Managing and having total control of products in stock is a complex task, which must be performed impeccably to ensure the proper functioning of your business. If you want your customers to feel really satisfied with the service they receive, you should avoid making any possible mistakes. Luckily, there are software tools capable of simplifying logistics processes to boost the performance of your company.
Inventory management software is a key element to monitor warehouse stock easily and in real time. However, before deploying this kind of software, it is very important that you consider the characteristics of your specific warehouse. The market is full of solutions, so finding the one that best suits your company is not so easy, but we can help.
What is an inventory management system?
Inventory management software is a system that is used to know the amount of merchandise available in a company's warehouse. This tool also allows you to obtain information to optimise the supply of existing resources and increase the profit margin.
What is inventory software for?
Inventory management is a process that affects all the departments of your company, so if it is not carried out correctly, it can lead to high costs. Inventory management software will allow you to know the availability of the stock in the warehouse at all times, to balance supply and demand and work more efficiently. These are some of the main uses that this tool offers:
- Track the actual number of products available in the warehouse
- Maintain optimal stock levels through alerts and reports
- Place orders and purchases electronically to send them to your suppliers
- Receive notices when stock levels are too low in order to replace them
- Carry a computerized control of the entry and exit of items with a barcode scanner
- Sort the different products by categories within the system
- Create multiple price lists and allow currency exchange
- Add an image for each of the products in the catalogue
- Manage costs to calculate the actual price of each item and total inventory value
- Manage reservations and know the status of each product in the warehouse: reserved, available, pending delivery, etc.
- Track purchases made, orders, items pending receipt, etc.
- Work with several warehouses at the same time from a single application
- Access the inventory history and obtain statistics about the maximum and minimum levels of stock, orders and receptions, billing, etc.
Discover the benefits of a stock management solution
The use of inventory management software has a very positive effect on all logistics operations, since it allows the automation of most processes. A solution of this type will help you differentiate yourself from competition thanks to its infinite advantages:
- Significantly improve customer service to increase sales and customer loyalty
- Optimise company workflows and increase the profit margin
- Plan stock management more effectively to reduce costs
- Minimise the volume of waste in the warehouse
- Guarantee that the offered products have the desired quality
- Distribute merchandise optimally to save space in the warehouse
- Monitor movements happening in your warehouse in real time
Main inventory management indicators
There are three basic indicators to make an optimal stock calculation, that will facilitate decision making:
- Maximum stock
The maximum number of units of a specific product that a company wishes to keep in the warehouse. This amount varies depending on the sales margin and the storage cost that it represents for each company.
- Minimum security stock
Consists of the minimum quantity of a product that a company wishes to keep in the warehouse. When the stock level is below the desired minimum, it can be a big issue for the company.
- Point of order
It’s the moment in which the company must place an order to suppliers to replenish the warehouse, maintain optimal stock levels and thus avoid supply issues.
Find out the ideal inventory software for your business now
With the deployment of the appropriate inventory management software you will be able to manage and supervise stock efficiently. Thanks to the use of this tool you can increase the productivity and profit of your business. To save hours of searching and money, at SoftDoit we offer a neutral and free comparison with the best solutions to manage your inventory.
Do you want to find out which software best fits the profile of your business? All you have to do is fill in the form on this page with the characteristics and needs of your company.
The SoftDoit comparison will analyse hundreds of solutions according to your indications and show you the ones that best suit the objectives and requirements of your business. Are you going to let this opportunity pass you by? Our service is 100% neutral and free!