February 20, 2019
4 Tools to Control and Manage Inventory Effectively
Effective inventory management has always worked in favor of a business. It assesses the unsold inventory and eliminates the risk of incurring losses because of outdated stock. Additionally, inventory management proves necessary for meeting the sales goal of the company. It is always wise to have some stock in hand to meet excess demands, but that should not hinder the resources that assist in production. With the introduction of modern inventory management software, it has become easier to forecast customer demands and manage inventory accordingly. Here are some effective tools that will make inventory management a significant contributor to the success of your company:
1. Low inventory alerts
It is not possible to check the inventory physically every time. But when you have a record of all the raw materials that have been bought and used, it will give you an idea of the approximate time when you need to reorder inventory. It’s recommended to use an inventory management software that sends reorder alerts to give you enough time to purchase raw materials that get used the most. You can also set the predetermine reorder level to get instant notification from the software.
2. Intuitive dashboard
It is always easy to check the data of the inventory management software on one single page. This is possible when you view the dashboard of the application. It shows all the details of the inventory that came in, the amount of inventory used, and the inventory that is left in stock. The graphic displays make it easier for the inventory management team to compile the data and plan the repurchases accordingly. With an intuitive dashboard, you can find all the things you need to keep your inventory in check without switching between different applications.
3. Inventory management reports
Periodic data of inventory assesses the change in customer demands. This also assists in meeting future customer demands because the application can understand market demand trends and forecast a report that is almost accurate for a given period. The reports that you get will not only assess the inventory but will also make periodic purchase and sales report to tally the information that you have received for the inventory. One benefit that you will experience is if the reports match the inventory reports, it means that the forecasting of customer demands was accurate.
4. Mobile and barcoding systems
Technology has improved the way in which inventory is managed these days. The effective combination of hardware and software has ensured that inventory managers get accurate information of the stock in hand. Mobile and barcoding solutions have become essential in calculating inventory faster. Moreover, you can use these systems to conduct, adjust, and verify inventory. These systems are easy to operate, and they also prove handy when manual stock maintenance is in order.
Inventory management has become an arduous task, especially if you are a part of a big organization. It’s a wise business move to invest in an inventory management tool that has all the features above so you can better prepare your stock, manage your expenses, and boost overall business efficiency.