What is an Inventory Management System? How can it be Useful?
Inventory Management System - The Definition
An Inventory Management System is a tool which lets the business owner track goods across the whole business supply chain. A well-crafted and fully featured Inventory Management System optimizes the entire spectrum right from the placement from your vendor to order delivery to the customers, rightly mapping the complete journey of the product.
The best part about this system for inventory management is the transparency it provides. It has a great impact on the business operations and well management. It helps the business owners make better investment decisions through accurate tracking and minimization of waste and analyzing trends.
A combination of hardware and software and processes and procedures that oversee the monitoring of inventory is known as an Inventory Management System.
Benefits of Inventory Management System:
Is your goal the growth of your business? Then one of the biggest challenges you might be facing is managing your inventory. But an inventory management system comes jam packed with numerous benefits. Let us discuss about a certain benefits of Inventory Management System:
1. Easier Inventory Management
Easing the life of everyone and making inventory efficient is the best thing about inventory management systems. With the supply and demand changing throughout the year, the stock levels keep fluctuating, the inventory management system makes it easier to avoid risks of human error as it automates your key business processes.
2. Low Risk of Overselling
For an online seller, over selling is one of the major problems resulting in loss of control and unhappy customers. The seller also may end up getting suspended from the marketplaces such as Amazon or eBay.
But with an inventory management system, the seller can synchronize the orders and inventory across all the marketplaces and eCommerce platforms. This also ensures the stock levels are adjusted every time a customer makes a purchase.
3. Cost Effective
Once the inventory management process is streamlined in your store, along with reducing the cost that comes with human error, you are also facilitated with additional cost-savings.
It improves the chances of shortening the supplier lead time with the help of better supplier management relationships. A well-managed inventory management system lets you reduce excess stock by calculating the safety stock for your business. The biggest cost saving comes from automation.
4. Avoiding Stock-outs & Excess Stock
Trying to maintain the right balance is a challenge when it comes to inventory. Too little stock will lead to stock-out, unhappy customers and loss of sales. On the other hand, excessive stock can take up valuable warehouse space and incur unnecessary changes.
Both the scenarios bring in a great cost to the business. With an inventory management system, you can track low stock levels & identify the reorder points for each product and avoid the stock-outs situation in return.
5. Improved Business Negotiations
When using an inventory management system that comes with tracking capabilities, your business can have trace products in a better manner. With this, you will be able to access valuable information letting negotiations with suppliers.
Such a system also offers a better understanding of the suppliers that are benefitting your business and know the requirements as well. When you have detailed information about supplier performance, you’ll be better equipped to negotiate favorable trading terms.
What are the Features of a Best Inventory Management System?
The Inventory Management System that comes jam packed with a variety of amazing features. Iconicus Inventory offers GST enabled powerful invoicing for multiple branches.
1. Inventory Management
The software that helps you in tracking inventory at all times. Every process such as addition and subtraction gets recorded and later notified to the manager. It should also provide an additional option of auto-purchase of a particular stock that is low in quantity.
2. Purchase Management
Purchase Management is a very crucial feature of the software for an organization. This feature of the system automates the purchase management on low quantity marks that also offers an option of partial payment. The system also tracks the shipment and order of purchase.
3. Customer and Vendor Management
The inventory management software helps you save all the necessary details about customers and vendors. Now you no more require hundreds of diaries and the headache of noting down all the details in the book. Save the essential details of all the respective stakeholders digitally.
4. Invoicing
Appropriately and authentic invoicing options with GST support and integrating the barcode scanner. The software should also offer invoice payment options with a partial payment facility.
5. Accounting
Multiple accounting transaction details of sales, purchase and other vital expenses can be covered with our inventory management system. Not only does it help you export transaction statements, but also prints it for you. It is a well-built connection between the back-end accounting operations.
5. GST
With the right software, you no longer need to be worried about generating files required to file the GST return on every bill with a few clicks.
6. Dashboard & Reports
This system also offers inventory dashboards that facilitate a real-time view of the inventory of the entire organization.
7. Expense Management
With the expense management feature, you won’t be required to maintain records of expenses. Gone are the days of pen and paper for records maintenance, we will manage every part of it digitally.
Looking for an Inventory Management Software that comes with all these features in one place? Well Iconicus’ Inventory Management Software is the thing that you are looking for.
