Inventory management software is software for tracking inventory levels, orders, sales, and deliveries. It also can be utilized in the manufacturing industry to make a piece order, bill of materials, and other production-related documents. Companies use inventory management software to avoid product overstock and outages. It’s an amazing tool for organizing inventory data that before was generally stored in hard-copy form or in spreadsheets. Cool, right?
Companies often use inventory management software to scale back their carrying costs. The software is employed to trace products and parts as they’re transported from a vendor to a warehouse, between warehouses, and eventually to a retail location or onto a customer.
Inventory management software is employed for a bunch of purposes, including:
- Maintaining a balance between an excessive amount of and insufficient inventory.
- Tracking inventory because it is transported between locations.
- Receiving items into a warehouse or other location.
- Picking, packing, and shipping items from a warehouse.
- Keeping track of product sales and inventory levels.
- Cutting down on product obsolescence and spoilage.
Features of Inventory Management Software
Inventory management software is formed from several key components working together to make a cohesive inventory of the many organization’s systems. These features include:
- Reorder point
- Asset tracking
- Service management
- Product identification
- Inventory optimization
There are several advantages to using inventory management software in a business setting.
Warehouse Inventory management software can help distributors, wholesalers, manufacturers and retailers optimize their warehouses. If certain products are often sold together or are more popular than others, those products are often grouped together or placed near the delivery area to hurry up the method of picking.
By 2018, 66% of warehouses are poised to undergo a seismic shift, moving from still prevalent pen and paper processes to automated and mechanized inventory solutions. With these new automated processes, cycle counts are going to be performed more often and with less effort, increasing inventory visibility, and resulting in more accurate fulfillment, fewer out-of-stock situations, and fewer lost sales. More confidence in inventory accuracy will cause a replacement to specialize in optimizing mix, expanding a variety, and accelerating inventory turns.
With more products being sold online than ever before, it’s important for businesses to understand where their products are, organize them effectively, and understand when to reorder so as to avoid headaches around fulfillment.
Through an eCommerce inventory management system, businesses know what products are overstocked, in stock, understocked, and out of stock.
Inventory management is closely tied to a company’s financials. In any given large warehouse, correct control over inventory gives you a birds-eye view of the quantity of revenue potential from every single pallet. From there, businesses can make more informed decisions around other strategies – like marketing – and adjust the demand for future storage or warehousing.
ProfitBooks Inventory, best inventory software trusted by businesses globally:
ProfitBooks Inventory is free inventory management software designed to help small businesses effortlessly manage their inventory across multiple channels and devices.
1. Easy sales tracking
This free inventory tracking software keeps track of your entire sales activity right from adding contacts of your leads and prospects, creating sales orders, invoices, and managing sales on online marketplaces.
2. Centralized view
Get a fast update of all of your transactions and order status from a centralized dashboard. See how many items have to be packed, what percentage were shipped, delivered from one screen.
3. Monitor purchases
Add vendor details to your contacts, and manage all of your bills and buy orders in a single place. Make your buying process simpler by creating backorders or maybe converting your sales orders into drop-shipments.
4. Control warehouses
Even if you’ve got multiple warehouses in several locations, you’ll manage orders and warehouse transfers of stock from one system. In this manner, you’ll control the movement of things without consuming tons of your time.
5. Smart automation
Your crucial reports like sales and buy history, and inventory valuation get automatically updated on a real-time basis. You’ll also find out email and field update workflows to eliminate some manual tasks.
But why ProfitBooks Inventory software?
First, it doesn’t cost you anything. This provides the ROI justification to implement it. Second, it helps you improve the customer experience you’ve got to supply. The free software automatically tracks your inventory and alerts you just in case of a shortage. With this automation, you’ll significantly reduce the probabilities of order cancellation.
ProfitBooks inventory management solution will trigger business growth in two ways: you save on software costs and reduce revenue losses because of canceled orders.
- Totally Risk-Free
There is no risk of losing your data for failing to renew your account. You can even export your entire data.
- Forever Free
Your ProfitBooks account will never expire. So, no need to remember those renewal dates.