Inventory or stocks are the lifeline and constitute brand image of any company or business. Beginning from the manufacturing stage to the tracking of products and parts during their transportation from vendor to warehouse, between the warehouses and then to retail location or directly to the customer. An Inventory Management Software is a computer based system software to keep track on inventory levels, orders, sales and deliveries. The Manufacturing industry can utilize it to generate work orders and bills of materials. Regular usage of inventory management software can keep check on overstocking of product and outages. Inventory data can be organized in an ‘easy to access and operate way’ and the old method of maintaining data in the form of lengthy spreadsheets can be shunned completely.
Bsquare is the leading provider of Inventory Management Software Solutions to small and large businesses through its offices located in Delhi and Bangalore, India.
Components of an Inventory Management Software
- Order Management: Product order management is one of the primary concerns of any company and there’s a need to keep an eye on the product shortage and surplus. To avoid the situation of being deficient in stocks or accumulating an excess of it, the software is programmed to reorder the products or prevent the company from investing more resources into its manufacturing.
- Tracking assets: The software is helpful in tracking any product be it in warehouse or store. An Inventory Management Software is equipped with barcode, radio frequency identification or wireless tracking technology to track assets of your company anytime, anywhere.
- Service Management: It’s a boon for the companies providing services that can employ Inventory Management Software to keep check on the total cost of materials used to provide services.
- Product Identification: The barcode reader element reads barcodes and information on the products. Radio-frequency identification tags and wireless methods of product identification are also quite popular.
Advantages of Inventory Management Software
- Saves Costs: The usage of this software helps businesses save unnecessary expenses by diminishing the money spent on unnecessary parts and products in storage space. There’s sufficient reserve in hand to handle any kind of demand.
- Increased Efficiency: Inventory Management Software System increases efficiency by automatically accomplishing time consuming and complicated tasks related to data, calculation and records.
- Warehouse Organization: Inventory Management Software helps to organize warehouses in a much efficient manner. Through placement and grouping of products, there would be better access, delivery and pickup.
- Update data on Inventory: The Inventory Management Software system informs the executives on inventory records. Firms are adequately prepared for the supply and demand of the market during peak season.
- Security of Data: The software facilitates user restriction that can be extended to the employees for more efficient Inventory Management.