inventory management Archives

Robisearch
Business, Business Growth, Performance Improvement, Results Delivery, Strategy, Uncategorized
November 23, 2022

Benefits of Inventory Management to Small Businesses

Inventory management refers to a business’s process for keeping track of everything it owns. Businesses use inventory management software not only to account for everything but also to conduct inventory costing. It also assists with creating work orders and producing other documentation important to the functioning of the business.

It helps a business avoid the costs or lost revenue that come with overstocking or running out of supplies. Below, we discuss more of the benefits.

It saves time through automation

Workers spend a lot of time on manual data entry and form-filling. Inventory management software options automate these tasks. This helps in saving your workforce time and freeing them up for other high-priority tasks.

It improves order accuracy

Returns are costly for a business. Effective inventory management improves the accuracy of your filled orders and lowers the likelihood that you will send the wrong product to the wrong customer or submit the wrong order to the wrong supplier.

Increases productivity

Organized inventory management leads to a more efficient and productive workforce. If you want to get more out of the workforce you have, give them the tools they need.

Prevents overstocking

Inventory management tracks what inventory you have and helps forecast what you need, reducing the likelihood of overstocking.

Prevents shortages

Inventory management helps managers understand what current inventory levels are and what is needed to meet demand.

Makes your company more organized

Inventory management organizes your business on a foundational level, which helps the company run better. When things are chaotic in the warehouse, they’re chaotic in the front office. By having control of your inventory, you can focus on high-priority but non-urgent tasks that will grow your company, rather than running around putting out fires all the time.

Enhances customer satisfaction

Satisfied customers are returning customers, and good stock management is how you ensure that. By filling customer orders on time and accurately, your customers will know that they can depend on you to satisfy their needs.

As a result, you’ll build a strong base of loyal customers who will serve as the foundation for your future growth as a company.

As you can see, there are a number of benefits you can expect to experience by implementing inventory management software at your business.

From boosting the accuracy of your inventory to lowering your business costs, the advantages are extensive, and this could be just the thing you need to unlock further business growth. Take your business to the next level, contact Robisearch Limited on 0716413386 or 0780655987.

Robisearch
Business Growth, Information Technology, Performance Improvement, Results Delivery, Sales Analysis, Strategy, Sustainability
August 3, 2022

FEATURES TO LOOK FOR IN AN INVENTORY MANAGEMENT SOFTWARE

Inventory management software is a tool that automates every aspect of inventory and warehouse management, streamlining the tasks required to effectively track inventory, manage reordering and update accounting data.

Since inventory management software is important to the daily operations of a business, it’s imperative that you select a solution that is reliable, effective and has the features you need. The following are some of the features that you need to look for:

Point of sale integration: An integration with your point of sale system helps retailers automatically track when a product sells, whether in a physical storefront, on an e-commerce platform or through another sales channel. When a product is scanned or checked out in an online cart, the point of sale system automatically updates the inventory management system, accounting for the sale in real time. Coupled with automated reordering, this feature allows retailers to ensure they always have a suitable amount of stock to quickly fulfill orders.
Inventory catalog: For retailers, it is important to be able to catalog inventory not just by the type of unit, but also by distinguishing characteristics like size, color and other distinguishing characteristics. For example, if you sell shoes, you should be able to specify shoes down to the specific type.
Automated reordering: When your inventory level is getting low, it’s important to order more with enough lead time to avoid running out, especially for your bestselling items. Many inventory management systems offer automated reordering; simply set your minimum quantities for each item and, when that number is reached, the system will automatically generate a purchase order to send to your supplier to refresh your stock level. Smart inventory management systems can also automatically optimize your reordering points and reordering quantities per item based on historical sales data to keep your inventory level at ideal quantities.
E-commerce integrations: Most retailers now sell across every sales channel – physical storefronts, e-commerce websites, online marketplaces like Amazon and more. It is critical for your inventory software to track sales on all channels so you don’t accidentally try to fulfill more orders than you have stock. Integrations with your e-commerce channels will help ensure you don’t run into this problem.
Product cost analysis: Product cost analysis tools not only track your raw materials and finished goods, reordering the necessary components when they hit minimum levels, it also helps predict your labor costs and operating costs, such as machinery acquisition and maintenance expenses. Look for an inventory management system that can generate a bill of materials that includes a description of all these costs
Forecasting: Forecasting is the process of analyzing historical production and sales data to predict what future order management needs will look like. A forecasting tool can help improve the accuracy of this process. Software with a forecasting feature will analyze your data to determine optimal reordering points, hiring recommendations, and even shift schedules required to meet your targets and continue growing.
E-commerce integrations: E-commerce used to be only for retail, but today more manufacturers are selling directly to consumers. Finding an inventory software with e-commerce integration is also important for manufacturers, even if they don’t currently sell directly to consumers online, because they could use it streamline sales to their retail clients, or they could even expand to include an additional sales channel in the future.
Barcoding: Barcoding is the feature that warehouse management systems use to track the inflow and outflow of products in storage facilities. Workers can scan items in as they’re received, scan them when they’re moved to a specific aisle and bin, and then scan them again when they’re out for shipment – automatically tracking all movements.
Inventory management integration: While warehouse management is a subset of a wider inventory management strategy, the two are closely related and should be integrated. Look for a warehouse inventory management system that is seamlessly integrated with your larger inventory management software – most vendors offer this option.

Inventory management is key for any business that maintains stock of goods or raw materials on hand. While inventory management has historically been a manual process, Robisearch Limited has eliminated the need for a labor-intensive and error-prone manual inventory management system. The Robisearch Point of sale has inventory management software that helps streamline the process, reduce errors and help businesses optimize the way they maintain and order the products they sell. Reach us on 0716413386 or 0780566987 for more information or any inquiries.