Inventory control
What is an Inventory Management Software?
- Inventory management software is a system that helps you have good inventory control, improve your planning, ensure accurate order fulfilment to your customers by purchasing the right products in the right time and at the right price to run your business successfully with increased turnovers.
- Who uses an Inventory software? In order to have optimum stocks and get complete inventory control businesses ranging from a single store to a multiple store chain outlet rely upon a good retail inventory software. From using inventory software to keep up well with the changing demand and supply and make more sales for small businesses, to managing the supply chain across warehouses and outlets from a centralised digital platform, Inventory management software serves as an essential tool to run a business hassle-free and drive more profits by reducing manual errors.
- Benefits of using an Inventory management software Efficient inventory management is essential to any business. With the help of inventory management software, we can know how to,
- Match the customer demand and the supply of stocks Prevent loss of revenue by having the right stock in your store Have good visibility over the stocks and fulfil the customer orders without fail Empower sales force with 100% product availability and increase the revenue Reduce the time and cost involved in stock audits, by automating the process and having complete inventory control Identify and eliminate all the inefficiencies in the inventory with the help of real-time data
Did you know how much of lost opportunity with no Accurate Inventory Control?
- Lost sales due to out-of-stock items
- Loss due to overstocked Inventory
- Incorrect profit & loss reporting
- No visibility on inventory levels across the chain
- Re-Order in-effective with no clue on stock required
- Loss because of theft & pilferage
- Stock take a tedious & not effective
- Lot of unsold inventory in Warehouse
Inventory management system?
Inventory software facilitates businesses to boost their growth, serve customers well, increase sales by automating the key inventory operations thereby preventing the risk of manual errors amidst the continuously fluctuating stock levels and helps meet the markets demand adding delight to customers. Businesses need an accurate ERP system with in-depth stock management software to know the accurate cost of the products by making timely pricing decisions without affecting the margin. An inventory management system helps to track the sales better to know the fast moving and slow moving products and offer discounts to customers to sell more and increase the profits..
‘Know Your Stock’ – Inventory Management with Technology
Efficient inventory management – optimize technology usage- optimize costs
In any retail operation, limiting inventory cost is of utmost importance. Inefficient management of inventory may result in stock-outs for some products, whereas excess stock for others.
- Reduce stock-outs – provide minimum/maximum reorder for stock level for product-wise combination
The presence of many products with missing sizes or colors would be particularly detrimental to the customers’ store experience.Also, buying huge quantities of goods at low prices but then being unable to sell the stock may lead to increased cost of inventory.
- Rapid replenishment – set item-level inventory thresholds for automated ordering and replenishment
The needs may vary based on geographical location of store, and labor hours (freight break-down, shelf put-away during customer peak vs. non-peak hours), seasons and various other factors
Matrix extension also gives you the added advantage of Image Mapping and EANcode to identify the various combinations of garments and footwear, preventing stock mismatch and confusions.
