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What is Inventory Management?

Inventory management is an organized approach to sourcing, storing, and selling your inventory products. These products can be both raw material (unfinished goods) or final products (finished goods). In business terms, inventory management refers to the maintenance of the right stock at the right levels at the right time and at the right place at the right cost/price.

What is Inventory Management Techniques?

Following are the inventory management techniques:

  • Economic order quantity
  • Maximum order quantity
  • ABC analysis
  • FIFO and LIFO
  • Reorder point formula
  • Batch and serial tracking
  • Safety stock inventory

Why is Inventory Management Important?

Inventory management is especially important to small businesses as it helps them prevent stock outages, manage multiple stock locations, and ensures the accuracy of record keeping.

What are the Functions of Inventory Management?

The major function of inventory management is to determine the ample amount and type of input items facilitating the production, purchase, and sales operations and minimizing their prices by keeping them at a very optimal level.

What is Inventory Management Software?

The Top Inventory Management Software allows the availing of all the best features offered by a cloud-based software for your escalated and improved business efficiency. It entails the business applications that track, manage, and systematically organize the sales of the items and other production processes as well as the record of the purchase of inventory items. Gone are the days of manual efforts and excel spreadsheets which are quite complicated in different critical business scenarios.

Why Deploy a Cloud-based Inventory Software?

A cloud-based software relies on the availability of the internet cloud and all the data is stored on the internet IP cloud which reduces its cost for physical storage. Another important benefit of utilizing cloud-based software is the awesome feature of data encryption which provides great data protection and confidentiality of your business information. The multilingual software allows the diverse kind of users and hence results in the amazingly popular reputation of the software.

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The Main Features of Cloud Inventory Software:

There are various main features of the cloud-based inventory management software are discussed below:

1. Stock Management

Stock management is the function of the knowledge of the stock mix of a company with different demands of that stock. It is essential to understand the demands of stock which are generally affected by both external and internal factors. They are balanced by the creation of purchase orders and requests to allow the supplies to run smoothly at a good reasonable level.

2. Inventory Control

Inventory control is the right process of keeping accurate items of products in stock to avoid shortages, overstocks, or other critical problems in inventory management.

Notifications and Alerts

The Top Inventory Management Software has the in-built feature of timely notifications and alerts for the cases of less stock or more stock than regular level maintenance of stock. Just like any alarming clock, these notifications work at the right time to help you make the right business decisions of maintaining your stock.

Maximum Stock Level

There is a certain maximum level of stock to be maintained in the inventory of your retail business. The software will keep a check and hence does not allow any top-up of inventory beyond the maximum level. Overstocking is avoided by utilizing this feature of inventory management software.

Minimum Stock Level

There is a certain minimum level of stock that is very critically maintained for your inventory. In case your stock falls below this level, notifications become functional to alert you about this situation so that you top up your inventory with new stock.  In such a way your customers’ demands will always be fulfilled and you will never face a situation in which you go out of stock.

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3. Analytical Reporting

Without software utilization, you cannot get a complete insight into analytical reporting. With the help of Top Inventory Management Software, you can receive all the detailed and meticulous reporting which further helps you in making better and smart decision making. You can easily analyze the cash flow in your business and the financial health of your business. Whether your business requires any urgent investments or not.

4. Integration with Other Modules

The inventory management module is integrated with other modules like financial accounting or human resource management modules thus helping you achieve much more in terms of business performance. The multiple locations of the business are handled by this software quite efficiently.

Conclusion

You can completely rely on cloud-based software that is named SMACC and carries a phenomenal reputation among its thousands of users. The data encryption and cloud-based technology allow easy operational tasks of inventory management with a high level of accuracy and transparency in your system. Your data is now protected with high-level algorithms of coding and decoding so that no single piece of information gets lost over the internet cloud.

Shabbir Ahmad

Shabbir Ahmad is a freelance enthusiastic blogger & SEO expert. He is the founder of Shifted Magazine & Shifted News. He contributes to many authority blogs including porch, hackernoon & techcrunch.

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