Boost Your Business Operations with Inventory Management Software

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SoftwareSuggest

Senior editor

Parul Saxena

Chief editor

Last updated: April 21, 2021

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Smart Inventory Planning & Optimization : No. 1 In Inventory Management Software

Inventory is an integral aspect of many businesses. Organizations that have a supply chain in place, be it a small establishment like a hotel, or a giant shipping company, need to be vigilant regarding their inventory at all times.

Looking for Inventory Management Software? Check out SoftwareSuggest’s list of the best inventory management software solutions.

For retailers and manufacturers, however, inventory management is of utmost importance. Their bottom line is greatly affected by how well they manage their inventory. E-retailers and anyone involved in e-commerce keeping strict inventory control is essential in order to keep making profits by avoiding wastage and implementing optimum storage, among other things.

Benefits of Implementing Inventory Management Software:

1. Reduce Your Holding Costs

When your holding costs go beyond a certain level, your bottom line is in danger. Holding costs include costs for financing, warehouse rent and warehouse staff wages, heating and light, etc. These may individually not account for much, but taken together, they may wreak havoc if not kept under control.

Also, Read: Why You Should Move From Hosted To Cloud-based Distribution Management Software

A good inventory management software will help you to avoid overstocking on inventory. It will enable you to accurately forecast exactly what your inventory requirement will be, and you won’t have to pay extra holding costs. Accurate forecasts would also allow you to keep a lower level of safety stock, reducing costs further.

2. Better Customer Retention

Inventory has everything to do with customer retention. If your customers can’t find the product that they’re looking for at your store, they’ll switch to a different one faster than you can say ‘Wait!’.

customer retention

Inventory systems help you to forecast future stock levels based on analysis of historical conditions of stock around that time. This is especially useful for peak seasons such as holidays or festivals. Whether you run a physical store or an online store, peak seasons can be stressful.

A good inventory system will help you put in place the perfect marketing strategy by analyzing past sales data. By finding patterns in the data, you can optimize your sales function year-round, which should help immensely with customer retention.

Looking for Inventory Management Software? Check out SoftwareSuggest’s list of the best inventory management software solutions.

3. Data Analytics and Reports

Data collected from customers plays a huge role in understanding their habits and how the business should frame its decisions around the same. A robust inventory system software will run data analytics through the information you have collected, and provide reports with key metrics that your business needs to focus on.

You could go a step further and customize reports to pinpoint unique insights relevant to your business. Use these actionable insights from data analytics reports to enhance sales, deliveries and customer retention.

4. Flexibility

Inventory systems are usually flexible and will impact the same quality to your operations. This is especially significant for small and medium enterprises, which are looking to diversify or expand the scope of their operations.

If you have a physical store, you can open up an e-Store and seamlessly synchronize your stock and inventory across both channels on your inventory software. The system will ensure that the non-availability of stock on one channel does not affect the other.

View inventory data in real-time to resolve a problem as soon as it occurs. Thus your inventory system can help you to diversify and make your operations more flexible.

5. Integrate Extensively

Get more power from integrating all your systems with the inventory management software.

The most useful integration of an inventory management system would be with your company’s Customer Relationship Management software. The CRM handles everything to do with your customers including sales, leads, conversions, and relationships. Using data collected by your CRM, your inventory management system can become an all-powerful tool which will help your company deliver the right product to the right customer at the right time.

6. End-to-End Visibility

A really powerful inventory software will go so far as to provide complete end-to-end visibility of your entire supply chain. For large enterprises especially, this is crucial, as every dark area is a source of potential loss.

Manage your inventory as it moves along through different stages. Right from the manufacturing plant, to the warehouse and the final delivery, track your products in real-time. With real-time data, you will also be notified of any problem as soon as it arises. So your team can get to work on resolving it as soon as possible.

Bottom Line

A robust inventory management software will do wonders for your business. Not just in the inventory and stock department, but also in the sales, customer relationship and experience, and production departments. It is almost a necessity in certain businesses, but regardless of the kind of industry, your business has a lot to gain from investing in an inventory management system. The money spent on a good inventory system will be recovered in no time from the savings in cost that will accrue to the company from its use. Choose wisely from the multitude of inventory systems available to find the perfect fit for your organization.

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1 COMMENT

  1. Heyy Great Article! Good points covered for the benefits of inventory management software. I guess it helps a lot. I have been using inventory management software and it really helps me manage the stocks, update them and also fulfill the stocks which are lesser. The software really helps rather than doing manual entries.

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