Inventory management software is a platform where most business enterprises can monitor the movement of their stocks. It covers area such as from the point of production to sales, storage and delivery hence helping in monitoring the entire business operations. Its features include tools of accounting, it is also enabled to give reports on stock, it has bar codes and the ability to forecast on inventory and make alerts on inventory. The main purpose for this software is to help businesses to ensure that they don’t have low stocks by using the reorder point where they are to add more stocks when the stock level reaches a particular point.
Benefits of inventory management software
It is effective in stock management hence promoting satisfactory cash flow into the business as one can get reports that assist in determining which products that are making high sales in the market. It also assists in making the right purchases according to the market trends. Inventory management software also helps manage products’ suitability in consumption by monitoring the expiry dates of products for instance product such cosmetics. It also makes business to stay competitive with other producers for instance the eTurns inventory solution has this important feature.
Cost reduction is also another benefit of this software since while it manages goods it reduces the expense that will be incurred when stocks are to be held in a warehouse thus leading to increase in sales hence maximizing on profits. It also assimilates all the activities of the business. An example is when a sale has been closed and another order created, the inventory management software will involve the other related department to ensure that the order is met. Employees can also have account in this platform since it incorporates every department and they can only get access to information that is related to their job functions preventing access to confidential information especially on financial report while it promotes team work between employees. It also makes it possible to make deliveries based on customer orders and also the accountant is enabled to create invoices on every delivery.
Another key benefit is that it reduces the hustle of entering data and making calculations manually by automating these tasks thus becoming easy for users thus saving a lot of time and reducing errors that are prone to occurring when done manually. This in turn leads to accuracy and also efficiency. It enables creation of customer account with their purchasing details which includes a list of the products bought and the prices making customers to monitor their purchases on this platform. This in turn leads to time saving and avoiding reentering data that is already in existence.
It also enables one to still work while not in office for example it allows you to make quotations and sales orders and email them while away.it also uses PDF to create documents which is a convenient form for keeping records. The inventory management software also allows for the products that are have high sales to be always in stock since most customers would prefer a company that has stock that is always ready thus ensuring certainty of sales of such products and making the clients satisfied.