For many of the people around, the word “inventory” simply means lots and lots of counting. However, the complete meaning and motive of inventory management remains hidden for many. No matter how big or small a business is, inventory management is a must-have practice which is also considered a major task in their day-to-day business workflow.
Many businesses reconcile their inventory at the end of the year, while some require inventory management and stock tracking on a daily basis. It is all about the business type and the needs, which determine the need of inventory management in any organization. For example, retail businesses can never overlook the need of inventory management at any costs. Similarly, packaging industry is also one such business area which requires regular inventory management practices without any compromises.
Why Inventory Management Is Important?
An inventory lying in the warehouse ties up a lot of capital investment. This is why, inventory management is very crucial for any packaging company. An inventory is like a cash flow which can make or break your business.
It Saves Your Money
A well-managed and updated inventory saves your money in various ways:
If your business involves a product with short shelf life or the one with an expiry date (like food or makeup), there is always a chance that they will go bad before you actually send it to the required shop or retail store. An updated inventory record helps you avoid unnecessary wastage.
Avoid Dead Stock
Dead stock refers to those products or items, which can now no longer be sold or sent to the market. Not because they have expired, but it might have gone out of the demand due to season, style or any other aspect. With a smart inventory management, one can avoid losses on dead stock.
Saving on Storage Costs
It is a well-known fact that warehousing is a costly engagement, which is variable in nature. This means that the warehousing costs depend on how much you are storing. When you store too much products at once, the storage costs will definitely go up. Managing inventories effectively will help you avoid this.
Improving Cash Flow
An efficient and accurate inventory management practice not only saves your money, but it also helps in improving cash flow. You pay for the products which you’re going to sell for cash. Keeping irrelevant and excessive products in the warehouse will never cash, rather you’re paying to landlord for it. This is also the reason why inventory management is an import factor for a smart cash flow management.
When you know how much stock you have, and based on sales trends, you can project when you’ll run out of stock. As a result, you can easily order for new stock at the right time. All you need is an efficient inventory management solution for this.
Goods Order Inventory System Pro – An Advanced Inventory Control Solution
Goods Order Inventory System Pro is an ‘all-in-one’ inventory management solution which has been designed to help all types and sizes of packaging companies. It is a cloud-based solution, which can be accessed through multiple devices with an ease. Added with various features and quick inventory control tools, GOIS Pro is the perfect solution for all your inventory management needs.
The top features of GOIS Pro include:
- Secured Cloud Storage
Store your entire inventory database and customer records on a highly secured Cloud, protected against all potential threats.
- Mobile Accessibility
Access GOIS Pro form any part of the globe with a compatible device and internet connection.
- Free App on Android and iOS
Download Free GOIS Pro App for your Apple iPhone, iPad and Android Smartphone & tablets.
- Product Management
Manage all your products in-stock with an ease.
- Barcode Scanning Support
Barcode scanning support from your smartphone’s rear camera. No additional investment required.
- Sales/Purchase Management
Create, manage and track Sales/Purchase orders without any hassle.
- Intelligent Analytics System
Advanced analytics tools to track your sales, purchases and profits.
- Quick Reporting
Export essential data and reports in .CSV format.
- Advanced Stock Tracking
Track your existing stock status for any business location on-the-go.
- Multiple Categories
Add products in different categories to avoid any confusion.
- Multiple Organizations, Business Units, and Inventories
Single inventory management solution capable of handling multiple organizations, business units, and inventories together.
- Real Time Synchronization
Real-time synchronization so that you can track updated stock reports without any delay.
There are various smart features of Goods Order Inventory System Pro, which makes it one of the best inventory management software solutions for packaging business. To know more about GOIS Pro and its advanced features, contact us today!
To know more about this topic or to schedule a demo, please send us a message.
Goods Order Inventory System
2500 Plaza 5, 25th Floor
Harborside Financial Center
Jersey City, NJ 07311