If your items suddenly go ‘out of stock’, your business loses money due to insufficient sales.
As you don’t have a list of what items you have in stock you end up stocking up items that are not required.
If all your products are stored at different locations then it becomes increasingly difficult to get a hold of them and send the right products to the right customers. Inventory helps you keep track of all the products and their whereabouts.
Data Analytics & Planning:
There are many means which are used in inventory management that collect data like bar code scanners, and the likes. The data also gets accumulated in the central database, from where one can avail answers to questions like:
Q) How is the inventory functioning & which customers are availing what services?
Q) How can one improve the inventories for future expansion?
Q) What patterns can be learned from customer data and how can one increase their sales from that data?
Automates the Inventory Process:
You can make use of Robotics and Artificial Intelligence that’d account for automated processes in inventory management. Introducing such provisions can decrease your labor cost to a great extent.
Saves time & efforts:
Imagine yourself running to check the availability of every product a customer orders. Inventory keeps complete track of all the products in stock.
You don’t have the pressure of facing common human errors like wrongful counting of products, that can make you lose your customers. This helps the customers learn the total stock available for a particular item, allows them to order freely and meet delivery timelines.
Any customer would be more than happy with your timely responses, delivery, and tailored services. Proficient inventory management and timely deliveries always build the most loyal customer base.
Warehouse Stock Management:
This feature always keeps a track of the items that are to be ordered to maintain a minimum stock. This feature can be programmed in the core software so it automatically alerts the respective authorities about reordering the product.
The products present in a big warehouse also need tracking. This feature allows you to exactly know the whereabouts of a particular product. It can be done via different methods such as IoT number tracking, serial numbers, barcode, or radiofrequency notification.
This feature allows you to filter your different products and organize them as per availability, SKUs, cost, etc. It permits you to arrange the products systematically based on their attributes.
Inventory Analysing Tools:
A myriad of tools can be used that will develop analyzed inventory reports, transactional reports, and order histories. This helps you learn important data about your inventory, which products are profitable, products in stock, and that to be re-ordered, and much more.
Inventory Alerts & Forecasting:
This feature sends you alerts when any of the inventory levels fall below the expected or thresholds set by you. It also invites you to stock the right amount of stock in your company so that you aren’t over or under stocked at any given moment. As both, the situations can create problems for your sales and productivity.
Multiple Warehouse Management:
If your company has more than one warehouse and stores, it can be managed using inventory management software. Using this you can manage as many warehouses as you want from a single location.
Expiration Date Tracking:
It’s natural for products to have a limited life. Once they hit the expiry date, the products are useless. This feature allows the company to keep a track of products that can expire in near future, offer discounted prices to sell near-to-expire products, or remove them from the inventory.
Transport analysis and trackers, which are considered third-party logistics offer a new level of transparency in tracking the movement of goods and materials. The users, warehouse managers, or employees can easily track the location of products and learn their estimated time of arrival.
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