Inventory management systems
simplify the way in which the inventory i.e the various items that are stored
and transported to be sold in the outlets are managed and kept track of. It
helps keep track of goods throughout the supply chain until it is sold
eradicating headache and manual labor substantially in its path. The various
means through which a good inventory management system will enhance your
business value and your ROI are.
1.
Supply Chain
Visibility
Inventory
management software's have the ability to store information on every item and
for every point of their journey. Therefore it provides complete visibility
over the complete inbound and outbound flow of products with the ability to
provide further information regarding its status and location if needed.
2.
Quality
Management
In the case of
perishable items, extra care needs to be taken as they have a quick expiry
period. But unforeseen events such as delayed shipping, broken packages and
fill lags can occur which may throw schedules out of sync. Inventory management
system help you identify these undesirable results and provide an effective
workaround, and also help you understand and reduce the probability of such
instances happening in the future.
3.
Functional
Decisions
Inventory
management softwares help you make key functional decisions based on analytics
and data insights. It helps you keep your warehouses at optimal storage
efficiency and also acquire more warehouses if need be, near key customers and
successful retail outlets that may further expand performance as well.
4.
Cost Management
They can also
help you increase your margin by identifying the most moving products and the
least moving ones. This helps you get rid of or minimize the stock of
non-moving items in your next shipment and thus enhance the efficiency by
improving the usage of your shelf space.
5.
Enhanced
Customer Service
Inventory
management systems help you enhance your customer service by improving the
overall performance of the business through processes such as reduced time for
inventory replenishment, shipment processing and dedicated CRM modules. All of
these without reducing quality and quantity.
6.
Scale
Current
inventory management systems are designed to expand and keep pace right with
your business, but the expansion is only in terms of software and not hardware.
No matter how many retail outlets or new warehouses are added to the business,
present day inventory management systems are designed to gather the relevant
data, work in sync with other in-built modules and provide you with an easy
management experience as if it was just one outlet or warehouse.
