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43% of shoppers leave a website or store if they canít find what theyíre looking for, says a study done by V12 Data. Lack of inventory management leads to disloyalty among customers. 49% of customers say that they wonít come back to the store or website if they keep finding products out-of-stock. Apart from that, the effects of mismanaged inventory arenít just pertained to shoppers. It impacts business owners as well. A study by IHL Group states that retailers in the US had to bear the loss of $ 634.1 million due to out-of-stock products.
There are still many organizations that arenít aware of the boons inventory management software can bring to their business. This lack of awareness about inventory management software has proven to be quite unfortunate for business owners. But it is better late than never!
In this blog, we will understand what is inventory management software and how can you unlock the sheer power of inventory management systems to improve the performance of your business.
Let us begin by unpacking what really is Inventory Management Software.
An inventory management software is a segment of software or a tool that aids in more effective management of inventory levels and company operations. Businesses can optimize their inventory processes and cut costs by using inventory management software, which gives them real-time insight into their inventory amounts, locations, and movements.
Inventory management software is very potent in yielding the best results for your business. It has numerous features that can help you proficiently manage your inventory and the best part about inventory management software is that it can be customized to suit your specific business needs.
Here are some of the features that inventory management software can provide:
The software permits you to track your inventory levels, surveil stock movements, and provides detailed inventory reports.
It allows you to manage all three types of orders i.e. sales, purchases, and work in one place, and automates the process to save time.
Barcode scanning offers functionality. It can be used to scan products to and fro from your inventory, administer inventory levels, and generate purchase orders.
Alerts and notifications:
The software sends alerts and notifications when stock levels reach a certain amount, orders get received or shipped, or when inventory gets damaged or lost.
Reporting and analytics:
The software curates detailed reports and analytics on the performance of inventory, such as sales trends, stock levels, and product demand.
Inventory management software allows integration with other business software, like e-commerce platforms, accounting software, and shipping providers.
If you operate from multiple locations, the software permits you to manage inventory over all locations, provides stock levels in real time, and moves inventory between locations.
Inventory management software has created great convenience for businesses. All of the above can be done through just one software. The benefits of inventory management software are great and many. All of the businesses that own one have nothing bad to say about the efficiency it has concocted for them. Investing in this software can be proven a wise investment for business owners. In the long run, it can let you harvest many benefits.
Let us explore some of the prominent benefits it can provide for your business:
The number one benefit of inventory management software is the enhancement in accuracy. Manual processes, rightly so leave space for human error, such as miscalculating inventory or putting in inaccurate data. Nonetheless, with the aid of inventory management software, everything gets automated, decreasing the risk of errors. The software also provides real-time updates on stock levels, which helps fend off stock-outs and overstocking.
Less Time Consuming
Inventory management can get time-consuming and laborious, especially for businesses with a large inventories. Although, with the use of inventory management software, businesses can promote time savings, and pay attention to other aspects of their operations. The software can also automate many tasks, such as creating purchase orders, tracking inventory levels, and sending alerts when stock levels are low.
Incapability in inventory management can bring unnecessary costs for businesses, for instance, unwanted inventory, out-of-stocks, and overstock. But, with inventory management software, businesses get to improve their inventory levels, lessen excess inventory, and intercept stock-outs. Thus, owning inventory management software can lead to significant cost savings for businesses, in terms of inventory costs and lost sales due to stock-outs.
Enhanced Customer Service
A very great benefit of inventory management software is that it can enhance customer service. As it has been mentioned previously, inventory management software provides real-time updates, which helps in ensuring that they have the products customers want in stock. This leads to faster order fulfillment, lesser backorders, and augmented customer satisfaction.
Detailed Data Reports and Analytics
Additionally, Inventory management software can offer businesses beneficial data analytics. The software is programmed to generate reports and analytics according to the performance of inventory, such as order trends, surge in product demand, and inventory turnover. This information supports businesses make conscious decisions about inventory levels, purchasing, and predictions.
Boost Supply Chain Management
Inventory management software aids in managing the supply chain. All the data it provides about inventory levels ultimately helps in directing inventory distributions among the different suppliers and diversification of the chain. It also enables you to prepare for peak seasons, so that optimal amounts of inventory are maintained.
Multiple Warehouse Management
This benefit is very advantageous for large businesses, which have multiple warehouses. Inventory management software provides them with support in managing the inventory across all the warehouses. If stock is low in one warehouse, they can order it from another warehouse. The software shows the amount of stock for all the warehouses, which makes it seamless to manage the inventory.
Alas, inventory management software is an indispensable tool for businesses of all sizes. It provides copious amounts of benefits such as enhanced accuracy, exact demand forecasting, smooth order processing, boosted supplier management, lesser business costs, augmented productivity, and many more. Inventory management software can help businesses stay up-to-the-minute with their stock levels, make data-driven decisions, and refine their operations for utmost efficiency. Investment in inventory management software lets businesses streamline their inventory procedures, enhance their bottom line, and stay atop the competition in today's expeditious business environment.
Do you also want to reap the benefits of inventory management software?
IBR Infotech is an enterprise software development company. We have developed numerous inventory management software, all according to the specific needs of the business. We have been in this industry for more than 10 years, obtaining a collection of experience. Over the years, we have built a vibrant set of satisfied clients. Our efficient team of developers pays special attention to each of our clients and works in collaboration with them.
Connect with us today for a consultation. Shoot an e-mail, or give us a call.