The importance of inventory control software
Inventory management is a critical part of a business work plan. The correct techniques for inventory control can lead to large revenues. Whereas, inadequate inventory maintenance can cause significant financial as well as production losses. Poor inventory can be quite damaging to your organization.
Overstocking of assets is dangerous, as additional stock can be destroyed over time due to unforeseen circumstances. If you lack a system to take out poor inventory, it will just consume extra space in your warehouse. Idle inventory is also at a greater risk of getting lost or being stolen. All these are direct consequences of poor asset management practices.
What is the best inventory solution for your business?
To implement effective inventory control practices, businesses choose to invest in automated asset tracking solutions. According to a market report published by Credence Research regarding retail inventory management software deployment, the demand for cloud-based solutions is on the rise. The global market for inventory control software is expected to increase at a compound annual growth rate of 7.6% for the time period 2016-2023.
Web-based inventory control software enables retailers to organize, track and manage assets from the time of purchase to their final deployment. The most important reason why the majority of retailers use cloud-based asset tracking solution is that it minimizes inefficiencies in managing inventory between locations.
Benefits of automated inventory management
With technological advancements and improved integration capabilities, cloud-based asset management software is definitely expected to upgrade your operational procedures. To help you gain more insight into cloud-based solutions, we will discuss some advantages of inventory control software below:
Optimal utilization of assets through increased efficiency
Inventory control software comes with high-performance features to cater to your inventory needs. This software can aid your business to increase efficiency through the following functions:
- Seamless inventory tracking: Knowing the whereabouts of your assets is the first step towards effective inventory management. With the help of barcodes assigned to assets, your business can track the asset location with ease. You can also use Barcodes and QR codes to speed up the process of inventory counts. This automated inventory tracking system reduces physical effort as well as human error and provides more accurate data about assets.
- Routine maintenance: Poor inventory is a huge hazard for your business. If you do not properly maintain your equipment, you are likely to suffer from lags in your daily tasks. The costs associated with undue equipment downtime are far more than just financial. Inventory control software offers you scheduled asset maintenance. Through this feature, you can boost preventative measures to keep your assets in good shape!
Did you know? According to New England Journal of Medicine, the use of barcodes in medication decreased errors in administration by 41.4% at an academic medical center.
- Streamline integration: Inventory control software comes with the flexibility to integrate with other applications. You don’t have to manually enter all your asset data onto different platforms. This not only saves your employees’ time but helps maintain data accuracy and reduces the error associated with manual documentation. With automated syncing of data across all channels, you can control operations from a single source. You can prepare purchase orders and view service history all at one spot! This makes asset management more efficient and organized!
Read more: How to tackle poor inventory management using asset tracking software
Scalability and security
Your business needs a software which can adapt to changes and growth in the working model. Inventory management is a complex task spread over many departments and demands absolute commitment. Changing your inventory software can be tedious, not to mention costly as well. An on-premise software has a user limit and can fail to meet the requirement of a huge workforce. Every time a new employee joins your office, the software has to be installed on their computer and the license fee paid.
If you choose a cloud-based inventory control system for your business, rest assured it will last for the long run. Online software allows you to scale quickly without losing important data. Apart from this, asset tracking software offers a robust security system for your data. Cloud-based solutions protect your data against unauthorized users and mitigate risks involved with information loss.
Did you know? A survey conducted by Paragon software shows that 1 in 5 small and medium businesses have faced data loss with a significant blow to their companies.
Real-time analysis through customized features
As a successful business, it is crucial to not only track your inventory but analyze it as well. The true growth potential for any business relies on its ability to upgrade its functions. If you know your strengths and weaknesses, it becomes easier to plan business strategies to outperform the competition in the market. The best way to do this is to prepare reports on your current practices. Once you have done that, you can study trends and patterns which outline inventory performance.
Inventory control software offers you to create custom reports to boost business productivity. Say you gather information from these reports that a few assets are downplaying your business. What do you do? Get rid of them or replace them as soon as possible. A comprehensive analysis of your inventory allows you to deal with overstocking and understocking. Both of which are not good for your business. Detailed reports allow you to forecast inventory needs for the next season. This leads to faster business growth and improved productivity.
Prepare custom analysis according to your inventory needs.
Read more: Customizable features of asset management tailored to your business
Multiple features of asset tracking software – the right tools for inventory control
Inventory management done the right way through the right tools can push your business to the attain higher productivity. The best inventory control practices not only simplifies your workflows but creates a systematic business environment. By helping your company in recording asset movement across locations and providing an easily accessible secure platform to work with, inventory control software proves to be a good choice for your business.
Have questions about our Inventory Control Software?
EZOfficeInventory is the leading inventory control software used by small businesses and companies all around the world. Track and manage your inventory effortlessly.
For more assistance, email us to support@ezo.io.
