Types of Inventory Control System – Choose what suits your business
Technological solutions that revolve around shipping, purchasing and warehouse tracking commonly fall under inventory control systems. Such systems enable companies to upgrade performance by adopting lean practices to refine productivity and efficiency along the supply chain for a maximum rate of returns. If a company is able to optimize its inventory routines, it will reach higher revenues and minimize overhead expenses.
As every business has its unique portfolio, one style does not suit all. For this very reason, companies have the option of different inventory systems to accommodate specific requirements. Here is an overview of the two main systems your company can deploy an online inventory control software:
1. Perpetual Inventory System: This system is designed for organizations which are interested in updating their inventory records on a continuous basis. Perpetual system is recommended for companies that operate on a day to day basis and require instant inventory counts.
2. Periodic Inventory System: When your company opts for periodic routines, it is able to track inventory using physical counts due to time constraints. It is up to your organization to go for LIFO or FIFO inventory accounting methods. This practice assumes the new period’s inventory as the previous period’s closing balance.
While both methods have their pros and cons they can be easily integrated into your workflows. You can deploy them in the form of the barcode or RFID tracking for your organization. These procedures mainly work as a part of an online inventory control software.
Raise efficiency levels at your firm through the following features of an online inventory system:
One: Utilize RFID for multiple inventory operations
Inventory check-ins and check-outs for a large shipment can be very time consuming and redundant. For companies dealing with truckloads of tools and machines coming in every day, it is important to execute efficient management strategies. One simple solution to this problem is to carry out mass actions at once to save time as well as streamline workflows.
With the help of an online inventory control software, your organization can use RFID technology to track multiple inventory items at once. This comes in extremely handy when you have large quantities of assets coming into the warehouse. Faster inventory operations increase the productivity of employees and enable seamless workflows.
Did you know? The total RFID market is worth $ 8.89 Billion and is predicted to reach $27.31 Billion by 2024.
Two: Enable tracking for optimized warehouse management
If you are a large-sized business, you tend to expand your inventory base frequently and have more than a hundred assets in your portfolio. On the contrast, if you are small sized business, you might not have extra resources to spare to locate missing inventory items every now and then. In such cases, both small and medium-sized business are likely to opt for technologies that help them track inventory items easily. An example is the barcode labels offered by online inventory control software. These tags can be placed on all your inventory items to make identification easier.
So, whenever you want to send some tools across sites, you can have your employees update the map coordinates. Doing this provides instant updates on the whereabouts of your inventory. Tracking practices help to attain data transparency and lower the risk of infringement and theft.
Locate inventory easily to enable efficient warehouse management.
Three: Implement inventory modules to get low stock alerts
One of the key concerns of inventory control is maintaining optimal levels of stock. Majority of the companies still struggle with this aspect and often lose out on valuable capital due to poor administration practices. Both overstocking and understocking can be equally harmful to your business in the short as well as long run. The simple solution is to deploy rigorous online inventory control software which offers sophisticated stock management modules.
With the help of an automated system, you can now get alerts whenever your stock is near minimum threshold levels. This way you can order new inventory stock on time, without running the risks involved with overstocking. When you get low stock alerts, purchase orders are automatically generated to ensure seamless work operations. Eliminate instances of delays when you stock timely to meet your daily objectives.
Four: Maintain an updated database for easy access
The most important asset of a company is its data. This data can contain anything ranging from the organization’s inventory to its employee performance. For a company to plan, execute and analyze its strategies over the years, it is critical to have access to an updated system of records. Doing so is only possible when you have a tracking system in place. Customized labels and barcodes allow any business to keep a constant check and balance on its tools and machines.
With the help of an online inventory control software, you can easily store usage history of your assets. This includes wide-ranging information, which comes in handy to forecast future trends and patterns. Plus, a cloud-based system means your information is accessible to all! Connect your employees with valuable data through an online inventory control software.
Stay organized with barcode labels for your inventory.
Aim for higher rate of return on investment with EZOfficeInventory
Any software which is aptly suited to your company’s requirements can make you achieve high-level of revenues as well as motivate your employees to perform better. In order to find such a software, companies often end up experimenting and wasting precious resources. Lucky for you, you don’t have to go through this hassle. As EZOfficeInventory is a supercharged online inventory control software which offers to cater to your company as per its specific needs.
With the ability to customize data whenever necessary, EZOfficeInventory lets you differentiate your products from the rest of the market. Doing so, allows your company to run work operations to maximize its strengths to gain optimal outcomes.
Being a cloud-based software, EZOfficeInventory eliminates the chances of human errors. This is particularly helpful when it comes to inventory data. A single mistake can cause tremendous damage where hundreds of dollars’ worth stock are concerned. Also, this software makes everyday tasks easier for you as it lets you automate inventory processes. Now you don’t need to order the same stock again and again when you can configure the system to run recurring services. Optimize inventory for improved results today and tomorrow!
Learn more about our online inventory control software
EZOfficeInventory is an online inventory tracking software designed to optimize business performance and achieve higher revenues.