Inventory management is one of the biggest issues facing business owners around the world. the ever-changing demands of customers and the ever-increasing competition have made it overwhelmingly difficult to ensure efficient inventory management.
A major factor in this is the prevalent Covid-19 pandemic and its colossal impact on global supply chains. The fluctuation of supply and demand is causing issues for manufacturers, retailers, and suppliers online and in-store. Many have abandoned traditional inventory techniques to adopt more flexible contemporary practices.
Some of these solutions are mobile-and web-based inventory software. Apps have replaced complicated and cumbersome Excel spreadsheets that are used by smaller businesses to track stock. Apps are now being utilized by larger companies to provide inventory visibility and tracking which is quicker and more efficient than traditional system for managing resources.
What are the reasons your company needs an inventory tracking app?
Are you having trouble managing your inventory? A simple inventory app could be the answer. The best inventory app can make managing your stock easy, regardless of your industry. The seamless inventory can be a huge benefit to your company in numerous significant ways.
1. The management of inventory is more accurate and efficient
According to research, the accuracy of inventory in the typical retail store is around 63 percent. This is alarming especially considering the possible damages that inaccurate information could result in.
Manual record-keeping is among the most common sources of inaccurate inventory information. In the case of most small businesses inventory management is primarily about visiting an office, writing down the information on paper and the transfer of that information to a computer program. This process not only wastes time but also increases the chance of making errors.
Utilizing an app for managing inventory can drastically improve the effectiveness of your processes. Because employees can log inventory-related transactions on site using their smartphones, most stock-related paperwork can be avoided.
The procurement department can swiftly create purchase orders, modify them and send them directly to the point of service. Similarly, your warehouse staff can track the receipts of material, usage and inventory counts directly via their mobile devices.
It's even more impressive that inventory apps can be integrated with smartphones to make barcode scanners. This lets you automate your inventory and eliminates the mistakes associated when taking stock manually.
2. Better data visibility for accurate planning
According to an IBM study, visibility is the top problem facing supply chain executives. Many companies have difficulty obtaining an accurate view of their the inventory of their core and non-core items. It is therefore difficult for companies to plan for the consumption and orders as well as replenishments, sales and so on.
A well-designed inventory software can give you full visibility of your stock anytime you require it. You can view everything with just a few screen touches. You can also see the raw material purchases and customers who have committed to your orders.
Best of all, an inventory app leverages the power of notifications from smartphones to alert you to changes in stock levels as well as new receipts and orders as well as important dates.
With all this information available, you can make more informed choices to optimize inventory and efficiently meet demand.
3. Balanced stock
Inventory managers face a serious problem when trying to balance inventory. Ignoring stock levels can quickly cause overstocking or running outs. These are not good business procedures. Not ordering enough raw materials can result in inadequately satisfied demand and dissatisfied customers. An excessive amount of an item may cause higher warehousing costs and storage expenses.
A management application for inventory can help prevent these occurrences. Through an application, you are able to quickly set up automatic purchase requisitions every time stocks drop below acceptable safety levels. An app can also deliver alerts of overstocked or understocked items right to your phone so that you can take the right action immediately.
4. Less expensive inventory administration
A business inventory app that works well for you can help you save money in many ways. Automated stock-keeping reduces the manual labor required, which in turn means that there is less use of resources. A higher level of accuracy also means fewer errors and less expenditure on damage control.
A mobile app will help you manage inventory , and help you avoid overstocking or understocking. Because the app can identify the most effective quantities to keep and tells you when and what items to order and use, you can rest knowing your stock levels are optimum every time.
5. Happy Customers
The business that balances its inventory effectively meets the needs of customers is successful. The happy customers bring business back and enable you to become a respected name in the marketplace.
Customers will be more content with your image If you provide all the advantages of inventory software. For example, greater accuracy means you are more likely to get the right product to the right location, at the right time. Furthermore, the automation of record management will result in faster fulfillment of orders.
With an extensive inventory application the customer's appreciation will increase and you'll get a an advantage over your competition.