What is Inventory Management?
Inventory management involves monitoring and controlling your inventory, enabling your business to meet customer demand without holding excessive stock. It ensures the right goods are in the right place and at the right time, optimising the balance between supply and demand. Inventory management software is an invaluable tool for businesses aiming to achieve this balance.
Inventory
An accurate, automated inventory tracking system helps prevent lost sales due to low or unavailable stock levels and reduces high storage costs due to excess stock. Running a lean inventory is a balancing act between meeting customer demand and minimising associated costs of stock held. Use an Inventory Management System to identify and hold stock of your best sellers.
Effective Inventory Management Involves the Following:
Real-Time Inventory Management
Immediate updates on stock levels ensures accuracy across all sales channels and storage locations.
Barcode Scanning and Bin Location Management
Barcode scanning and bin location management significantly enhances the pick, pack & dispatch process, along with storage management. Barcode scanning minimises errors, while bin location management optimises space utilisation and retrieval times. Both are essential components of an effective inventory management system.
Managing Composite Items
Managing composite items, such as bundles made up of multiple products, is essential. An efficient inventory management system manages composite items by automatically updating inventory levels as components are purchased, sold or returned in order to ensure accurate tracking and replenishment.
Product Information Management
Incorporating product information management (PIM) within your inventory management software ensures centralised product data, including descriptions, specifications, pricing and images – ensuring consistency across all platforms.
Sales Order Processing
Integrating inventory management with sales order processing enables businesses to manage their inventory across all locations and sales channels, fulfil orders efficiently and automate purchasing and replenishment.
Managing Multi-Locations
Maintaining accurate inventory levels across different locations can pose a significant challenge if you are regularly moving stock between locations. Efficient Multi-Location inventory management, facilitates an audit trail on all stock transfers and movements.
A cloud based inventory management system that incorporates bin location management, barcode scanning, product information management, sales order processing and composite items management for multiple locations – all in real-time – can prove invaluable if your goal is to scale your business.
Click here for more information about Stok.ly Inventory Management
Call us on 01432 804333
Author: Iain Coplans CEO Stok.ly