What is an Inventory Management System? Why do you need an Inventory Management Software System?

What is an Inventory Management System? Why do you need an inventory management software system? 

“Inventory” stands for a complete list of goods owned or stored either to resell or as a raw material for producing the final product and then, in turn, selling the final product. inventory represents one of the most important assets for a company because its turnover represents revenue for the Organization. Therefore, it is essential to understand inventory management properly and also the Inventory management software system.

Inventory management software has become an indispensable tool for businesses that recognize the importance of accurate inventory management. Almost every part of your business's operations is in some way connected to or affected by inventory management. This is very true when considering the role that inventory management software now plays in a modern, inventory-centric business and it also helps in your business enhancement.

#geotechnosoft your Odoo Implementation Partner, our role as an  ODOO Implementation Partner is to provide expert advice, with the best services, help and consultation to increase the development of your company.

“Odoo inventory management module” allows users to efficiently track the stock levels of your products in real-time, by which you track goods from one end to the other along your supply chain. Ensuring that you know what you have, where it is, and how to manage it. that you know what you have, where it is, and how much in quantity & how to manage it.

GeoTechnosoft an ODOO Implementation Partner is to provide expert advice, help and consultation to increase the development of your company. Your all-in-one solution is here. With the help of this software, you can very easily find out about your stock's replenishment, forecasting, dead items, slow-moving items, live tracking on delivery, landed cost, and average cost, picking wave, and warehouse management, and you can also get the overall valuation report and much more.  Moving onto an inventory solution can provide massive benefits to your business.

Using software for a key business process like inventory management brings with it a huge host of benefits, including the benefits of using an inventory management system in your organization….

“Odoo inventory management module” for a key business process inventory management brings with it a huge host of benefits like….

1. Better inventory planning and forecasting - 

Accurate reporting with accurate information is key to any successful business. A software system that integrates with all of the marketplaces and sales channels you sell on, plus shipping and third-party logistics providers, will ensure all information is accurate and provide real-time visibility across your business. It will allow for better business decision-making, accurate inventory forecasting and planning and therefore less waste in costs for holding unsold stock or holding stock in the wrong locations also. 

2. Better Customer Service- 

Providing customers with what they actually want, when they want it, is a massive part of customer satisfaction. Your business can keep the popular stock in store thanks to the automatic low stock alerts inventory software will send directly to your phone. View the quantities on hand and quickly order more with all your vendor information in one spot. Therefore, inventory management software can help you retain customers and produce new ones. 

3. Accurate Financial Reports - 

Accurate product reports produce accurate inventory cost values, which are essential to the precision of several financial reports if you use the cost of the sale accounting. This method associates a cost, which comes directly from the product’s asset value with each sale. That makes correct cost values critical to your balance sheet, as well as your cost of sales and income statement, upon which many m decisions hinge and it's very convenient.

4. Provide visibility to Supply Chain Partners- 

When it comes to the supply chain & partners unexpected challenges are normal. With a system in place for inventory management, retailers and eCommerce businesses can more effectively establish a supply chain diversification strategy and many more. More suppliers mean that you reduce the risk of long wait times for products if one supplier can’t deliver on time. You can be prepared well ahead of a specific time period or Occasion, like peak season, to order the right amount of stock from a supplier and mitigate any issues. 

5.  Increased Employee Efficiency-  

A proper inventory management solution saves time. Spending less time on managing inventory results in greater productivity for you and your clients. IMS solutions are seamlessly transforming the management of inventory and empowering decision-makers with real-time insights into inventory.

6. Improved data visibility - 

Inventory management software systems make data more secure; they also make it more visible to the company's executive team. More secure data visibility means leaders can make more informed business decisions with fewer errors that could cost time or money. 

7. Prevent stockouts and overselling - 

Inventory management software systems Prevent stockouts and overselling, better planning and management help a business minimize the number of days if any, that an item is out of stock and avoid stocking too much inventory. A well-organized inventory can help the business fill orders more quickly and accurately, as well as keep track of products simply and effectively.

8. Automate Manual Inventory Tasks - 

An Inventory management software system for your business to increase count accuracy and revenue while decreasing human error and costly mistakes. Your employees won’t have to waste time counting and recounting stock when automated software provides you with real-time information also Automation reduces a company's dependence on human labour and makes the inventory management process more efficient.

9. Improved business relationships & Delivery Performance - 

An inventory management system can also help companies establish better business relationships. Quick, accurate fulfilment of orders can help increase the trust between two businesses and solidify the existing professional relationship.

10. Reduce eCommerce business costs - 

Another way you save money is by not ordering too much of a product that has low sales volumes. With the help of accurate data and insights reporting, you’ll be able to have a clear understanding of the products that your customers are buying frequently. Stock costs money until it sells. Carrying costs include storage handling and transportation fees, insurance and employee salaries. Effective inventory management practices help result in decreased inventory write-offs, with lower inventory holding costs. Carrying extra inventory can be very costly for any firm. 

As we’ve mentioned, an inventory management system will streamline the entire back-end e-commerce process for you in your business. So, rather than manually updating each sales channel with your stock levels, you can easily sync them all together and let the inventory management software do all of the work for you and get all the stress to vanish.

The best value for your money with inventory management software

#inventorynventory management and inventory management software systems have steadily become more popular amongst businesses that deal with inventory. According to a small business survey, more than 53% of small businesses use any kind of system to track their inventory. Inventory management software is the solution that businesses turn to when they find that their manual methods for managing inventory have become insufficient. “Odoo inventory management module” can help you grow more efficiently while taking care of all of your end-to-end inventory management needs, including tracking, multiple sales platforms and warehouses, vendor management, reports, and integrations. Long-term management software is one of the best ways to increase your business’s profitability and sales & achieve the goals of your business. Below we have mentioned the ways by which profitability and sales increases through inventory management software:

  • Plan For Growth- 

Inventory is a critical part of your business success and growth, but if not managed correctly, it can cost you time and money — especially if you’re using spreadsheets, paper manifests, or disparate software solutions across your company.

  • Reduces unnecessary business expenditure by optimizing inventory planning- 

Inventory exists to meet customer demand.  With the ever-changing business environment, controlling costs has not always been on the top of the list of priorities. Inventory level is reduced to save on costs, decrease lost profit, and free up money for other operations in your business.

  • Controls inventory in an effective way- 

Products change over time, so you always want to make sure your oldest products in stock are the first products you ship out. Many companies refer to this as FIFO, meaning that the first products or supplies to come in are the first products or supplies you use or ship out.

  • Improves Order Fulfillment- 

Your order fulfilment process can significantly impact your business’s overall efficiency and success, inventory management system develops a smooth workflow that’s highly efficient and free of errors.

  • Better commitment With Suppliers and Customers-

And better relationships with your vendors means you’re more likely to have the products your customers want in stock when they want them — which leads to happier customers! You can even use your IMS to automate orders, invoicing, payments and shipping, all the while having complete insight into your business every step of the way. Inefficient inventory processes cost you time, money, space and a lot of hassle, but an inventory management system can help you get a handle on all of your product needs — now and in the future.

  • Enhances customer experience - 

inventory management plays a central role in good customer service management. With easy-to-access data, you can match the right order to the right customer and can provide customers with accurate information regarding inventory stock levels. Delivering great customer service and a positive customer experience every time begins long before a sales transaction takes place. By developing smarter practices and procedures to increase inventory accuracy you can improve lead times, save money and ensure greater satisfaction and consumer loyalty.

  • Real-Time Forecasting -

Within your inventory management system, you can also evaluate your current marketing initiatives with insight into your leads-to-conversion ratios to better forecast product sales models. If your projections mean you need more products, you can quickly and instantly facilitate more orders right through your IMS platform. Couple this insight with current marketing trends and the current economic climate, and you can get a good picture of what your future product needs may look like.

If you keep these four points in mind when searching through inventory control software options, you should be able to make a wise choice and get the most bang for your buck. GeoTechnosofteeds has been the best ODOO Implementation Partner that serves you with the best services and gives suitable advice according to your n. with the “Odoo inventory management module” you can save your time and money with the hassle-free business. Your business can significantly benefit from the “Odoo inventory management module” to improve productivity and profitability while curbing wastage and lost inventory. 

Gain insights into your most popular items and give your customers more of what they want!  @GEOTECHNOSOFT mentioned the high-level standards and practices by implementing odoo to the end customer. For any kind of further details and a demo must consult with us. We are here to help you, just one call away. Click and get here https://geotechnosoft.com/contactus.