Basic Info You Should Know About Inventory Management Software for Your Company

basic inventory management software

Posted on May 11, 2014 in Inventory

Want to track and manage product sales, material purchases, delivery of goods, and other processes? Inventory management is definitely the business application for you. Inventory management consists of overseeing the inward and outward flow of units within an existing inventory. It would not be in a company’s best interest if their inventory became too high because that would probably mean you are buying more than you are selling. On the contrary a company would not want their inventory to dwindle either because this might put the entire business in jeopardy. A good inventory management application helps you control the costs associated with your existing inventory in terms of both the total value and the tax burden generated by your inventory’s total value.

Inventory management software exists so that one can easily track inventory levels, orders, sales, and deliveries. If your company is part of the manufacturing industry, for example, and you want to create a bill of materials, a work order, or other documents based on production, the software also gives you the ability to do that. The software is mainly used to ensure that overstock or outages are never an issue. Reducing the effort required for basic tracking of your products means you have more time to analyze and improve on overall processes.

The fact that software for inventory management is now available on the cloud has helped companies with their organization. On-site software data (or general inventory management data before any software existed) was stored in various hard-copy formats and in cluttered spreadsheets. Having access to things like order management, asset tracking, service management, product identification (through barcode scanning), and more gives companies a huge advantage over competitors, which is why this type of software has quickly become extremely popular. The types of benefits companies receive include savings on costs, increased efficiency, updated data in real-time, more overall organization, and data security via secure cloud servers. Also, being able to effectively control levels of inventory and maximize warehouse space means you can be more prepared for the constant fluctuating demands of the market.

You may be thinking that this is all too good to be true but in the interest of an unbiased opinion the disadvantages to inventory management software should be addressed. The two main ones that exist are that the software, and additional hardware that coincide with it, can become expensive fast. It can be difficult to afford for small businesses and hardware such as barcode readers, which complement the software, can incur additional costs. The software is also not necessarily that simple to learn and use. Learning a whole new system requires time and money in order to train management teams. Many inventory management systems out there require training manuals and more than a few man-hours to get used to.

If you want a simple and inexpensive inventory management software, look no further than inBOLD Business Solutions. It’s extremely flexible product and transfer tracking make it a strong competitor in software designed to save your company money.

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