4 Ways Smart Inventory Management Makes Running a Business EasierOn February 16, 2021 by Rafael Allen
Inventory management is essential for any retail business that keeps stock of goods or raw materials. What was once a manual process, inventory management software has streamlined the inventory management process. The right system reduces errors and helps businesses optimize the supply chain and order fulfillment.
Inventory management software is designed to automate warehouse and inventory management, streamline inventory tracking, reorder points, and update accounting data. Inventory software provides real-time visibility of the movement of inventory items so you can have a clear idea of what’s going on. Effective inventory management keeps your supply chain management in check, prevents stockouts and excess inventory, and helps avoid incorrect shipments.
1. Inventory Tracking
An inventory management solution can integrate with other systems to improve inventory control through real-time tracking. When you have live visibility of your physical inventory location and how it moves, you can eliminate human error.
The right inventory system maintains accurate product SKUs to minimize stockouts and ensure enough stock at any given time. It ensures the fulfillment of the correct products and promotes better communication and an effective supplier ordering process. Real-time reporting and a centralized dashboard helps you and your inventory manager support and monitor all aspects of the inventory management method.
EigenRun’s inventory management for online small businesses supports the best practices of tracking inventory count to maintain correct stock levels with a Safety and Review feature. Their effective inventory management system syncs your live inventory across all marketplaces and generates purchase orders (POs) in a central dashboard. A reporting dashboard generates management, warehouse, and goods-in reports to help keep better track of inventory. Maintaining the correct amount of inventory is one of the best ways to manage costs supporting your bottom line.
2. Automated Reordering
Good inventory management is the best way to keep a clear record of your overall merchandise to ensure you always have a sufficient number of units on hand to keep up with customer demand. You don’t want to have dead stock, or too much inventory, as an online store. Not only do you have to keep up with storage costs for merchandise, but you also don’t want it to sit on your shelves for too long, especially perishable products.
Inventory software can automatically generate purchase orders for suppliers when your inventory levels are low. Automation of reorders ensures you have enough lead time to avoid product shortages. Ordering the right inventory at the right time is a great way to reduce storage costs while reducing excess spending on unneeded items.
3. Accounting Integration
One of the greatest conveniences provided by an inventory management system is integration with accounting and ERP systems. Integration reduces human error and prevents duplicate data. Keeping pertinent information in one place is smart to stay organized and save time finding what you need. A cloud storage service offers the convenience of accessing your digital content in one place at any time.
My Cloud Home is a personal cloud storage device that syncs to your internet connection and backs up your photos, videos, and files to one place. The mobile app makes it easy to upload, access, and share content from anywhere. You can upload jpeg photos from cloud image storage services like Flickr, Google Photos, Dropbox, and Google Drive. With all of your digital content organized in folders, you’ll spend less time searching for what you need.
Your online store will benefit from the accurate planning and forecasting that comes with a systematic inventory management approach. Forecasting tools help improve the accuracy of analyzing historical production and sales data. The ability to effectively predict customer demand and merchandise needs helps you manage trends and opportunities that improve productivity.
Smart inventory management offers several benefits to a retail business. Inventory tracking, automated reordering, accounting integration, and forecasting are key ways inventory software helps make running a business easier.