6 Key Advantages of Inventory Management Software

As a small business retailer, you likely possess some kind of system in place for keeping track of the products you have in inventory. You need to recognize what you own, how much you have at present, and how much you need to order — and when! Is the way you manage inventory at present enough?

Goods Order Inventory Management software allows for proper planning, real time inventory tracking, accounting integration, detailed analytics, and prompt service delivery to help businesses trim the fat off their operation and start moving with purpose.

There are many other advantages of inventory management software for business owners, as discussed below.

  1. Integration of back end systems with accounting

Modern inventory management software such as Goods Order Inventory Management allows for connectivity between all back-end systems including your inventory software, ecommerce system, (Shopify) and accounting systems (Xero, Quickbooks).

The result is minimal data entry requirements, a much smoother order processing flow, and detailed financials on demand. Integration through inventory management software creates a centralized system for the processing of all inventory related data. This allows for easy real-time monitoring across the entire supply chain with efficient order processing.

  1. Automated and Effortless Management

Nobody tracks inventory as a hobby. There is nothing fun about counting stock, filing purchase orders, or making inventory reports. These chores drain away hours of your week, taking time away from marketing, management, sales, and other crucial parts of keeping your business running smoothly.

As more and more tasks are automated by inventory management software, you’ll need to spend less and less time performing those tasks by hand. Less time shuffling through receipts, sorting through bins, or tallying stock counts. Take that time back and spend it running your business.

  1. Save money in stocking and restocking inventory

A key part of inventory management is having the right amount of inventory on hand. If you order too little of something, you will oversell or run out of stock early. If you order too much, you’ll waste valuable warehouse space while waiting for those units to sell. But how do you determine the right amount of inventory to order if you don’t have the right stock levels recorded?

Having greater confidence in your current stock levels will make a huge difference in what you spend replenishing them. You can clearly see how much needs to be ordered and when, allowing you to trim costs where they aren’t necessary.

  1. Improves merchandising and marketing decisions

As we have found in many of our case studies, our customers are often left in the dark as to which of their products are their best performers when they don’t utilize inventory management software.

With software that is equipped with the proper analytics like Goods Order Inventory Management, you can quickly view essential data on product performance to help you make informed decisions on your merchandise, such as promotions, marketing campaigns and inventory levels to maintain.

  1. Cloud based inventory tracking across multiple outlets

The centralized management of inventory from different outlets is made possible through cloud based inventory management.

Storefronts at multiple locations, warehouses, and e-commerce stores can all share the same data and systems, finally uniting the business as one and allowing it to function on all cylinders. Store owners and employees can track orders and fulfill many business obligations and from a single dashboard regardless of where they are in the world.

This is often convenient for store owners who are desperate to get out of the office from time to time. Both employees and store owners can perform many work requirements from home using cloud based inventory management, allowing for a degree of flexibility.

  1. Eliminate human errors

Early in your business you have to rely on humans for many processes and for inventory tracking, ordering, etc. However, many stock level inaccuracies occur due to human error. And, the cost of those errors can quickly begin to add up.

Inventory management software automates key areas such as eliminating the need for visual checks through barcode scanning, and automating reordering, which decreases over and under-stocking, both of which are costly for businesses. Inventory software gives a clear flow of your stock, which also helps in identifying inaccuracies and patterns of loss. These patterns can then be investigated to get to the bottom of any over or under supply related issues.

Despite the many benefits of inventory software, it’s important to choose the right solution for your business with the proper features.

Goods Order Inventory Management offers a no risk or obligation 14-day Free trial to see the power of our software to transform your business. Try Goods Order Inventory Management today and enter a new era of growth, efficiency and reliability in your business.

Find out more benefits of cloud-based inventory management software.

Contact us for a detailed DEMO of the Goods Order Inventory Management Software.

share
Share On Twitter
Share On Linkdin
Share On Stumbleupon
Share On Reddit

Leave a Reply

Your email address will not be published. Required fields are marked *