SalesBabu is providing Inventory Management Software for SMEs. Inventory planning plays a major role in any company and especially in the SME sector, where the manpower is less and the amount of work is the same as compared to big companies. Maintaining the inventory to be effectively and efficiently done.
Inventory software is effective for every SME business which helps in inventory tracking. The key things to see in any business or manufacturing unit are how much material is in stock and how much is going out or returned back. If these key points in any business are unable to manage then it’s bound to fail. Here inventory management plays a pivotal role.
Online inventory management Software is a consistent and organized way of working. Every company before implementing inventory control software, they have to keep a few key points in mind. How best the software can be utilised and whether it helps to find easily necessary information about what you are looking for in the solution.
Every industry using inventory software should be well versed with the features available in the software. A good inventory management system will allow companies to see inventory details at all levels. It has to figure out the overall inventory status in real-time, which is possible through the best inventory management software for small businesses India.
How Inventory management/ Inventory control software can help the SMEs
Inventory Control Software is good and it assists SME businesses by managing and maintaining the correct inventory, having the right quantity in the stock, and keeping control in one or multiple locations of the stocks.
Inventory software provided with the functionality of purchase planning management, inventory control management, warehouse stock maintenance, order management and related business management features.
Having control of inventory throughout the business process increases the productivity and profitability of the company. It will also have customer satisfaction by providing in time the quality product and reducing costs of the business.
Inventory management software provides access to the inventory information by all the staff depending on the access security level and allows them to work in real-time, which will help management level staff in monitoring inventory from one screen. Usage of the software is easy and accessible from anywhere, anytime with all information related to the product and stock management.
Online Inventory Management Software is simple and effective. It is enabled for the users to view real-time the stock quantities availability, status of the reorder level information, all the sales orders received, purchases done, pricing related and other information over the inventory system.
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Advantages of Inventory Management
- Cost Saving – Stock costs money until it sells. Carrying costs includes storage handling and transportation fees, insurance, and employee salaries. Inventory is also at risk of robbery, loss from natural disasters, or desertion.
- Better Inventory Accuracy – With the right inventory management, you will be able to recognize what is available in stock and order only the quantity of inventory that you need to fulfill demand.
- More Organized Warehouse – A systematic warehouse with items organized based on demand, which items are often sold together, and other factors that reduce labor costs and speed order fulfillment.
- Increased Profits – A better understanding of both availability and demand will lead to higher inventory turnover, which also leads to greater profits.
- Greater Insights – With inventory tracking and stock control, you will be able to easily spot sales trends or track recalled products or expiry dates.
- Reduced Risk of Overselling – Inventory management will help to track what is in stock and what is on backorder, so you do not oversell all the products.
- Better Terms with Vendors and Suppliers – Inventory management also offers insights about which products sell and in what volume. Use that knowledge as a strength to negotiate better prices and terms with suppliers.
- Better Customer Experience – Customers who receive what they order at the correct time are very much loyal.
Inventory management software comes with many features, few of them mentioned below,
Purchase Order
- Able to create purchase orders and email directly to vendors
- Can maintain a database of customers and suppliers
- Able to set low-level warnings so that you know when to order
- Customise purchase order
Raw material monitoring
- Software is able to monitor and update about stock levels.
- Should be able to manage inventory location wise.
- View inventory levels by location, category or overall
- Product history shows when items were received or sold
Finished Goods
Inventory management software should have a facility to enter finished product details to manage production. This can suggest how much the companies need to produce as per the demand and what all raw materials is required to be reorder. It should also contain full details of the product.
Bills Of Material (BOM)
BOM is important in the manufacturing and SME manufacturing industry process because it helps to provide information – on how many components are used for production to produce the finished product.
BOM is the list of all the components & assemblies of a product. The inventory control software helps to track the parts used for making the production of finished goods.
Inventory software is helping to simplify the complete process and provides information on the inventory levels of each spare and component. BOM contains information about the final product along with the spare part it has used.
Manage Users and Locations
- Able to record transfer stock between locations
- the software accessed via online it allows users in different locations to log in
- allows to define access levels to different users as per their role or job responsibility
- it also allow to manage multiple businesses simultaneously
Delivery Challan or Delivery Note,
The software should be able to generate delivery challans. It is a very important document even for compliance wise Delivery Challan is a complete list of products that are being delivered by the vendor, that are ready to be delivered to the customer.
Delivery Challan is signed by the receiver and is sent back again to the vendor along with the Purchase Bill. It should Track product delivery, this document is proof of delivery and how the number of items delivered
The inventory management software streamlines your inventory process and can increase the productivity of the employees. If the process is set then you will see an increase in production as well.
Highlighting on the most required features in the solution
- Stocks issued to the customers and yet to be issued
- Sales management
- Production work order related Inventory
- Purchase Management
- Managing the Vendors
- Costing and reorder management
- Reorder level quantity managing – Minimum inventory level
- Bill of materials
- Product specification
- Product pictures capturing
- Multi pricing
- Status of the current stock in hand of each branch
- Status of the Inventory from suppliers to be received or received
- Real-time reports
Read our blog : High Inventory Levels: Overcoming the Challenge
Inventory control system
Online Inventory Management Software is the solution for all the business related – customer order confirmation, production, track inventory management activities, inventory to order, monitoring and managing inventory.
Inventory control software helps to maintain the day-to-day activities, and inventory transactions – invoices, sales returns, purchase returns, quotations, sales orders, purchase orders, indents, work orders, reorder level, etc. SalesBabu has a limited offer on Inventory Management Software free trial version, try it today.
Conclusion
Inventory management software is referred to the process of managing the stock – ordering, storing and selling the company’s stock for the sales revenue. During this process, the procurement of the raw materials or spares and the making of the finished goods are managed by the software.
Moreover, it gives a complete view of the inventory in the warehouse and different godowns, which are managed by the staff. Best inventory management software is a systematic solution which is helping to track either raw material or finished products, which are sourced, stored, and sold from the inventory.
As per the business, Inventory control software helps in streamlining the right stock to be available with the company, at any given point of time it gives the accurate level of the stocks in the godown, stocks are sold and sent to the right place and at the right time.
The goal of Inventory Software is to minimize the inventory cost, increase the sales revenue and provide the accuracy of the stock in real-time.
