Benefits of inventory management software in wholesale, manufacturing, brewing and lighting industry
Inventory management software refers to its usage in process of ordering, storing, and using a company’s inventory. These include the management of raw materials, components, and finished products, as well as warehousing and processing such items. A company’s inventory is one of its most valuable assets. Be it retail, manufacturing, food service, and other inventory-intensive sectors; a company’s inputs and finished products are the core of its business.
A shortage of inventory when and where it’s needed can be extremely detrimental to take informed decisions.
Goal of an inventory management software
Thankfully, technology has transformed inventory management systems for both online and offline retailers. Now retailers can sell more, grow faster, and run smarter. Many businesses are now using inventory management software to stay up in the game and scale their business.
The goal is to optimize the control of the flow of goods, speed up the processing of transactions. And thus contribute to increasing sales figures in the long term.
Besides, integrated management software can also support other business areas, such as personnel management; by simplifying or even automating specific tasks. Well-Integrated management software also provides interfaces (APIs, Application Programming Interfaces) for external applications; such as accounting programs, billing software, and other systems. It helps in streamlining exchanges with online markets such as eBay, Shopify, Amazon.
If you want to learn more, read our in-depth article on Inventory management System .
It is evident that such inventory management software can be very beneficial for decision making in all types of industries. Let’s check out their advantages in specific sectors one by one.
Inventory Management Software in Warehouses
An inventory software can be equally beneficial for the warehouse management system. It can not only save time and cost but also make sure that the warehouse is fully optimized. The software streamlines various functions and also brings them together under one roof. It makes you rely on one tool to manage all your warehouse inventories. Such tools can help you with a number of advantages.
Some of the main benefits of inventory software are listed below.
The control and analysis of purchases are the cornerstones of e-commerce business. Inventory management programs help you, for example, to better manage your expenses, your needs, and also your offers.
The software integrates your data, your customers’ data, sales information as well as your overall profit. In addition to that, it provides support for the planning and implementation of individual actions. All such as balances, periodic reductions, discounts and more.
Stock management software takes into account the arrival of the goods. It adjusts the stock and checks its availability for orders.
When a customer places an order, the software takes care of the entire transaction process until it is sent. Also, outgoings are usually controlled by a scanning technique to get a clear picture of your inventory.
Most integrated management software has well-designed functions for tracking goods and processing inventories. This makes it easier to structure your warehouse. Many systems can also help manage storage space more optimally.
In order for the software to automate all these domains, it can contain separate modules; for example, a goods receipt module and a module for orders. The necessary information is extracted from the databases and (via the interface) of the online store software used. Examples are the applications such as the bar-code generator reader or the connected cash register software. These interfaces use a specific data exchange format; such as XML or CSV, and can control transactions on external e-commerce platforms.
With inventory software, ERP (Enterprise Resource Planning) systems are always the order of the day. These systems are used for enterprise resource planning. But generally, have a much more extensive range of functions than pure commodity management systems. They contain, among other things, modules for the management of human resources, documents, and management control. Since many ERP systems also have inventory management modules, they are suitable for online trading.
Inventory Management Software in Manufacturing Industry
Visibility in the supply chain is crucial in a manufacturing industry.
A software system for the supply chain of the manufacturing industry guarantees you a supply chain correctly connected in real-time. From factory and warehouse operations to distribution and local delivery; you benefit from unprecedented agility, traceability, and visibility of goods, events, personnel, and assets. Whether you comply with the latest traceability standards, reduce inventory, manage supplier performance, or adhere to strict schedules; the software is at your disposal.
- Rigorous and precise stock management
- Reduced risk of error in order fulfilment
- End-to-end visibility of the inventory system
- Effective recall management
- Improved supplier relationships
- Effective asset management
- Quality assurance, product authentication, and brand protection
- Efficiency, accuracy, and clarity of critical business processes
- Agile and scalable applications to modernize processes when you need them
Moreover, there can be an increased efficiency all through the supply chain.
- Serialization and labeling of products
- Aggregation and creation of an e-pedigree
- Product Authentication
- Checking shipments
- Find out how our packaging identification solution can help your business.
- Rationalization of upstream logistics
- Improved efficiency and precision of picking
- Reduced stock
- Shipments guaranteed without error
- Discover how our logistics solutions can help you.
- Proof of delivery
- Event tracking and traceability
- Reusable Asset Management
- Direct delivery in store
- Mobile sales
- Find out how our mobility solutions can help you.
- Track & trace of all events and merchandise
- Visibility of current and past events and activities to respond directly
- Visibility of all suppliers and stakeholders
- Reusable Asset Management
Inventory Management Software in Brewing Industry
From recipe to bottling, from planning to selling; thanks to inventory management software, you can now track your production in real-time. An inventory management software can be of great aid in the brewing industry too. Wherever there is stock, this software has the potential to streamline the entire process. Everything is connected to the stock of raw material in the brewing industry. So, you can make your business highly efficient by using such software solution.
Let’s check out some of the advantages of this software in the brewing industry:
Easily tracking stock (beer, goodies, etc.) and raw materials. Send your inventory to your customers with a straightforward click.
From quote to customer satisfaction, manage the entire life cycle of an order. Yes, you can do everything with the help of this software.
An inventory management software allows you to track logged drums and rental equipment like beer printers. Know at a glance where your barrels are and when they are supposed to come back to the warehouse.
Brew and bottling management simplifies accounting and material. So, now you don’t have to take any more headaches, you can put your Excel file in the trash.
Inventory management software can also handle your accounting functions. It can function just as an accounting software. Take an input of the budget, propose a balance sheet for your Chartered Accountant is primary goal. It can also possibly export account books on requirement.
It is also compatible with cash registers and cash flows. So, your point-of-sale sales go straight back into the platform, and inventory is updated directly in real-time.
Inventory Management Software in Lighting industry
The lighting industry can also benefit massively by keeping itself organized with the help of inventory management software. You can leave all the functions of your lighting business to this tool and take a backseat. Whether you are a designer or you assemble and sell your fittings, or simply import products; this software can help you in many ways by making your inventory management super-efficient.
Let’s check it out in more detail:
Discounts based on Quantity
With this, you can easily manage the prices that you plan to offer based on the quantity. You can automate the price breaks for each of the lighting products based on the minimum purchase quantity . This will give you a competitive edge over your competitors and can maintain your loyal customers.
Management of Your Warehouse
As an owner of lighting business, you might have variety of products in multiple warehouses. In such a scenario, it can be hard to keep track of your products manage storage costs. Therefore, inventory management software can be your primary warehouse management system. It will let you know where exactly a particular product is, its availability and other details. All this information can be made available to you only with a simple click.
Offer Flexible Pricing Option to your Customers
You can automate tier-based pricing for your customers. This can help you give proper and systematic discounts, calculate taxes, and have the right pricing. This function works perfectly when you are dealing with a direct customer or when you are dealing with a business.
Charges for Handling & Shipping
Additionally, you can be flexible about charging your customers for the handling and shipping . In fact, you shall also not be compromising too much on your margins. Automation of this aspect also helps you in being flexible about your freight charges. So you can keep your customers happy without worrying about an additional cost.
To sum up, the accumulated business nature and the inventory amount in each business type changes. Therefore, it is a need for every company to be well-equipped and organized about dealing with these changes. Of course, so that they don’t incur losses. An investment in the right tool can help with streamlining the inventory management and related processes for fulfillment solution.
It brings all the significant functions together, so there is no need to have multiple tools to handle several services. Only one tool can manage all the tasks and be compatible with all other functionalities within a business. You can always go for a 30-day trial version from a reputed inventory management software like Profitbooks. It will definitely give you an idea of how the software will revolutionize the time.