Retailers, suppliers as well as distributors are taking up real-time inventory management as a means of streamlining their chain of supply and attaining enhanced visibility at any moment into their inventory. If you have not adopted real-time inventory management in your business, we shall be taking a look at some of the ways it can help in saving your business. But first, what exactly is inventory management?
What is inventory management?
Inventory management is an aspect of the supply chain with the goal of always possessing the appropriate products in the appropriate amount for sale at the ideal time. When it is efficiently carried out, businesses minimise the price of carrying unneeded inventory while growing sales. Great inventory management can aid you in tracking your inventory in real time to help you in streamlining the process.
By managing your inventory efficiently, you can have the appropriate products in the ideal quantity available and never experience products getting out of stock or having your cash tied down in surplus stock. It also gives you the capacity to make certain that you sell your products fast to prevent it from getting damaged, or spending excessive funds on a stock that is just filling up your storeroom or warehouse without being sold.
How exactly can Real-time Inventory Management Save your business?
Real-time inventory management can help your business in numerous ways. Below are a few of them.
- It ensures enhanced reliability
In using real-time inventory management, you are provided with data that is error free. This is because the entire process is automatic. If an item gets off the shelf of a warehouse, it will come up as a change to your inventory automatically. This provides your employees with the confidence in ascertaining that the data in their inventory is without errors.
- Increased Visibility
One of the most crucial reasons for embracing real-time inventory management is to establish a real-time view of what is going on in the inventory of your organisation. This is important during peak periods like shopping for the New Year when it is important to have the best level of inventory.
? Less Difficult Reporting
One of the benefits of making use of real-time inventory management system is the capacity to create any report at any moment. This provides your management team with the required data for responding to unexpected increases in demand and supply.
? Savings in cost
Although there are costs up front when executing a new real-time inventory management system, businesses should note all the possible savings as regards costs the instant they begin utilising the new system. These would come up from less cancelled orders, shortages as well as shortages. Basically, a new real-time inventory management software can make money spend in as little time as possible.
? Solving Problems
Using real-time inventory management systems the right way gives owners of businesses the capacity to streamline how a stock is dealt with. The business attains transparency, and additional quality over the number of products developed and sold. A real-time inventory management system which is well-planned and organised helps a business in pinpointing areas with issues along the supply chain like thefts among others. If they are not addressed quickly and properly, these can result in losses to the business. Real-time inventory management can help save a business in this area.
? Enhanced efficiency
Real-time inventory management software allows lots of tasks which are usually labour intensive to be automated. This ensures the daily running of your business is much easier. Tracking inventory is quite labour-intensive and time-consuming. Businesses can reduce costs by minimizing their labour requirements by utilising software for real-time inventory management. Also, organizations can access data in real time which in turn aids in saving time.
? Seamless transfer of inventory
For the constant development of business, it is essential to transfer stock from one store to another at some specific period. With good inventory tracking, transfers will be done with more precision as the business is already aware of what should be sent to other stores. Nonetheless, to benefit from this, the organisation must have the best tools for real-time inventory management like EMERGE App which enhances effectiveness.
What is the best tool for real-time inventory management in your business?
There are lots of tools for real-time inventory management which you can adapt to your business which can be of great benefit. We shall be looking at one which has managed to stand out from the rest. It is known as Emerge App. Do read on to learn how you can benefit from this app.
EMERGE App and Benefits you stand to Gain
EMERGE App gives you as a business owner with the capacity to manage customers. It also shows a summary of the payment statuses of your customers and the capacity to set up financial controls for specific customers. It also provides a look at the past interactions of customers including sales or quotation.
It also gives the capacity to track, adjust and transfer inventory between warehouses or segments. Additionally, it automatically updates monitored inventory valuations, tracked movements, and actual and physical inventory.
Businesses can also access information related to all products in one location using the EMERGE App. Here users can set selling price ranges, make product catalogues, group products using their brands or categories, check out the past prices of purchases and a host of others. Also, users can generate quotations for customers with prices, taxes discounts as well as customer information which can be changed into sales orders immediately it is confirmed. Quotations and sales orders can be developed into PDFs and send to customers via email on the go.
Finally, the Emerge app lets you finish workflow from delivery, sales, and purchases. The system lets you stay ahead of each purchase relationship and complex sales for businesses keeping partial, full or no stock. It is also easy to monitor your sales receivable and buy payables.
Conclusion
Real-time inventory management can be beneficial to your business in a host of ways. If you have not adopted it in your business yet, what exactly are you waiting for?
Image Credits: Inventory Management from Photon photo/Shutterstock