software for small business allows them to easily access detailed information on materials whenever required. That way, this can be valuable at the time you’re negotiating with potential suppliers. Particularly, you will be able to clearly see which suppliers are pivotal for your firm.

5. Improve supply chain

When it comes to supply chain operations, unpredictable problems emerge as part of the parcel. With relevant inventory management software for small business in place, retailers can make adequate supply chain expansion plans.

With the data that you create about your inventory stocks, you can avoid the approach of long waiting times if a supplier isn’t able to send goods timely. Plus, you may generate peak seasons in advance to hold a large amount of stocks in the warehouse.

6. Improved decision-making

The inventory management system provides detailed information that encourages you to make data-driven decisions for your firm. It allows you to make tactics effectively and anticipate the future, with automated reporting to equip you with the information you require to frame strategic options.

7. Greater productivity

Companies that deploy inventory management systems prone to achieve higher production rates. With fewer inventory errors to handle, they can emphasise making quality products at a faster pace. In addition to this, they can redirect the labour hours to others.

With a lot less inventory mistakes to handle, they can concentrate on making high-quality products at a much faster rate. In addition to this, they can reallocate the labour hours to other efficient tasks. The best inventory management software aids businesses in developing an ideal system for organizing their inventory. Via this, the employees can easily classify stock by name, type, size, or other major parameters, helping businesses fill orders precisely and quickly.

Also read – What Is a POS Software System and How Does It Work?

India’s Popular Inventory Management Software

Though there are lots of inventory management software in India for businesses, MargBooks inventory management software has made its place on top among all. All sizes of businesses, especially small-scale businesses opt for this software due to its amazing features to streamline businesses and their success journey.

In this article, you will discover why the MargBooks inventory management solution is the first choice of businesses in India and what the software for inventory management features includes. Continue reading to know why your business requires this software-

Real-time stock tracking and shortage management

What would be the greatest than keeping an on inventory activities? With MargBooks inventory management solution, you can track every single detail anytime from anywhere and on any device. An automatic alert will inform you about the amount of stock available, required, and out-of-stock. The software simplifies the whole inventory management process and improves the accuracy.

Setting reorder points for efficient inventory management

MargBooks allows users to set particular reorder points for items in their inventory to facilitate efficient stock management, establishing the minimum quantity of a product that should be maintained in stock before placing a new order. Users can prevent stockouts by getting notifications for reordering items when stock levels reach the pre-set reorder points that can be customised according to trends, lead times, and trends to optimize inventory levels.

With MargBooks, even, you can even track which stock is needed to reorder and send a reorder message through WhatsApp or mail. Stock managing that much easier with this software.

Dump stock management

Manual management complicates keeping records of dump stocks. With manual methods, you have to keep checking every day about stocks that are about to expire which is a very daunting and error-prone way. MargBooks inventory management software offers you categories of products according to date and alerts about those that have been dumped or expired. That way, you can sell out the old-date manufactured items before expiring, and prevent potential loss. Plus, everything is just at your fingertips.

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Embrace Efficient Inventory With MargBooks

Managing inventory is the foremost tactic to optimize the warehouses for any business. Manual stock management is intricate and prone to human errors. Simplifying stock management is essential and is possible with the MargBooks inventory management software which allows you to track real-time stock reports and manage required, available, and shortage of stock. Even, the software helps you send reorders through emails and WhatsApp. In case, you require to install the software, get in touch with MargBook.

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Frequently Asked Questions