A Smart way to Manage Home Inventory

A well-designed and developed inventory management system will ensure optimum inventory management.Optimum Operating CostsInventory management involves significant costs.

This will result in better customer service and higher levels of customer satisfaction.Prevent Losses in InventoryOverstocking can lead to unnecessary usage of space in warehouses or stores.

This leads to higher efficiency, reduced costs and better profitability.Features of Inventory Management SystemsThe main functions that an inventory management application are -Order ManagementThe system will allow you to plan and track all orders across multiple sales channels in a centralized manner.

You can scan barcodes of items and update stock levels automatically when you create an invoice, sales or purchase order.

Be on top of your inventory information as the system will be able to track every stock item throughout its lifecycle.

The system will maintain traceability across your inventory.Reporting and AnalyticsThe software will help you improve inventory management by generating inventory reports.

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Inventory Management process starts from placing a purchase order and continues until a sales order is fulfilled.

The inventory process also includes sales and purchase return process. 

Not having access to accurate inventory data and proper inventory management could result in many issues.

Companies have to wait until the stock runs out before making more.

It’s stressful and costly, and not only to the company but to customers as well.Inventory management system allows companies to identify which goods are selling at what time, where they need to order more from, and helps manage cash flow.

The inventory management system makes sure that there’s always enough stock for customers right now and in the future by focusing on four key areas: forecasting, ordering, analyzing, and controlling supply chain processes.Inventory management software is one of the most important functions a business owner can perform and it's something that will improve your financial situation significantly if you manage your inventory correctly.

Very simply put, inventory helps drive the flow of money in your business and out.

All your suppliers need is a place to put their products and you have a harder time getting rid of excess inventory than if you had a centralized system for ordering.

The flexibility and entrepreneurial possibilities of gig work and direct selling are what attract the majority of the crowd.

DSA study in 2020 announced the results of their study that compare the two opportunities.

Both provide flexible opportunities, so what makes the difference?

Comparing both the opportunities for initial costs and risks involved in starting the business, the study made some interesting conclusions.Direct selling was set against a variety of gig work opportunities such as realtor, driving, home rental and franchise restaurant.Direct selling: Involves only the purchase of an enrollment package or purchase kit that amounts to $82.50 with DSA members offering a 90% buyback on the unsold inventory.Realtor: Startup cost would vary from $500-$1k for training, materials, membership fees and state costs.

There will be no refund on investment.Driving: With an estimated $20k-$40k on initial investment for auto loan or lease, maintenance, insurance and gas, there will be no refund on depreciation.Home rental: Involving a purchase of the property with an approximate price range of $300,000+, together with charges for maintenance and insurance there will be no refund on maintenance.Franchise Restaurant: Initial cost of $100k-$1 million for franchise licensing, location purchase or rent and city licensing there will absolutely be no refund on investment.This shows why 80% remains constant on positive perceptions towards direct selling over a period of 10 years.

The study gifts the perfect scenery of the American mindset towards direct selling.