The Tools this System Provides
Inventory management can make or break your business today! If you don’t take a proper care for your inventory you may experience serious problems such as losing all of your customers, missing deadlines and shipping orders, losing sales, and etc. If you don’t want to experience these problems and having difficulties solving these issues, we recommend you to start using an inventory management software.
Implementing an inventory management software is the best thing you can do for your business. Adopting a new inventory software can be as easy as signing up for a new tool or service that integrates with your current software and with a few minor adjustments.
However, choosing an inventory system is not the easiest task in the world. There are many vendors who sell inventory systems, all designed to suit different business’ needs. If you want to take a complete advantage of this system and use all of its features and tools, you need to select the best and right one for your business.
In this article, we are going to present you the importance and the tools of the right inventory software!
The Basics of How the Inventory Works
Here is how the inventory works:
- Purchase Orders – The first step in establishing a communication between the vendor and your business is purchasing your items or materials. Regardless of whether your business carries 10 products or 10.000 products, a tracking system and a purchase order generation is important to ensure you are not only receiving the items that you need but that your payable accounts remain updated and analyzed for inconsistencies.
- Reorder management – By integrating directly with your PO system, the reorder management keeps you from those awkward moments when your stock runs out of products and you totally forgot to consider that two-week time your vendor requires to fulfill the order. The inventory system will alarm you and notify you that it is time to reorder the products and will make sure your stock is always full.
- Warehouse tracking and management – Even though your garage serves as a vital location for warehousing your items, now that you have moved into a facility you will be able to keep track of where everything is. With the right inventory system, you will also know what shelf is the key tool so you will not waste your time and your customers’ time to find the product they are looking for.
- Supply chain tracking – It is pretty convenient to not have your purchasing department tied up with the routine tasks of tracking what was ordered, when it was ordered, who has the product currently, and etc. Remember, every time a single product is moved from one location to another, it will cost you time and money.
What are the biggest advantages of implementing the right inventory management software?
Even though, the system can offer you a lot of benefits, here are few of the most important ones:
- Drop Ship capability
- POS system and barcoding
- Supplier and procurement tracking
- Mobile device and APP integration
- Integration with accounting software
- Sales trends reporting
- Assets and audits
If the business model is the motor of your e-commerce business then the fuel is your inventory! Make sure to select the best and right inventory system according to your business’ needs! There are some great inventory management systems offered by companies such as Shopify that can be easy to use for you to start off.
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