Inventory management software: A modern way to convert your dead stock into profit.by Sagar Bhardwaj Digital Marketing executive
You must be familiar with the word ‘Inventory’ if you own a retail store, distribution firm, or a warehouse. If you’re not using inventory software, you are probably using Excel to manage your inventory. This versatile tool is great for budgeting and managing inventory on a small scale.
But when you expand your business, it becomes difficult to manage all the operations with MS Excel. You will need a robust inventory management solution to manage your business so that you can effectively utilize the available resources. Have you ever thought, why your competitor is doing so well? Even when you are trying best, why are you not getting success? It’s time to think about what you are lacking.
Inventory plays a huge role in the overall growth of a stock-keeping business. Every business that keeps some sort of inventory must be concerned with inventory management. For the consistent growth of your business, you need a controlled inventory management system.
An inventory control system is a tool that converts your inventory effectively into profits. Excess of inventory slowly turns into dump stock which can cause huge losses to any business. However, with the best inventory management software for Small and Medium Enterprises (SMEs), you can maintain an optimal stock of inventory to reduce dump stock pile-up.
Here is how an inventory management software India will help in reducing inventory dump and converting it into profits:
Eliminate manual processes: Manual processes have inherent shortcomings that make managing inventory often complicated and complex. By using your hands, records cannot comply instantly and you can never have the real stock report.
Real-time stock status: Automating the inventory control system can generate real-time stock reports of stock-in-hand, marked for delivery, near expiry, and dump the stock. Based on the interpretations the dump can be moved out, sold on discounts, or disposed of. The effective inventory system can be connected across multiple locations and controlled from a single system.
Manage optimal level of purchase: One amazing feature of inventory software is that it empowers you in setting up various stock levels like minimum, maximum, near expiry, re-order, dump stock etc. An advance inventory system aids you to cut down the overall costs of order and purchase. With an optimal level of purchase, managing dump inventory becomes more simple.
Connect to multiple locations and channels: Different stocks have different purchase behavior. With an advanced inventory control system, it becomes easier to know which stock is selling the highest through which channel. You can place orders for high-in demand stock and reduce the chances of dump stock pile-up.
Cross-checking stocks: One question you should ask yourself is, why is your stock getting obsolete? Why does dump in the inventory pile up? The reason could be any, such as wrong analysis of the product, purchase behavior, limited product shelf life, the product is not visible to the customers, or the product is not in demand anymore. Needless to say, the dump/expiry stock can be forecasted with the best inventory management software for SMEs, thus reducing the losses in the long- term.
Conclusion: Handling inventory manually can be highly inefficient. A smart inventory management software automates the process and makes it easier for businesses to stock the right amount of inventory to reduces the risk of dump stocks.
Created on Feb 11th 2019 02:55. Viewed 379 times.