By now, we are all aware that maintaining accurate inventory is crucial to business. It streamlines operations and is an effective way of controlling costs, which is why employing inventory software tools will keep stock accurate. Here’s how:
Multi-functional software systems provide a range of operations to assist the various functions of your organization. Accounting functions allow for transactions in multiple currencies ensuring costing and sales are accurately converted.
Whether ordering, reporting or auditing, you get real-time information and solutions, anywhere, any time and on any device. No more out-of-date reports. Easy to access information is on hand, giving a true picture of what is happening, to achieve consistent planning, reporting and analysis.
Software tracks inventory performance across the entire network, improving accuracy throughout the supply chain and maintaining consistent units of measure between you, your suppliers and your customers.
Utilizing digital technology for purchasing and procurement activities can transform service delivery and reduce errors. The once manual task of inventory replenishment becomes automated, and the reordering process is optimized so that stock levels are kept at the ideal level for maximum efficiency.
Accurate inventory levels provide staff with what they need to get the job done, and intelligent monitoring of stock enables accurate stock procurement, eliminating waste and obsolescence.
Software integrates seamlessly with other systems to complement and optimize resource management, providing accurate and current information to all areas of your organization.
Timeliness, accuracy and transparency are critical. With increasing demand for transparency and pressure on companies to provide accurate and reliable information faster and more efficiently, software provides the necessary solution to meet these demands.
Linking information systems with suppliers will optimize your supply chain and help maintain inventory accuracy through improved communication.
Landed costs are the true cost associated with acquiring goods including material costs, freight and handling fees, excise and tax. Pretty much all of the costs of getting items into stock. Software enables you to accurately calculate the value of your inventory by including these associated costs.
Track your product(s) throughout the distribution lifecycle. A centralized system enables inventory to be monitored across the business, letting you know what inventory you have on hand, where it is and how much is allocated.
Software tracks inwards and outwards stock movement, so any goods sitting in the loading dock or other parts of the warehouse can be redistributed as necessary between stocking locations.
RFID technology is cost effective, simple to use and easy to implement. Increased visibility and greater accuracy of serialized identification prevents human error and any misinterpretation of part and product numbers. The scanning technology provides freedom from line-of-sight read requirements, helps to efficiently allocate assets, control costs and improves customer satisfaction.
The more accurate your inventory, the more efficient your business will be. Inventory management software offers a simple solution to improve stock accuracy, which in turn lowers costs, provides enhanced forecasting, planning and reporting, and lets you get on with growing your business.
Article by Melanie Chan in collaboration with our team of Unleashed Software inventory and business specialists. Melanie has been writing about inventory management for the past three years. When not writing about inventory management, you can find her eating her way through Auckland.