Need Of Inventory
Managing inventory properly will go a long way in helping you achieve growth & success in your business. A Good Inventory Management System can help you maintain optimum stock to ensure No Stock-outs happen as well as avoid over-piling of goods.
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Avoid over-piling of goods
Core of your Business
Be it retail, food services, wholesale business, eCommerce or manufacturing, Inventory is the critical element in almost all major sectors helping to ensure the smooth functioning of your business thus making it one of the most valuable assets of companies. Shortage of inventory can be extremely detrimental to the growth of the business while piling unused stocks over a long time can turn into a liability in the long run. More than 75% of shoppers faced a stock-out situation in the last year leading to a loss of around 1.5 trillion dollars due to mismanaged inventory.
Inventory Management System?
A Digital Platform to streamline & maintain operations related to inventory by automating certain aspects to track & monitor your stock/inventory in real time.
The Basic objective of managing Inventory Management System to ensure your money is not unnecessarily tied up in the inventory by ensuring you maintain adequate inventory levels.
“Inventory is money, sitting around in another form”
Benefits of Inventory Management System
Reap benefits of Inventory Management System by using best tool at your disposal
Maintain Optimum Stocks
Avoid Excess Stock while also ensuring there are no Stock-outs by mantaining otimum stock in your inventory.
Ensure your inventory at warehouse is clutter free & organised by maintaining stock based on demand of Products.
Your stock is an investment which gives return only when you sell. Ensure you reap benefits of your investment quicker.
Efficient Management of Inventory will leave you with ample time to spend on other activities to achieve your goals.
Monitor the stock real-time with accurate data to analyse & make better decision related to inventory & grow your business.
Accurate Data helps you pull out Reports with various parameters to analyse & forecast your inventory requirements
Enhanced User Experience
Ensure better user experience to the users by using advanced tools & better analytics using accurate data.
A better understanding of both availability and demand helps you grow business & increase the profits.
Accurate Data will help you plan & ensure optimum use of resources to improve productivity & efficiency at your business.
Increase efficiency & manage your warehouse effectively by monitoring all operations. Be it managing the product moves, inventory moves or handling the multiple warehouses for your inventory; inventory management system has got you covered by automating the majority of functions. Hassle free warehouse management with backing of up-to-date & correct data will help in decision-making & leave more time to focus on growing your business.
Units of Measure
Purchase & sales or consumption of goods are not done in same measurement. To track the inventory and avoid confusion; UoM is a must. Units of measure help to track items by quantifying them according to movement of goods.
Configure Units Of Measure & assign to products according to your entry & stock keeping which will go a long way in planning a maintaining right stock. Depending upon the product & transactions , you can configure UoM in system.
Don’t Miss business opportunities and earn high returns by accepting orders without the compulsion of keeping stock on hand by using drop shipping. Ensure the items are delivered faster by directly shipping them from your vendor/supplier to your customer’s delivery location. Products are purchased from the vendor as decided & reflected in purchase order & delivered directly to your customer as mentioned in the sales order, thus simplifying the process & saving time & money.
The Final cost of the products you put on sale is factored in by considering many other factors such as insurance, duties, shipment etc. All these costs have to be considered while calculating the total cost & deciding sales price. Landing costs bring clarity to the total cost of products & analyse supply chain costs to know where you can cut costs. Proper monitoring of landing costs will ensure that your business is sustainable & growing.
First In First Out (FIFO): FIFO ensures that Product purchased First is sold First according to the Lot number.
Last In First Out (LIFO): In LIFO Product added last to your stock, i.e the most recent purchase will be removed first.
First Expiry First Out (FEFO): Expiration date on product indicates date beyond which they are unusable. In such cases we have to ensure products are removed accordingly to avoid wastage thus applying FEFO.
Closest Location: In cases you have multiple locations,we can use Closest Location to ensure the system checks stock accordingly & business opportunity is not missed.
The Provision of creating Reordering Rules in the Inventory Management System helps the organisation to make sure that inventory never runs out on stock as well as no piling of goods takes place. For each product, user can decide & set minimum as well as maximum stock count to achieve the desired objective of optimum stock to ensure business is financially healthy.
Correct Data is necessary to understand & analyse your business. When fed with information properly, the system will provide you with precise reports to help you forecast & plan your inventory. Customisable reporting feature helps to pull out data according to your requirement by using appropriate filters & group by functionality. Users can visualise the data with graphs & charts within the system itself for better understanding.
Inventory is mostly the biggest asset of a company. To understand the health of business; Inventory valuation plays a vital role. Different costing methods are available for Inventory valuation. These include standard costing, FIFO (First In First Out), AVCO (Average Costing). Recording the values into accounting books can be either automated or done manually as per costing method & business requirement.
Infintor, Offers a range of tools to help you track inventory that may be spread across different locations in real time & manage their stocks, movements, reordering etc. With better planning you will be able to find right balance between demand & supply; thus helping you to maintain optimum stocks only. Our Inventory Management System is capable of handling business of all sizes. Whether you’re a start-up, SME or Large Scale Industry, we have got covered you all. To know more & reap benefits of implementing Inventory Management System, do reach out to us.
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