Do you know which app is best for inventory management?

“Less focus on inventories, I think, may tend to dampen company cycles because business cycles are typically in the clasp of inventory cycles and heavy industry cycles.” – Paul Volcker (12th chair of the Federal Reserve).

The concept of inventory management is straightforward: understanding how much stock you have on hand, when to order more, and how to maintain a balance.

However, inventory control actually involves a considerably more intricate combination of systems, processes, and procedures to achieve that delicate balance. Effective inventory management is essential to that business’s success. 

Hence, it is essential to use an efficient and cutting-edge inventory management app.

Common inventory management issues

  • Excessive inventory

The good thing is to have adequate inventory to fulfil customer orders swiftly; a bad thing is having an excessive amount of stock.

Your company loses money when you have excess inventory since it uses up resources and raises storage costs. In addition, you can find it difficult to adjust rapidly to changes in client demand, and ageing stock may force you to liquidate.

  • Inventory shortage

Your brand and sales may suffer from low stock levels. Nobody enjoys ordering something just to discover that it is out of stock.

Seasonality, past sales, or consumer requests can all impact the ideal inventory quantity for your company. To determine the optimum inventory level, conduct a demand planning study.

  • Stranded inventory

Stranded or dead inventory is an inventory in a warehouse or fulfilment centre that isn’t available for purchase on your website. Because it locks up your cash, it harms your business. Although you paid for the goods and are still paying for storage, customers cannot purchase them.

A triple trifecta of lost sales, storage expenses, and reduced storage space results from stranded inventory.

  • High storage expenses

Lack of inventory tracking might result in greater storage, removal, and liquidation expenses. You can cut costs and stock up on things that sell quickly by making the most of your storage space.

  • Inventory spoilage

Some products have an expiration date, including food items, dietary supplements, and cosmetics. Your investments are lost if you keep merchandise after it has expired.

By keeping track of your inventory using a system, you can prevent spoilage and offer promotions or discounts on goods that are about to spoil.

How can inventory management systems help?

  • Reduce cost

The costs associated with waste or extra inventory that you can’t sell can be reduced for your company by implementing an efficient stock management app

In addition, costs associated with hiring, refrigeration, and warehousing can all pile up if your company is keeping far more inventory than is necessary.

Hence, your company can guarantee that it only ever keeps the ideal amount of inventory in storage with an inventory management system.

  • Free up money

Having excess funds caught in inventory prevents them from being used for other business expenses. So, the owner can determine how much of any given item they will need for a certain time with the use of a solid inventory management app. 

As a result, they are less inclined to buy more goods than is necessary.

  • Maintain optimum stock levels

Systems for managing inventories are also helpful when the stock shortage issue arises. 

Such tools notify you when stock levels are low and enable you to act promptly, preventing supply shortages and boosting sales.

The best inventory management app: StockWare

StockWare inventory management application offers various benefits and is a one-stop solution for your stock management. Its features include:

  • Real-time inventory tracking

This is the most important and fundamental requirement for an inventory management system. 

Your company can always keep track of all of your stock, thanks to real-time inventory tracking. This is particularly helpful for companies with a high turnover rate. 

Real-time tracking enables you to identify the products that are selling quickly and place stock reorders before it’s too late. Additionally, it will have alerts that let you know when a specific item is running short.

  • Business activity reporting

The reporting of numerous business activities is one of the most useful functions. 

People in charge of managing an inventory firm must be informed about a variety of business activities, such as the driver’s whereabouts, the status of the goods, details about the order’s shipment, etc. 

This inventory management software allows you to combine various technologies for effective task reporting.

  • Highly flexible

One of the features of inventory management software must be flexible to meet your business needs. 

Since no two business operations are the same, this inventory management system allows you to customise and set parameters according to your requirements. Hence, you can tailor fields and use existing templates as well.

  • Centralised management

The inventory management system’s ability to track all inventory data is one of its most crucial features. It effectively keeps track of the stock levels, product history, and many other details. 

The inventory management app’s ability to sync with other inventory modules is one of its best features. This aids in the precise running of the system.

A unified inventory management app boosts team member productivity and cooperation. As a result, crew members from various sites can communicate and collaborate. 

Moreover, you can add team members, complete your stocktake, and leave remarks on the orders.

Final thoughts!

Many advantages of using an inventory management app revolve around the efficient usage of products. However, your company’s nature, size, and type or amount of stock will all have an impact on the specific benefits you receive.

For better or worse, your bottom line can be significantly impacted by little changes to your inventory management. 

So, inventory control done correctly using the StockWare app can increase sales. On the other hand, missed opportunities may result in financial loss.