How to manage your inventory effectively with the help of inventory management system?
Inventory management is not all about what to order or when to order, it is about understanding business realities and making decisions that balance current demand with future needs. The goal of inventory management is to have the right products in the right place at the right time. Inventory management is procedures and processes that affect ordering, receiving, storing, tracking and accounting for all of the goods a business sell.
Benefits of using inventory management software:
- Tracking Inventory
A good system will help you keep track of incoming and outgoing inventory as well as current inventory status. Inventory management system helps you understand cost of your inventory, goods sold and stock movement across multiple locations.
- Control your cost.
Having accurate reports about your inventory helps you understand which stocks are doing well and which stocks are just taking up self-space. Lack of the right inventory at the right time can mean back order, over orders and etc.
- Improve Your Deliveries
Last delivery due to stock-outs is bound to give you a bad reputation. For tracking, it is important for you to know when the vendor is shipping inventory and when it will arrive. This helps you manage costumer expectations by delivery as, when and where they want.
- Manage Planning and Forecasting
Forecasting is predicting how much inventory you’ll need on hand to meet upcoming demand. Inventory management software will help you improve demand forecasting by analyzing data trends from well preforming stocks. This minimizes your holding and handling costs improves revenues and free up cash flows. With Planning and forecasting you will have better customer expectations.
- Reduce the time for Managing Inventory
With the help of good inventory management system. You can reduce the time taken to keep track of all products you have on hand on order. Additionally, you save the time taken up in inventory recounts if your records are in place.
It is critical for an organization to understand its inventory to achieve both efficient and fast operation at an affordable cost. CoreIMS is a cost-effective inventory management system adaptable to a wide range of warehouse and inventory control operations. CoreIMS is simple to install, easy to use and inexpensive to operate.