Any company that provides products must have a way of tracking their inventory. Most if not all companies now use some type of inventorying management software. This software is a computer based system for tracking inventory levels, orders, sales and deliveries. On the manufacturing side it can be used to create a work order, bill of materials and other products related documents. A good inventory tracking system also prevents products overstock and products outages. This type of information used to be stored in hardcopy form or in excel type spreadsheets.
Some of the key components of inventory management software are order management, asset tracking, service management, and product identification. When personal computers became available in the 1980s it was only a matter of time before the aspects of inventory tracking were migrated over to computers. Since the invention of Barcodes, product information no longer needs to be inputted by hand and can be constantly updated in the database system.
One of the main reasons people have migrated to inventory tracking software is to lower their costs. This can be achieved by reducing the amount of time needed to track and input information manually by using automation for many inventory related tasks. No longer do employees have to collect data, conduct calculations, and create records. The systems can also be used to help in warehouse organization. By having direct access to product information, products can be organized in the warehouse based on popularity, total sales, and other key indicators making the warehouse more efficient as well.
Inventory tracking systems run in real-time so that everyone has access to up to date information. Different employees such as executives and sales representatives can usually accessed the software through mobile devices, laptops, or PCs to check current inventory numbers making their job easier. Data is also very secure, using restricted user rights, managers can grant employees enough information to access receive products, make orders, transfer products and do other tasks without compromising the company security. Another advantage of this software system is its ability to track trends. Knowing which products are selling at which time of year and are most popular, all at your fingertips, is a very powerful tool.
Inventory tracking software can be very expensive and would be considered a disadvantage of the system. Add in bar code readers and other hardware needed to implement the system and it can become very expensive so the costs have to be weighed in order to make it cost effective.
If youâ€™re a growing company that needs to invest in an inventory tracking system you may want to check out the system available at inBOLD Solutions. If youâ€™re tired of stressing over your inventory and want to have peace of mind knowing your inventories are working for you, you can try inBOLD Solutions inventory tracking for FREE. This system is complete with everything from automated transactions to generating automatic notifications if your inventory runs low, and you can even create automatic purchase orders ready for approval, the list goes on.