Nivida - How Inventory Management Software can help your business-converted

1. How Inventory Management System can help your business? Any company that uses the Inventory Management System recognizes how beneficial it can be in terms of profit generation. For those who are undecided about whether or not to use inventory management software in their firm, we've listed a few benefits of inventory management systems below to help you make an informed decision. Purpose of Inventory Management: Inventory management is the activity of managing the purchase, storage, and sale of stock, whether raw materials, parts, or finished goods, to guarantee that the proper type and amount of stocks are accessible without keeping surplus stock and tying up capital. Inventory management, when done correctly, saves businesses money. Inventory management's major goal is to guarantee that there are enough items to meet demand without overstocking or having excess inventory.

2. Benefits of Inventory Management System: Accurate inventory management is essential for running a profitable product firm. Stock tracking on a regular basis might help to avoid stock mistakes and other issues. The following are the advantages of effective inventory management: ●Improved Inventory Accuracy: With good inventory management, you know what's in stock and order only what you need to meet demand. ●Reduced Overselling Risk: Inventory management allows you to keep a record of what is in stock and what needs to be ordered to avoid low stock issues. ●Savings on costs: Stock is expensive until it is sold. Carrying costs include storage, handling, and shipping charges, as well as insurance and labour compensation. Inventory is also vulnerable to theft, natural disaster loss, and obsolescence. ●Avoiding Excess Stock and Stockouts: Better planning and management enable a company to reduce the number of days an item is out of stock, if any, and avoid maintaining too much inventory. In our “Essential Guide to Inventory Control,” you can learn more about resolving stockouts. ●Greater Insights: Inventory tracking and stock control can allow you to readily identify sales patterns and track recalled products or expiry dates. ●Improved Relationships with Suppliers and Vendors: Inventory management also offers information on which products sell and in what quantities. Use that knowledge as a bargaining chip with vendors to get better rates and terms. ●More Productivity: Good inventory management solutions may help you free up your precious time that you can spend on other essential things too.

3. ●Increased Profits: Better awareness of both availability and demand results in higher inventory turnover, which results in higher earnings. ●A More Organized Warehouse: A well-organized warehouse with things sorted based on demand, which items are frequently sold together, and other variables minimises labour costs and speeds up order fulfilment. ●Better Customer Experience: Customers who receive their orders on time become more loyal. Features of Inventory Management System: The following are the key aspects of inventory management software: 1. Set Re-Order Point: When you establish a re-order point, you may minimise overstocking and save money on out-of-stock items. When this program warns the responsible person that supply is going to run out, the stock replenishment process begins. 2. Inventory Tracking: When a product is in a location such as a warehouse or a store. Asset and inventory tracking technology such as barcodes, QR codes, RFID, and so on can be used to track it. They are useful in giving real-time location information. 3. Inventory Optimization: Inventory optimization measures include re-order point, re-order quantity, and accurate stock cover. These indicators aid in inventory optimization. 4. Inventory Analytics: This software delivers figures and analytics that aid in determining where you have invested your resources and what the outcome has been. To be precise, it provides a comprehensive picture of inventory management.