Inventory control has a mark-up of up to 45% to 90% of business expense to ensure the right goods have been procured, stock-outs are avoided, prevent spoilage/theft and to provide proper accounting. Often companies, especially retailers, have too much capital tied up in inventory. This might cause the inventory to become old, shopworn, or obsolete, creating an imbalance among different product line which in turn reduces customer interest.
GOIS pro is a mobile and web application designed for inventory control in SMEs and online stores. The application has been designed to facilitate the operations and ensure optimum inventory control. Inventory control involves procurement, care and disposal of goods and GOIS Pro will assist in the process by monitoring, reporting and managing the process with its advanced features.
GOIS Pro has been built as a SaaS application whereby all data entered into the application will be stored in a secure server and can be accessed through cloud using internet enabled mobile or desktop device. The mobile application is free to download on iPad, iPhone or Android device. So, real time data can be viewed by authorized users and modified or acted upon as per requirements.
In manufacturing companies, there are three kinds of inventory –
- Raw materials
- In-process or semi-finished goods
- Finished goods
Managing these three inventory types effectively will allow capital tied up in excess inventory can be utilized elsewhere, production control can be improved and inventory can be protected against obsolescence or theft. GOIS Pro allows inventory to be categorized and listed comprehensively with extensive search option to view individual inventory status.
There are three types of inventory control system-
- Eyeball system – widely used in small stores where the manager just looks around the stock room and if the level of certain inventory is low, then record it
- Reserve stock system – in this system some reserve stock is kept aside in case of emergency. To calculate the proper quantity of reserve stock the rate of product usage and order cycle delivery time has to be known.
- Perpetual computer-run system – it includes manual or computer operated system which has programmed instruction to transmit an order to a vendor as inventory touches its lowest level.
GOIS Pro is a Perpetual-computer run system which uses the mobile device camera as a barcode scanner for recording inventory detail. Thereafter, by simply scanning a single product the inventory status can be observed. If the inventory stock is running low, then fresh orders can be placed immediately to the vendor via GOIS Pro. Reserve stock may be labelled and placed in a separate category and integrated with the regular inventory when it replaces it.
A stock control system must keep the manager aware of the quantity of each kind of inventory on hand and provide an effective system for categorizing the product as per its type, quantity, price, brand etc. GOIS Pro is equipped to perform all these functions.