Manage Inventories in the Best Possible Way

Inventory software provides solutions for inventory management which is one of the key tasks of maintaining a proper sales and marketing unit. Inventory management requires the following aspects: Flexibility, Tracking facility, and Assortment of goods.

Inventory is the term used for the data bank kept for all the products that are available in the warehouse or at the store of the retailer. Inventories were created to keep a track of all the incoming and outgoing materials from any place. Inventory software is used to implement inventory management which is one of the key tasks of maintaining a proper sales and marketing unit. One of the key criteria of maintaining a proper inventory is the maintenance of a log book.

Excellence in supply chain is achieved only through the intelligent use of inventory software operations. Maintaining a physical inventory and log is almost impossible even for a small unit. Therefore, using inventories through hardware and software is the best method of maintaining a proper inventory.

Inventory's Importance and Flexibility

Raw materials and finished goods are accounted for by the use of inventory and obtaining a high working capital. Inventory software forms an integral part of demand forecasting. The benefits of using software for this purpose are many in number. Inventory management requires the following aspects:

• Flexibility

• Tracking facility

• Assortment of goods

Flexibility

Inventory Management for retail purposes requires flexibility. Flexibility is achieved through

• Supporting bar code scanning

• Adding multiple attributes to goods

• Multiple RSP tracking

• Multi-level inventory

• Thumbnails for goods

Flexibility is extremely important especially for POS solutions and in maintaining a proper inventory because of the multiple clues and searches that are usually attributed to any goods. Therefore, requirement of multi-level inventories and multiple RSP tracking is high.

Assortment of Goods

The inventory should be an assortment of goods based on an inventory management system.This is achieved through.

• Update of masters in mass

• Mapping of attributes to items

• Location based mapping of items or POS solutions

• Brand based mapping

• Planning of inventories based on assortment

• Excel support for incoming and outgoing goods

Assortment is another important part of inventory management. Keeping them properly is the best way to remember where they are and use them for future use. These simple methods will pay rich dividends in the end.

Control and Tracking

Any good that leaves or enters the inventory must be tracked and controlled. Hence, tracking and controlling go hand-in-hand in inventory management and POS solutions. Tracking is extremely necessary to make sure that the products leaving the inventory reach the right place and the products that enter the inventory are placed according to the assortment.

• Maintaining proper units, stacks and sales points

• Maintaining multiple operating units

• Valuation of inventory through simple and easily accessible software