The Strategic Impact of Small Business Inventory Management Software

The effectiveness of applying small business inventory management software can improve the business greatly. Thus, with the help of the best inventory control software integrated into your systems, you can control all the expenditures of inventory control and bring them to minimum levels if necessary. Third, the software used in inventory management systems software helps to give up-to-date information on the availability of stock, improving planning and estimations.

Incorporation of small business inventory management software not only helps in the efficient working of the inventory system but also guarantees appropriate stock status and minimizes the overstocking and stockout probability.

In addition, inventory control software for small businesses facilitates the management of stock flows, thus delivering supply chain transparency in terms of product distribution from the supplier to the customer. This is even possible in the small business because any changes in demand and supply could be met adequately; so a competitive advantage is sustained.

The adoption of inventory control software for small businesses also implies that employees spend much of their time relying on the software rather than spending time physically counting inventories that could have otherwise been utilized for other activities that would help the business grow.

The benefits of utilizing inventory control software are vast. Whether you’re looking for ways to reduce your costs or find new solutions for how you satisfy clients, having the right inventory management tools can make all the difference. Use small business inventory control software today to opt for the following benefits. Proper use of the best inventory control software is beneficial in that your business will be better placed to handle inventory problems, minimize mistakes, and possibly avoid such problems in the future.

With the help of small business inventory control software, it becomes easy to monitor the stock on a real-time basis and make intelligent stock purchase decisions, which in turn displays a high level of customer satisfaction. Some of the special drills of inventory management system software assist in the accurate estimate of the demand for a particular product, consequently, minimizing waste and standardizing the number of products in the inventory.

As shown, the adoption of a particularly designed inventory management system software in the context of the small business can make a significant impact to provide increased precision hence, profitability and thus, customer satisfaction.

Track stocks ins and outs. Manage Transfers, identify supply chain shortages, and optimize inventory all in one place.

Inventory Management Features

Cloud Based

Access inventory levels from anywhere around the world. View items details for different locations.

Item History

Each item has a detailed stock history, opening balance log for quantity, date and assigned team members.

Inventory List

View all your items as a complete list or organize by custom filters. Every item on the list displays stock on hand (for each location), on order, allocated, available stock (for each location), cost price, sell price and stock history.

Variants

Each item can contain separate variants with item options such as chassis number, weight, size and color, as well as bundles and pack sizes.

Item Details

Get an overview of what you’ll receive from your current purchase orders. Filter these by supplier, variant, date raEach item can be edited to include information such as multiple images, variants, SKU code, barcode, supplier, locations, weight, cost price, sell price, multiple pricelists such as wholesale and retail, sellable option, taxable option, description, notes and pack sizes.

Barcode Scanning

Barcode scanners can be used to search items by barcode, immediately entering item information into sales and purchase orders.

Inventory Detailed Report

Check total stock on hand and filter by location or item type, total stock available. With our stock control software, the details can also be split by each item and variant.

Inventory stock on hand report

See your total units on hand plus total costs, retail value and total profit value for the stock on hand. For each item or variant, see the number of units in stock, if they’re taxable or not, the retail price, the inventory value, the retail value, the profit value and the profit margin.

Reorder Notification

Check all items and variants that have fallen below the reorder point in a list displaying supplier name, number of items and variants to reorder. Create POs to fulfill reorder levels automatically.

Location Report

Select a warehouse or stock location and check stock on hand, committed stock, last ordered stock, last purchased stock, inventory value, profit value and profit margin.

Stock Adjustments

Our inventory control software enables you to increase and decrease stocks levels for new items, returns, and damages – which also works for multi-item stock adjustments.

Bundles, product kitting and pack sizes

Define groups of items that are sold as one unit.

Benefits of Inventory Management and Control

  • Boost Employee Efficiency
  • Improve Delivery Performance
  • Shorten Lead Times
  • Reduce Write-Offs
  • Lower Costs
  • Increase Inventory Turnover
  • Increase Planning Accuracy
  • Stock More Accurately
  • Reduce Over-Time
  • Improve Relationships
  • Increase Sales
  • Increase Transparency

Revolutionizing Custom Inventory Management Software

 Custom Inventory Management is currently a common feature of contemporary systems, which will lower the hardware expenses and improve the usability of the program. Based on the size of your organization, pricing is often charged on a monthly or annual basis, and the plans are variable.

The following are the top five advantages of inventory management and control software:

1. Greater Precision:

  • When you handle online inventory management software well, you always know what’s available and what isn’t.
  • Additionally, you only place orders as necessary to satisfy client demand. You won’t have to be concerned about overselling things when you know what is in stock or on backorder.

2. Increased Efficiency:

  • Supply and demand are continuously changing when you sell things. You’ll spend less time and energy having to manage finished goods inventory if you use the correct software.
  • Human mistake is eliminated when you automate your inventory management and control software.

3. Knowledge About Your Items:

  • The proper Custom Inventory Management software will provide you with more information about your items. You can spot sales patterns and discover which products are selling.
  • Additionally, you may track recalled goods and see which custom inventory management processes need to be improved.

4. Saving Money:

  • The company will eventually save money by automating the Manage Finish Goods Inventory procedure. Additionally, your supplier connections will probably improve as a result of this.

5. Improved Client Experience:

  • A better customer experience will result from the efficient management of online inventory management software.
  • By constantly keeping the proper items in Custom Inventory Management stock, your company can better satisfy client demand.
 

Using Think Aisle has allowed my organization to better manage our inventory and grow our business.

Robert

Frequently Asked Questions

Inventory management and inventory control are similar but have different focuses.

 Inventory management handles forecasting and ordering stock. Inventory control, also known as stock control, is a part of inventory management that handles the stock on-hand.

5 Basic types of inventories are raw materials, work-in-progress, finished goods, packing material, and MRO supplies. Inventories are also classified as merchandise and manufacturing inventory.

 

Inventory management is one of the pillars of a successful retail operation. Custom Retail inventory management techniques help stores and eCommerce sellers satisfy customers, reduce costs and increase profits.

Capterra review Testimonial from our retail client: The software integrated so seamlessly with our current operations and in fact made the workings more efficient. The team is extremely helpful and adjusting. By far the best decision I’ve made for my operations team.

There is no way to achieve the perfect inventory level, but minimum stock levels are a great way to approach this balance. Set a minimum stock level for each item that allows you to order new stock before you run out. Base your minimum stock on sales data combined with the time needed to acquire new stock.

 

Here are some of the strategies for remedying your shortage woes:

  1. Prioritize Critical Shortages by Supplier and Buyer and Identify the Root Causes
  2. Optimize Your VMI Threshols.
  3. Automate tasks with inventory management software
  4. Calculate reorder points.
  5. Perform supplier segmentation
  • The Ability to Automate Unique Workflow. …
  • Custom Reports, a Much-Required Business Intelligence Tool. …
  • 24/7 Technical Ongoing Support with Proper Analysis of Business Requirements.
  • High-Speed Private Cloud Solution.
  1. Real-time inventory tracking. …
  2. Real-time inventory value. …
  3. Reorder points & low stock alerts. …
  4. Purchase management & supplier management. …
  5. Unlimited SKUs. …
  6. Proper inventory reporting.