Introduction
If you run a small business or a large business, own a retail store, distribution firm or warehouse you must be familiar with the word ‘Inventory’. If not using inventory management software, you are probably using excel for managing your inventory. The versatile tool is great for budgeting and managing inventory on a small scale. But when you expand your business it becomes difficult to manage all the operations with excel. You will need a robust inventory management solution to manage your business so that you can effectively utilize the available resources. Have you ever thought, why your competitor is doing so well? Even when you are trying your best, why you are not getting success? It’s time to think about where you are lacking.
Inventory management plays a huge role in the overall growth of the business. Every business that has some sort of inventory must be concerned about inventory management. For the consistent growth of your business, you must have controlled inventory management software. Inventory management software is a tool that converts your inventory effectively into profits. Excess of inventory slowly turns into dead stock which can cause huge losses to any business. However, with the best inventory management software for SMEs, you can maintain the optimal stock of inventory which will reduce the dead stockpile up.
Which software is best for inventory management in India?
As you know the importance of inventory management, you must be wondering which software is best for inventory management in India. Here is how you reduce dead inventory and convert it into profits using the best software for inventory management.
Assets are purchased for long-term use to make your investment bear the fruits of success. Managing assets is a complex job in this exponentially growing digital world. Manual management is no more an option, human errors can lead to some serious issues that can affect your business.
To stay viable, and flexible with the changing world; a combination of accounting and technical assistance must be practiced in real-time. To keep your business running smooth, you should opt for software that will manage your inventory. The software you invest in is the asset for your company that will be giving long term benefits.
Below is the list of the best inventory management software benefits.
Barcode Management
Physical involvement in inventory management cannot be completely ruled out. There has to be manual intervention, but at places where the processes can be automated, you should be able to assign it to software. Putting barcode labels on your stock makes it easy to track and locate the products. Stocks are often your biggest expense and make sure it always counts. The best inventory management software helps you with easy barcode management options to keep a track of your inventory and maintain the proper flow.
Easy Accounting
Undoubtedly inventory management is a crucial process for your business, but it’s not the only thing that needs to be taken care of. One important aspect is accounting. If your accounts are in place it means you are sorted. Best Software for inventory management not only helps you manage your stocks but also empowers your business with added advanced accounting solutions. It is better to look for software that is a combination of powerful accounting and strategic inventory management techniques.
GST Return Filling
Now when we are talking about accounting, GST is the key player. GST taxation system, although is very simplified and easy to understand but still filling return can be a challenging task for a common person. You may need assistance from CA or a tax practitioner. To simplify the GST billing and filling, now there is GST compatible inventory software available in the market. You should look for software that can automate the complete process from GST billing to filling. To your surprise, some software allows you to directly file GST returns from the software dashboard like Marg ERP.
Fast Billing
Fast billing is the need of the hour. Today in the fast-moving world, no one likes to wait at the billing counter. If you are in a retail business, fast billing is one of the key assets for your success. The best inventory management software increases your billing speed by directly updating the products via a barcode scanner. The process is quick and your inventory is updated in real-time.
Import / Export Data
You must be aware of the import and export of sale/ purchase orders and the time invested in managing the entries. With technical assistance, you can easily import the bill from your seller and feed the entries in your purchase items. The software can import and export data in any format which will save your time and effort. It is observed that too much time and efforts go waste in feeding manual entries of hundreds of products.
Eliminate manual processes
The best inventory management software must help you eliminate manual processes. Manual processes have inherent shortcomings that make managing inventory often complicated and redundant. Under the manual system, records cannot be calculated instantly and you can never have the real stock report.
Real-time Stock Status
Automating the inventory management software can generate real-time stock reports of stock-in-hand, marked for delivery, near expiry, and dead stock. Based on the interpretations the dead stocks can be moved out, sold on discounts or disposed of. The effective inventory system can be connected across multiple locations and controlled from one system.
Manage Purchase
One amazing feature of inventory software empowers you in setting up various stock levels like minimum, maximum, near expiry, re-order, deadstock etc. The best inventory management software aid you with technology and helps in cutting down the overall costing of orders and purchases. With an optimal level of purchase, managing dead inventory becomes simple.
Multiple Locations
Different stocks have different purchase behaviours. With the best inventory management software, it becomes easier to know which stock is selling best through which channel. You can place orders for high-in-demand stock and reduce the chances of dead stockpile up.
Cross-checking Stocks
One question you should ask yourself is, why is your stock getting obsolete? Why does dead stockpile up? The reason could be any such as wrong analysis of the product purchase behaviour, the shelf life of the product is limited, the product is not visible to the customers, or the product is not in demand anymore. Needless to say, the dead stock can be forecasted with the best inventory management software for SMEs thus reducing the losses in the long- term.
Conclusion
Handling inventory manually can be highly inefficient. Best inventory management software automates the process and makes it easier for businesses to stock the right amount of inventory to reduce the risk of dead stocks. Inventory management software is a real asset for your business to keep your business running smooth and reach new heights. All you need to do is choose the best software with the above features and implement it in your business.
The need for better inventory management arises from a variety of factors.
The first and foremost is the necessity is tracking inventory efficiently, i.e., maintain an organized inventory so that products can be sold in quantities that suit market demand and are thus profitable.
Another key factor is the need for effective and timely monitoring of inventory.
This monitoring is done through automated systems that use bar codes to identify products as they are sold or passed through different points in the distribution process.
Today, many companies are using inventory management system in an effort to control costs and streamline their businesses.
These systems help organizations keep track of their inventory levels, reduce excess inventory, and provide quick customer service.
The inventory management system can be considered the backbone of an organization.The method of organizing and maintaining inventories across the production chain is known as inventory management.
Businesses must effectively track inventory stocks in financial records as well as by regular audit to maintain effective order processing.
This gives the foundation for making inventory consumer choices and excellent product stocking levels to better satisfy inventory demand.A business must consider the characteristics of the product to improve it by maintaining the proper goods to strengthen the inventory management system.
Let’s look at how we improve inventory management:Delivery to CustomerAn excellent strategy to manage your sales volume and delivery speed are to use customer delivery.
Inventory management solutions and control require track of the inventory records of the quantity of stock on the store at any one time.Perform frequent cycle countsRegular cycle counts enable detection of minor inconsistencies as quickly as possible.The product should be labelledA well-organized and systematic warehouse sorts half the problems.
Labelling items makes it easier.Eliminate unwanted traffic to the warehouse.Access cards and standardized clothes help ensure that everybody managing inventories have been qualified and authorized.
What are Different Types of Inventory Management Systems and Their Pros & Cons?Departmental overstocks and overfilled warehouses is a challenge that growing businesses face today.
One of the most common causes of overstocking is the lack of centralized systems.
Let’s now discuss these major types of inventory management systems and their pros and cons.1- Using Inventory spreadsheetMany small businesses use spreadsheets like excel for keeping track of their inventory.
This type of inventory management system can cause many errors & issues like human errors.
This method is easily accessible but costly because you have to hire extra staff to manage your inventory on excel.Pros :There is no need of installing or purchasing any new software/set-up.
No installation requiredCons:Generally doesn’t fulfil your management needsHigh chances of human errorsNot easy to scaleHave very limited functions2 – ERP SystemsErp systems refer to an integrated approach to business planning & operations of inventory management.
At Advatix we provide advanced tech-based strategies and systems for Inventory Management Planning, Demand & Forecasting, and Dynamic Safety Stock Management operations.For More Details Visit: https://www.advatix.com/inventory.php
