Inventory software helps you know the stock position in the warehouse and the exact location. However mere knowledge of the stock position is not the ultimate aim of a good inventory management system. It goes beyond that.
An integrated inventory system effectively optimizes your inventory, ensures that the physical stock position and those on records are accurately matched, keeps a tab on stock position and ensures timely supplies. To get the most out of the inventory system, companies integrate their inventory software with other ERP modules.
An integrated and optimized inventory system balances the demand-supply situation, better. The system is able to forecast future requirements based on current trends as well as past records and trigger appropriate purchase action. There is better visibility and control over Supply Chain Management. The Financial reports too are more accurate about the inventory.
Too much stock lying idle in the warehouse means that the finances are locked up, preventing better utilization. Similarly failure to meet customer demands in a timely manner results in loss of customer base affecting credibility. Inventory management helps overcome both these issues with just the adequate stock lying in the warehouses. In case of companies with multiple warehouses, the inventory can be positioned according the demographics of demand.
Inventory software can keep track of delayed shipments, identify and segregate perishable and non-durable goods from durable ones and addresses these issues appreciably. For example, a company may offer heavy discounts on products that are nearing their Expiry date to minimize the losses.
An efficient inventory management system optimizes the process flow and improves efficiency without any additional man power. Entering new markets and untested products to expand customer base are easier with the right inventory software.
HashMicro is Singapore’s No.1 inventory software provider with proven ERP solutions to clients all over the world. With proper streamlining, there is better control over the supplies, stock, vendors and purchasers. Several routine tasks such as Generation of Purchase Orders, Invoice, Receipt, Credit Notes, G/R Note etc. are automated.
The reports are accurate projecting the most accurate figures on the stock on hand. Barcode integration helps quicker checkout and stock monitoring. Finally, the inventory software can be integrated with the Account Management system and HRM to keep track of financial aspects of inventory and in the management of employees associated with the inventory management.