Tag Archives: inventory

Fishbowl Inventory Hosting Smoothens Inventory Management

Fishbowl Inventory Hosting Smoothens Inventory Management

A thriving business depends on various factors, one of which is a strong inventory management system. A complete inventory management system consists of everything from accurate record-keeping to shipping and receiving of products. Inventory management system that is properly effective and reliable can keep a company’s supply chain running easily and proficiently. However, there are many common inventory management problems that can arise.

Inventory management problems can hamper company’s profits and customer service. They can cost business additional money and can lead to an overstock of inventory and capital blockage. Most of these difficulties are generally due to poor inventory practices and out-dated systems. To get rid of inventory associated problems and to keep business risk free, enterprises are utilizing advance IT applications. The application used for reliable inventory management is Fishbowl inventory software.

Fishbowl Inventory is the most popular inventory management application for QuickBooks users. It’s also an amazing individual tool for organizations that are looking to track assets. Fishbowl is a robust system that provides both inventory management and accounting features.

It is quite beneficial for Wholesale Enterprises. Fishbowl inventory software tools: –

-Swiftly pick, pack and transport products.

-Prevent stock outs and over stock.

-Manage multiple locations smoothly.

It is also quite useful for the Manufacturers, it is able to:-

-Configure bill of materials

-Trace tens of thousands of parts.

-Integrate seamlessly with QuickBooks.

It also provides beneficial features for Warehouse Management solutions like: –

-Inventory accuracy.

-Reduce error in the receiving process.

-Enhances productivity.

Some other benefits include features like: – -Adjust inventory to assist cycle counting.

-Relocate inventory.

-Saves time and money with greater speed and efficiency.

-Keeps accurate financial records.

It is fine for huge enterprises to establish local IT network and maintain it but SMEs finds it difficult to spend big share of their resources on IT department. Therefore, SMEs opt to outsource there IT department to an application hosting service provider. These hosting service vendors host various business applications which include QuickBooks add-on software i.e. Fishbowl inventory.

Fishbowl inventory hosting provides multiple benefits to the clients. It saves their time, money and other resources. It takes away the trouble and expense of establishing and maintaining IT network. Apart from Fishbowl inventory hosting service provider offers multiple other benefits like: –

-Anytime anywhere access: – Fishbowl inventory hosting comes with anytime anywhere access to data. Users can access their data from any location with the help of an internet connected device. It gives the freedom to work without any time or location barrier. This improves users’ efficiency and provides them the comfort of working according to their choice.

-Multi-user access: – Multiple authenticated users can access the data simultaneously. This feature of Fishbowl inventory hosting improves collaboration between staff members. To keep the data secure, the accessibility to data can be restricted by log in ID and password.

-Data security: – To keep the data secure Application Hosting service provider uses latest tools and technology. They utilize techniques like SQL injection, 128 bit data encryption, etc.

-Data storage and backup: – Fishbowl Inventory Hosting service provider offers rolling data backup to their clients.

-Technical support: – Fishbowl on cloud comes with free and unlimited technical support service.

All these beneficial features make inventory smooth and hassle free.

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What You Need to Know About Inventory Management System

What You Need to Know About Inventory Management System

We know how valuable inventory is to every operation. It matters a lot from small to big businesses, and the fact that it is also hard to control and manage is certainly undeniable. If you have a manufacturing business, supply chain or a fast food shop, then you know how factors such as pilferage, administrative errors, physical damage and expiration of items can eat away your inventory. It can even greatly hamper the profit and affect the overall system of a company.

Your products are one of the most significant assets of your business. Assuring that your organization has proper stock of goods and a system that can manage all your merchandise correctly can make a huge difference in making the sale. From the manufacturing to the point of sale, the need for a sustainable inventory solution can reassure every company that there are enough products to sell for customers while managing the control of every resource.

Setting up an inventory management system can help you make the most of inventory by keeping costs under control.

What are its Features?

For Inventory Control and Warehouse

Makes inventory process faster as they are fully automated.Easy tracking of assets with check-in/ check-out system.Managing of asset costs from merchandise to stocks with precise counting.Provides various alternatives to track all assets including supplier, client information, count of merchandise, account numbers, sales and more.Manage multiple inventories at the same time and being able to view real time records.Lower inventory loss and increase sales and operational efficienciesEnhance customer satisfaction levels with availability of productsIncrease product marginsGain control on replenishment of stocks while managing overstocks

For Purchasing Department

Modernize requisition procedure and enhance faster communication with vendors with Inventory Management Solution that can record transaction, reordering dates and other relevant informationEradicate inefficiency with online purchasingEasily identify costs, loss and profits. Avoids manual errors done in purchasing, receiving and other accounting records. -For Manufacturing Division -Offers contemporary solution of managing correct orders. Manufacturing sector can now seamlessly work with back office divisions. -For Demand Planning -Accurately give data for reordering of stocks based on sales and historical dataAutomatically compute supply plan for the organization -What are its Benefits?

Offer real-time data of demands, supply, costs, profits and trends in an operationReduce manual inventory. Makes work faster and avoids manual error or computations.Managing margins with complete data to cost of inventory and revenues.It can satisfy the demands of any industry for inventory and purchasingMeet your customer’s demands and help improve customer serviceEnhance relationships with clients, vendors, and partners in the business

I have been writing for many years now. In fact my work had already appeared in various books and websites. Today I featured what you need to know about Inventory Management System so people will be aware of the importance and its applications for businesses.

http://www.sooperarticles.com/business-articles/project-management-articles/what-you-need-know-about-inventory-management-system-1072220.html

Why Ecommerce With Point of Sale Integration is Incredibly Important For Success

Why Ecommerce With Point of Sale Integration is Incredibly Important For Success

The Ecommerce is evolving at current trend, with increasing mobile and responsive websites at internet. Point of sale software systems are boon to automate the retail business and eCommerce business by combined automation of inventory and stock management. This increases the productivity of the retail and eCommerce sales prevent double entry record maintenance and so on.

Check out further to know why eCommerce with point of sale integration is incredibly important for success.

What does a Point of Sale Software Do?

POS systems can connect all the virtual and physical warehouses and mange the incoming and outgoing stocks, interchange order, sales and customer information from web store to POS for delivery, automating the record maintenance with cloud using QuickBooks integration, generating overall sales reports and growth progress both on physical stores and ecommerce web stores.

POS Integration Early Adoption:

Multiple ecommerce shopping website vendors like Shopify, WordPress WooCommerce and Magento allow access to systematize inventory and ecommerce selling processes with popular POS Software solutions. It is now possible to integrate pos with Magento, Shopify and WooCommerce using webhooks and RestAPI. All you need is a pos developer.

The Shoppify and Magento are the wide used brands in which most ecommerce websites are hosted. The next big platform is WordPress in which WooCommerce plugin is used for ecommerce. All the above popular platforms developed an integrated pos module to sync pos. Importantly Shopify POS, is a competitive point of sale system developed to defeat LightSpeed POS Systems.

Leading Point of Sale Software Integration Brands:

They are some of the leading brands in offering point of sale solutions with cloud servers -LightSpeed POS:The Integrated Point of Sale with rich featured solutions in LightSpeed Pro & LightSpeed Cloud. LightSpeed for MultiStore, LightSpeed for Restaurant App are available for iPhone,iPad and iPod -Shopify POS:Integrated point of sale setup available for every shopify users to sync product inventory with web stores. -CheckOutApp:Unique powerful and secure point of sale app -MACPOS: Point of sale for MACIntosh with greater control over inventory for food order management systems. -MYMAC: Retail Apple MAC POS consultant for Australian retail and eCommerce businesses -ZingCheckOut: Cloud point of Sale software application competitor of LightSpeed POS -ShopKeep: Easy to use ipad POS systems. -PayGoPOS: A one stop POS for Mobile, Windows and Cloud -VendHQ: Setup Multistore POS for iPad

Productive and Secure

Point of sale Integration does not only automate the business process it is secured. You can make secure transaction for payments with credit card or debit card with guaranteed PCI-DA compliant certified POS payment gateway processors and credit card processors.

It reduced the man effort and minimizes the error ratio and results in productive environment for successful business operations.

Being one of the professional POS developers, proffers limitless check website for more indepth information LightSpeed ecommerce .

http://www.sooperarticles.com/internet-articles/ecommerce-articles/why-ecommerce-point-sale-integration-incredibly-important-success-1381443.html

Shopster vs Doba – Battle of the Best Dropshippers

Shopster vs Doba – Battle of the Best Dropshippers

Over the years, several dropship websites have cropped up promising all sorts of ways to save on your ecommerce needs. As a technique to streamline supply chain management, dropshipping can become a valuable asset to both new and established online merchants.

The basic premise of dropshipping is simple. Merchants create a website where they can sell items. They source their inventory from a dropship supplier. The inventory, which is not on-hand with the merchant, is displayed on the virtual shelves. Once bought by the end-consumer, the merchant then places the order on through to the dropship supplier. The dropshipper either white-labels the item or uses private labeling. This is shipped directly to the buyer.

Dropshipping doesn’t just create a more efficient and effective online sales process, it actually takes out some major risks and reduces the overall cost to the merchant. For instance, the cost of warehousing, handling and shipping are already transferred to the dropshipper. On the risk side, the business will always be on the positive cashflow side, there is no spoilage or slow inventory movement to deal with given that the purchase is already made and paid for by the buyer for all items being ordered.

In this world of dropshipping, two big players top all others: Doba (http://www.doba.com/) and Shopster (http://www.shopster.com). Put head to head, here’s how the two compare:

Products: Both are pretty much the same, offering a wide variety of products in different categories. They both offer approximately 1.5 million products for dropshipping.

Price: Both companies have free trial versions. If you want to upgrade, the lowest package offered by Shopster is at $39.95 per month, while Doba offers it at $49.95 per month.

Reliability: Both websites are eBay Certified Service Providers, making them a good choice to work with. eBay has less than 50 service providers that are certified, and both have this privilege.

Tools: Doba has API capabilities while Shopster has listing tools for eBay and Amazon. These are important factors for choosing a dropshipper as it allows you to expand your distribution channels. Instead of just listing dropshipped products in your online store, you can attract more buyers for your products through other means. In addition to these listing tools, Shopster also offers an Inventory Management Tool. It allows you to know the status of your orders and trace how it goes from one point to another.

Connections: The major advantage of Shopster over Doba is the connection to direct buyers via a free online store. On top of that, Shopster also created a social network to help users build powerful business relationships with other retailers.

Customer Service: Both are pretty much at level when it comes to helping out clients. Give them a call and you’ll see for yourself what kind of companies they are. Shopster empowers clients to work on their own given the breadth of knowledge they offer in their Help section, but they still support you in your needs.

Usability: When it comes to navigating the respective sites to set up your store and start using their services. Shopster is a notch above Doba. The interface is easy to manipulate and orders can come and go with ease. The tools are also easily accessible, which make selling online so much easier.

All in all, Shopster wins in this head-to-head between the best dropshippers. In terms of price, tools and usability it is a mile ahead. The free sign up with Shopster comes with an online storefront and the inventory management tool . With access to these integrated solutions, it enables the users to sell online and start earning profits right away.

http://ralphsparks.articlealley.com/shopster-vs-doba–battle-of-the-best-dropshippers-1750626.html

POS Solutions like Retail Point of Sale System Increase Sales and Revenue

POS Solutions like Retail Point of Sale System Increase Sales and Revenue

Businesses have changed a great deal over the course of time. Towns and cities are now filled with hundreds of retail shops. This is a drastic change from the typical lone one or two stores.

As the number of stores has increased, so has the competition. Businesses must compete in both price and customer service areas. Thus, they search for the most efficient way to run their company.

POS solutions have helped many industries in the retail area. POS solutions are retail point of sale system software products. These have greatly increased efficiency and sales and revenue.

Retail POS software has made the business world much easier. This innovative software system has decreased transaction times. Customers are in and out of the door much more quickly than before.

A retail point of sale system has hundreds of functions it manages. These functions all contribute in many ways to improved business. Many firms have made and saved a lot of money using POS solutions.

POS Solutions handle inventory of retail products in the store. Retail products are scanned in as a new product shipment arrives. The retail POS software logs it in as inventory and organises it.

The product is placed with other similar products and priced. As a customer buys the item, the bar code is scanned for the purchase. Retail POS software prices the item and deletes it from inventory.

Inventory was traditionally handled by employees of a company. This took a lot of hours for constant counting and organising. Now, retail point of sale system software manages this and saves time.

Companies have saved a lot of money on employee costs with software. With POS solutions, they no longer have to pay for inventory duties. Retail point of sale system software is much more accurate as well.

Accuracy is important as inventory drives future orders for purchase. Therefore, firms consult retail POS software prior to ordering. Retail POS Software tells which items are selling and for how much.

Firms use this data to contact their suppliers of retail products. Retail POS software is quite handy when negotiating with suppliers. Data by POS solutions show suppliers their cost needs to be lowered.

Retail Point of Sale System software is changing retail business. Users say return on retail point of sale system is seen very quickly. Thus, retail POS software are constantly being improved and sold.

Various companies on the Internet sell these useful software products. This innovative software offers business owners many other advantages.

About Us Infinity RMS is dedicated to improving retail management business. The software solutions offered are geared specifically for retail sales. Infinity RMS provides complete inventory management, pricing, promotions, and more. The software system is designed to help manage suppliers and prices to increase sales and revenue. Infinity RMS helps retail businesses grow to fullest potential. Go to www.inifinityrms.com for more information on this effective software system.

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The essence of inventory management for a contemporary organization

The essence of inventory management for a contemporary organization

The practice is needed as a part of supply chain network to protect the production system against any kind of disturbance. Moreover, it also prevents the system from running out of stock, materials and goods. Fundamentally, inventory handling focuses on asset management, replenishment lead time, inventory forecasting, inventory valuation, inventory carrying cost, forecast of future asset management prices, inventory visibility, physical inventory and the space available for its accommodation, demand forecasting as well as return of defective goods.

 

The primary objective of inventory handling is to strike a balance between the contending requirements for attaining optimum inventory levels. Since the process is continuous, it demands a shift from business needs. This also helps in accommodating the needs of larger environment. Inventory handling tries to maintain an extensive collection of merchandise. In addition, the practice also helps in controlling issues like shipping, ordering and handling materials. Moreover, the material management and tracking aspects of inventory handling also incorporate feature like supervision of materials which are moved in or out of warehouses and reconciliation of inventory balances. Other areas of inventory management include lot tracking and cycle counting support.

 

No matter what is the nature or size of your business, inventory management always offers a competitive edge. Since the practice ensures goal fulfillment, visibility and efficient management, it allows comparative pricing on a customer-to-customer basis. In addition, inventory management helps business owners in making strategic decisions about the kind of inventory that must be carried for accommodating inventory management processes.

 

Not only does inventory management increase the number of satisfied customers for an organization, but also aims at reducing the operating costs. Moreover, inventory handling facilitates the management of a business with inventory standards as well as costs. Companies operating in processing and manufacturing industries need complicated as well as simplified processes of management control. Inventory management helps in streamlining such concerns through efficient distribution as well as compliance for improvement of software and other procedures.

 

Last but not the least, inventory handling also helps in establishing a replenishment strategy for various items present in warehouses. Moreover, it also outlines specified guidelines by controlling ongoing dead stock and excess inventory. In a nutshell, it would not be unfair to state that inventory management imparts a strategic competitive advantage to businesses by providing a user-friendly stock analysis tool that offers prompt information.

http://inventory.ezinemark.com/the-essence-of-inventory-management-for-a-contemporary-organization-168d6bec31b.html

4 Ways a POS System Can Ease Ordering Process

4 Ways a POS System Can Ease Ordering Process

As a Cash Register, POS Systems also manage price and inventory of the business, and due to the trend of downward costs of technology, this is really an investment that can immediately provide good returns. This way, an efficient Point of Sale system can cut down out-of-stocks in order to get more satisfied customers and increased sales and reduce your inventory dollars in order to keep managers and owners happy with the business. However, it’s time to look at the ways how POS equipment can improve your purchase.

1.Automation: Most retailers mistakenly spend most of their time in ordering due to these pitfalls; first one is ignoring reordering small purchases and second one is slaving on these decisions on next cycle of reordering. You have to pay attention on ordering process. Over stocking or down stocking of a product could be harmful for your business. This way, a POS System can automate each and every thing in the organization. This system won’t let your shelf get emptied due to the absence of any product.

2.Working According to Deals: On average, above 3000 deals are made by a distributor per month. This way, a POS System plays a very vital role by getting all of these deals on itself and making decisions on which deal it has to act first. This way, it works on your deals with two ways; on those products that are ordered to start and improve sales and on those products that are ordered to make inventory and sell them out slightly on regular price.

3.Acting on Trends of Purchasing: Do you offer cutting-edge products? If so, then you might be thinking of increasing your clientele and popularity in the market of having latest products featured on media and advertisements. This is the best way because you have to stay updated with what’s hot and which product is growing locally or nationwide. This task can also be done by a web-based POS System. It will notify you the latest product and update related to your business.

4.Monitoring Changes of Prices: By keeping the price of products intact unlike suppliers or distributors, an average retail outlet bears the loss of over 3% on gross profit. This loss could be around $1000 in every month for a store. This way, you will be notified with any price change in the invoice that is higher than what you have mentioned in your PO.

Visit geminicomputersinc.com to buy POS equipment and Salon Iris.

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Point of Sale Software is More Than a Cash Register

Point of Sale Software is More Than a Cash Register

Whether your establishment is a full service restaurant, fast food franchise, night club, convenience store or even online retail establishment, POS- Point of System software is one indispensable instrument for your business to run efficiently. The technology system provides inventory tracking for small business while helping to record sales transactions, cash flow, control food costs and almost all business-related interactions. The prospect sounds very enticing yet one has to take into consideration the right POS system that will fit not your specific business needs. Not all retail pos solutions should be treated equal and your specific business needs will dictate what electronic point of sale software is right for your business. Allow us to provide you with some working knowledge and understanding on some of the differences between each system. To help you make some good decisions when choosing a retail management system.

Restaurant Software Solutions

For restaurant and hospitality business, a POS system is used to perishable inventory with varying shelf life’s as well as food and beverage orders that need to be processed by a cook or bartender. Two very diverse functions that need to work harmoniously to ensure a proper supply of materials are available for each order. Most of these applications should include POS employee time sheet software since hospitality operations require more employees to service clients than most. Since many of the purchases at a restaurant today are made with a credit card, they should also be designed to connect with third party credit card processing services and be done at a pci compliant pos terminal. This will enable your establishment to handle most types of payments a customer might make with your business. An order management system for a full service restaurant should be totally networked so it communicates with multiple departments including kitchen operations, liquor control systems, inventory tracking and payment processing. In a way, the point of sale software for restaurants program can keep a detailed track of food usage, calculate ingredient usage and even the availability of a menu item in real time throughout a service period. Expirations of the perishable goods can also be monitored by a properly leveraged restaurant software system .

For a retail Business: Like restaurant establishments, a retail store also needs engage a client throughout the lifetime of that client relationship to effectively nurture and grow the relationship with that client. With properly designed retail management system you can track essential information such as buying behavior, contact information, purchase preferences and even birthdays & anniversaries to better foster customer loyalty. By keeping track and tacking action on this useful information you will be able to anticipate some actions of customers that keep on coming back to your store. Rewarding positive buying behaviors with exclusive offers and suggesting gift cards are the correct time preceding gift purchases will foster an increased return on your investment with these most valued customers. Aside from this, keeping an accurate inventory is also one of the features of a quality retail POS solution . With inventory tracking software , you will always be updated on the availability of a particular mod, sizes and colors that sell well or poorly and allow you to make data driven decisions and adjustments when ordering new products.

An extremely handy feature of well designed pos system software is your ability to track employees schedules and timesheets electronically making payroll preparation a breeze. When it comes to tax preparation, your retail POS solution and or restaurant software pos solution can make this sometimes grueling process much simpler.

The success of your business relies greatly on how well you account for goods and services that add up to the profits and or losses of your business. Having this knowledge always available at your fingertips will help you stay ahead of your competition. Purchasing the right POS software solution and using it to full advantage that is well worth your time and financial resources.

Comcash Inc provides electronic order management system for most small and medium sized business operations. Specializing in restaurant pos software solutions and retail POS systems that fully integrate an inventory tracking software that allows for a barcode scanner for inventory management.

http://www.sooperarticles.com/technology-articles/software-articles/point-sale-software-more-than-cash-register-440067.html

Purchasing Management Software A Brilliant Way to Speed Up Inventory Management

Purchasing Management Software A Brilliant Way to Speed Up Inventory Management

If you are a retail business or an enterprise that is involved in providing goods to either consumers or other businesses—or both—then you have inventory. Inventory is defined as any good that is within a physical space and that belongs to a business. Thus, it includes raw materials, items that are already work in progress, and those that are finished and/or ready for delivery.

All goods in inventory carry a cost. After all, you need to pay for their maintenance and storage, even if you own the space and doing the upkeep yourself. It is because of the associated costs that you have to manage them very well. You may need purchasing management software.

But what Is the Big Deal with Inventory?

Better yet, why is its management so important that you would require investing on purchasing inventory software? Here is an illustration.

Let us assume that you are selling cheap phones, and you have converted your garage into a mini-warehouse and office to save on rent, so you do not need to charge it to your inventory. However, since you have to ensure that all the goods continue to be in perfect condition once they are sold and that they are safe from theft, you tap on your local surveillance company that charges you around $200 a month.

Phones are sensitive so you also have to install an air-conditioning unit, which increases your utility bill by 5%. On the average, a phone stays as an inventory for about a month before it gets sold.

If you do not use purchasing management software, any of the following may happen to you:

-You will not know how to charge those business costs so you just decide to absorb them. That would have been wise thinking if it is not for the fact that business spending should always be separate with personal ones for better accounting. -Because you have very little idea of your inventory costs, your products turn out to be underpriced. In the end, you are not gaining any profit even if you can physically receive revenues. -You commit some of the most common but crucial inventory management mistakes including charging a product twice for the inventory costs.

What the Purchasing Inventory Software Can Do for You

One of the biggest reasons to use purchasing inventory software is to let you manage this very important aspect of business more efficiently.

You now get to charge the right costs for inventory, but you can also keep track of its flow. The software can work alongside other accounting applications for a more cohesive and accurate reporting and picture of the health of your business. Moreover, the software supports your business goals by ensuring you have the right ROI figures.

Using the purchasing management software also automates the process, decreasing time spent on routine tasks. Less time means less use of resources, and that translates to significant savings for the business. Hence, investing on this type of program is a truly win-win decision.

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Automate your purchasing process today and have more time leading, marketing, and building revenues and cash flows. Invest in customizable purchasing management software http://bellwethercorp.com/web-based-series/ from Bellwether. When you invest on its purchasing inventory software, you also invest on the company’s over 28 years’ experience in requisition and purchasing management.

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Real Time Inventory Management

Real Time Inventory Management

A lot has been said about inventory management, but it still isn’t complete without a discussion on real time inventory management.

 

Inventory is often proclaimed to be a necessary evil especially in the retail business. Who would want to risk a customer loss arising out of product shortage? If they want it, you ought to have enough to sell. But the classic question has always been regarding how much is enough.

 

To understand its implications, the very first realization that one ought to have is that inventory costs are not only those that you see in everyday life. They extend much beyond the everyday costs in the form of additional money that you need to put in to keep the business running. Inventory is the number one cash eater.

 

What Is Real Time Inventory Management?

Real Time Inventory Management basically means managing inventory as and when it depletes. A large part of this strategy depends on technology, which is why its initial cost scares some skeptics.

 

The technology involved is basically RFID chips and barcodes. They keep a track of all of the inventory that is coming in and out of the store. The benefits of being able to do so can be many. All you need to do is to ensure that you get a few things in place. You will need to know:

  -How many units do I order? -How much time does the supplier need to fulfill this order? -What point am I going to order?

 

Most retailers order in a time bound manner. They always seem to have enough of what is not in demand in the market.

 

It is important to understand the value real time information adds to a supply chain. You are not forecasting anything or relying on any guesses.

Rather, you are reading the mind of the market and acting accordingly. At the same time apart from inventory costs you would cut down on a lot of storage and administrative costs also since you wouldn’t need a huge warehouse or a stock clerk.

 

How It Works

Reduces fixed costs: Fixed costs are a burden on a retailer’s shoulder. They drain profits. With the help of a real time inventory management system, you can bring them down to the minimal level. You could make your organization much leaner by virtually eliminating the purchase department. They won’t need to forecast the demand or place orders. All you need to have your suppliers ready; the system will do the rest. Also, since it is largely automated, the chances of error are much less. Machines are not as forgetful as humans are.

 

It is not uncommon to be stuck with products that your customers no longer want. Demands change faster than you can imagine. Now imagine selling multiple variants of multiple products, you are bound to be left stuck with some unsold inventory. With real time inventory management, you can gauge the pulse of the market by keeping a track of what is sold and when it needs to be ordered, thereby reducing these costs to a bare minimum.

 

Eliminates Stock Outs: Stock outs and shortages are results of errors in forecasting demand. While most of the earlier discussion was about reforming the methods of forecasting, real time inventory management has bought a new perspective. It eliminates the need to forecast and thereby eliminates all the errors associated with it. If the demand runs fast, so does you’re ordering cycle. This is called flexibility of the supply chain.

 

Improves Customer Relations: A recent study has exposed that there are some “Universal Customer Expectations” that the customer expects from every seller they deal with. These are maximum choice, maximum value at lowest price. With the help of real time inventory management, you can easily offer all three.

 

Simplifies Work Processes: Real time inventory management significantly reduces the error rate. Since a lot of work is automated, there is less chance of error. Moreover all your processes run on facts rather than on forecasted projections.

 

How to Choose?

There are many options available in the market today. Each business is different and therefore by extension the inventory needs of each of them are also unique. Real time inventory management helps any business.

 

Modularity: It is essential that the real time inventory management solution that you look out for is modular. Modularity basically means the ability to choose the specific features that you may desire rather than taking the whole package.

 

Modularity is so important because these inventory management systems are means to serve the interests of many organizations that have diverse business interests. You may not require half of their solution but the other half maybe invaluable to you. So modularity allows you to choose the solution that you think is best.

 

Ease of Implementation: Inventory management systems are easier to procure than to implement. A lot of these systems are complex and require training the staff, or sometimes you may have to hire new staff skilled enough to take care of this. So, the choice is, whether the system will save you enough money to offset the increased training costs and still be valuable. Do not forget to consider the time value of money.

 

Integration: The ability to measure the changes gives the manager the knowledge of what’s working and what is not, and it is this ability which must be harnessed to evaluate the efficiency of the inventory management system.

 

So it is essential that the system integrates with accounting, human resources and other such systems, which are generally used in an organization.

 

A very common mistake is to draw inventory reports from the new system and continue with financials and other reports in the previous way. This gives an inaccurate position of how effectively the materials, staff, money and other resources are employed.

 

In the End

Big businesses and small businesses generally have an efficiency gap between them with the bigger players being better. It is imperative that a small business grows and thrives by adapting to gain a competitive edge over smaller competitors.

 

Real time inventory management is still a relatively unknown commodity. So unleash the potential of this powerful tool and gain competitive advantage.

http://inventory.ezinemark.com/real-time-inventory-management-16abec6ab23.html