At this time, managing your own business full-time can be a demanding job, you need to be able to stay on top of everything that goes on in your business, from day-to-day operations to managing cash flow and allocating resources and to tracking your inventory and making sure that you have enough inventory to maintain your operation and production. All of these can be challenging and which is why business solutions programs have been developed by software developers across the globe. In the past, businesses had to hire a lot of employees to make sure that things get done and someone is overseeing the different aspects of the business. However, hiring more employees is costly and with the dire times that we are experiencing due to the pandemic, this option is not as feasible. Thus, one of the solutions that business owners can take to help manage their business is inventory software. In every business, the largest part of the resources of the company is tied to its inventory, and if the inventory is not moving fast enough, then the resources become stagnant and unproductive. Thus, one needs to figure out which supplies are needed so that purchasing them regularly can be prioritized and which ones are dead-ends, those that do not move at all as it means that the capital used to purchase the said supply is unmoving and unprofitable. To grow your business, you would not want to run out of the most used and profitable materials and you would not want to stock up on materials that are unmoving. In this case, inventory software would help you get that information and so much more, to help you grow your business to new heights and maybe see a bit more profit than you ever had before.
What is an Inventory Software?
Inventory software is a computer program that was developed and designed to help businesses manage and track their inventory. It is a system that needs to be installed or set up in your existing network, and all your current information has to be uploaded into the software. It is available on various platforms, thus, there is no need to buy new devices for it. Also, it is easy to use, it does not require any training or coaching, and can be successfully used by just anybody in your company as long as you have given them access. Although the software is purchased via subscription only, you get to control the amount of information you allow your employees to work with and the kind of reports you want to track the performance of your business. Moreover, the software allows you to scan barcodes or QR codes of the supplies that go in and out of the supply area. You can print the barcodes and QR codes and then attach them to all supplies that have been procured, then you can scan the codes using your mobile phone and the said item is recorded in a master list which can be updated at the end of the day or week or month whichever you prefer. Then, whenever an item is taken out from the supply area, the barcodes are scanned again so that it will be tagged as used and information such as date, and who requested or used it will also be included. In this way, you can track what items are being used more frequently and by whom, such that you can also set alerts on when to replenish the stocks or when they should be reordered.
What are the Benefits of Inventory Software?
Having your inventory software will allow you to finally take control of your inventory and be able to make strategic decisions to help you grow your business. Taking stock of your inventory is not a pretty sight, doing it manually can mean so much wasted time and effort as it takes over productivity and efficiency. With dedicated inventory software, the information you need is always available to you in real-time. This would imply that you can make decisions based on correct information to help you become more efficient and increase productivity. It also helps you avoid costly mistakes or errors like ordering materials that are still plenty in stocks or not ordering the most used material for your production. It also means that you can run a lean business wherein you only need employees for those tasks that are essential for the business to operate. This would free up your resources to invest more on what can be profitable rather than on operational costs. Also, inventory software can consolidate all of your inventory from the materials on stocks to those that you have sold or delivered and received payment for. This will help you see if you are making money or just breaking even, and you can then adjust accordingly to make sure that your business will survive even in these difficult times.
How Does Inventory Software Work?
The inventory software is a computer program and it is now cloud-based, thus it needs to be online and embedded in your existing system. Since it is cloud-based there is no need for expensive and dedicated hardware or computer terminals to run it. Moreover, since the company only has to pay to use the software and not own the software, it is much cheaper compared to the inventory software of the past, you can be sure that you are getting your moneys worth and much more. Once the software is in your system or network, the current information in your network will be uploaded to the program, the program in itself will make sense of the data and use it as a template for the succeeding data or information points. When all data has been processed, one needs to print out the QR codes or barcodes and then have them individually scanned and assigned to the supplies in your storage room. As soon as those codes have been entered into the system, the inventory software will track where the items are and will send out alerts if actions are needed.
