As per the contemporary market situation, inventory management of all your items plays a crucial role in ensuring that everything runs smoothly and efficiently with the help of the supply chain. Whether you own a small retail store or a large distribution business, inventory management in supply chain, which implies maintaining accurate stock levels is your priority as it significantly offers a difference in profitability, customer satisfaction, and overall business operations. Keep reading to learn more about inventory management software and its importance in your business.
What is Inventory Management?
The process of ordering, storing, monitoring, and controlling stock to satisfy consumer requests while lowering expenses is known as inventory management. It is a crucial component of the supply chain, guaranteeing that companies don’t overstock or understock and have the correct products at the right time.
The Importance of Inventory Management Software in Supply Chain
- Guarantees Product Availability: Effective inventory control keeps stockouts at bay and guarantees that buyers can always get their hands on products.
- Lowers Holding Costs: Excessive holding costs, such as storage and depreciation, are caused by overstocking. Effective inventory management reduces these costs.
- Improves Order Fulfillment: Businesses can process and deliver orders more quickly and efficiently with better inventory tracking, which raises customer satisfaction.
- Prevents Waste: Good inventory control keeps products from becoming outdated or expiring, particularly in sectors like FMCG and pharmaceuticals.
- Increases Profitability: Companies can increase their profit margins by cutting back on pointless stock purchases and increasing turnover.
Major Challenges in Inventory Management
Despite its significance, companies frequently encounter several difficulties when it comes to inventory management, including:
- Inaccurate Stock Data: Inaccurate stock levels may result from manual tracking.
- Stock Discrepancies: Order delays and monetary losses may arise from mismatched inventory counts.
- Demand Fluctuations: Stock forecasting may be difficult due to seasonal needs.
- Supply Chain Disruptions: Unexpected interruptions may result in inefficiencies and supply shortages.
How MargBooks Makes Supply Chain Inventory Management Easier?
Businesses use automated inventory management software like MargBooks to get past these obstacles. MargBooks is a cloud-based inventory and billing software made to maximize stock management, increase productivity, and expedite business processes. This is how it’s beneficial:
1. Tracking stocks in real-time: Businesses can monitor inventory in real-time with MargBooks. After each sale, purchase, or return, the system automatically updates stock levels, guaranteeing accurate data without the need for human interaction.
2. Stock Management in Multiple Locations: MargBooks software offers centralized inventory control for companies with several branches or warehouses. You can effectively optimize stock allocation and monitor stock movement across many locations.
3. A system for automated reordering: Never again run out of stock! To ensure prompt replacement, MargBooks has an automated reorder option that notifies companies when stock levels drop below a predetermined threshold.
4. Fast Billing through Barcode Scanning: Barcode scanning is supported by MargBooks, enabling quicker and more precise stock changes. This functionality expedites the billing and stock verification procedures while reducing human error.
5. Cloud-Based Remote Management Access: Because MargBooks is cloud-based, as opposed to traditional inventory software, you may view inventory information at any time and from any location. You can keep an eye on your stock while you’re at home, at the office, or even on the road.
6. Comprehensive Analytics & Reports: MargBooks offers thorough inventory reports that assist companies in effectively tracking sales trends, analyzing stock movements, and predicting demand. The software provides vital information for improved decision-making by generating reports on stock movement, aging, and valuation.
7. Accounting and GST Compliance Integration: MargBooks guarantees GST compliance and smoothly combines accounting and inventory management. This function of this software makes tax calculations, financial management, and billing easier, giving businesses a one-stop shop for all their accounting needs.
8. Minimizes Stock Shrinkage and waste: MargBooks reduces stock shrinkage and waste through accurate tracking and inventory audits. It guarantees that non-moving items are identified for promotional offers and that perishable goods are sold before they expire.
Conclusion:-
Inventory management in the supply chain is the backbone of any successful business. MargBooks offers the best opportunity to keep track of the inventory all the time.
