Inventory Management
Inventory management involves tracking inventories from the manufacturers to the point of sale. An example of inventory management is “periodic inventory management.” Inventory management helps ensure the proper movement of goods on time and also effectively manages profits and cash flow.
It also helps in saving more money for business operations and avoiding too much stock. Buying inventory, storing inventory, and making money off of inventory are all steps in the process of managing inventory.
There are many benefits of inventory management in an e-commerce business, like demand forecasting, creating and managing purchase orders, tracking inventories, and improving cash flow. Hire a professional with good inventory management software and good inventory management techniques if you want good inventory management.
With the Right Inventory Tools, Small & Mid-Sized Businesses Can Effectively Manage their inventory
A full inventory management system usually works well because it has all the features and tools that business owners need to keep track of their inventory. The tools help business owners make more money, get rid of old or extra inventory, figure out how much safety stock they need, manage their inventory, and plan for future demand.
Here are some of the tools that should be found in inventory software;
Reorder Alerts
It is also known as “low inventory alerts.” It is an important tool that alerts a business owner when to reorder a specific product. It does that when a product reaches reorder inventory levels.
How To Use It
Depending on the previous sales of a specific product and its demand, you can determine when the product is out of stock or when you need more products to meet customer demand. It’s hard for small businesses to have a good inventory management system.
Reports
There are different types of reports which include;
- Sales reports
- Purchasing
- Chasing reports
- Inventory reports
How To Use It
There are different types of reports that can be used differently. Both custom and standard reports can be available depending on the inventory software.
Increase Sales
To increase sales as an online wholesale or retail business owner, you can use a stock management system. It helps in managing multiple sales, and your product or service will reach more customers.
Accounting and CRM integrations
Integrating accounting and CRM software has several advantages which include;
- Helps in recognizing profits
- Helps in storing data in a centralized location
How to Keep Physical Inventory Organized?
You should ensure that you tag them with a physical sticker that shows the stock location. You should also tag them with a stock-keeping unit label.
Advanced Reporting
Advancing reporting, collecting data, and then breaking it down into more meaningful information and putting it together, and ensuring that it makes sense.
Multi-Warehouse Inventory Control
Multi-warehouse inventory control involves locating and tracking stock in multiple warehouses. It is also known as multi-location inventory management. It helps in determining when the level of the stock is low and needs to be reordered. There is a reorder point formula that should be used.
Finding the Solution With the Right Inventory Tools
When software has the right tools, there will be effective inventory management. It makes it easy to maintain inventory control.
Work-in-Process (WIP) Inventory
They are products that have not completed the production process and cannot be sold. Manufacturing is a process where raw materials are processed into finished goods.
Real-time Inventory Updating
They are updates that show when the levels change and are displayed in the dashboard.
Non-Inventory Items
Non-inventory items are items that a company can buy for resale. They are not usually not kept in inventory.
Perpetual Inventory Management Systems
They are systems that are used to record and track stock levels. There are different types of perpetual inventory systems which include;
- FIFO perpetual inventory system
- LIFO perpetual inventory valuation
How to Perform a Cycle Count
You should perform a cycle count by counting your entire inventory 4 times each year.
What is “Stock Lot Tracking”?
It is a process in which the number of shipments and batches of products are used to track and record how inventory moves. It is also known as order management.
What’s the Cost of An Inventory Management System?
There are different types of inventory management like enterprise resource planning software, and the inventory costs depend on the type. The average cost is $100 per month, while the most expensive one is about $3000 per month.
Why Choose Our Inventory Management Software Services?
TOV Logistics is one of the best companies in the United States for managing inventory. We have the best inventory management system that helps us provide correct inventory records. We have over 50 years of experience managing inventory.
We use the latest technology and inventory management techniques, like economic order quantity, periodic inventory systems, and inventory, to fulfill our customers’ needs. Inventory management plays a critical role in supply chain management.
Our web-based fulfillment software is easy to use and will show you the status of your inventory, orders, and shipping in real-time. Orders submitted by 2 p.m. will be shipped the same day. With TOV Logistics, you won’t have to sweat inventory management details any longer.
Our services include warehousing and distribution, inventory management, logistics, and a warehouse management system. To get our services, contact us at 866-948-0059.