Benefits of inventory management software in wholesale,
manufacturing, brewing and lighting industry
Inventory management refers to the 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.
It is evident that such inventory management software can be very beneficial for all types of industries. Let’s check out their advantages in specific sectors one by one.
An inventory management software can be equally beneficial for the management of the warehouse. It can not only save time and cost but also make sure that the warehouse is fully optimised. It 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 warehouse management software are listed below.
- Purchasing structuring
The control and analysis of purchases are the cornerstones of e-commerce. Inventory management programs help you, for example, to better manage your expenses, your needs, and also your offers.
- Sales structuring
The software integrates your data, your customers’ data, as well as your sales information. In addition to that, it provides support for the planning and implementation of individual actions, such as balances, periodic reductions, discounts and more.
- Goods receipt
Stock management software takes into account the arrival of the goods. It adjusts the stock and checks its availability for orders.
- Outbound Goods
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.
- Inventory Management
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 stock management 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.
Visibility in the supply chain is crucial in a manufacturing industry.
An inventory management software 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 are looking to comply with the latest traceability standards, reduce inventory, manage supplier performance, or adhere to strict “just in time” production schedules, the software is at your disposal to help you out.
Advantages of our supply chain solutions for the manufacturing industry
- Rigorous and precise stock management
- Reduced risk of error in order fulfilment
- End-to-end visibility of the supply chain
- Effective recall management
- Improved supplier relationships
- Effective asset management
- Quality assurance, product authentication, and brand protection
- Efficiency, accuracy, and clarity of processes
- Agile and scalable applications to modernize processes when you need them
Moreover, there can be an increased efficiency all through the supply chain.
Product traceability through secure identification, serialization, and aggregation
- 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.
Accurate and fast order execution even in the most changing environments
- Rationalization of upstream logistics
- Improved efficiency and precision of picking
- Reduced stock
- Shipments guaranteed without error
- Discover how our logistics solutions can help you.
Control of distribution channels and deliveries guaranteed without error
- 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.
Accurate knowledge of the situation to reduce risks and optimize execution
- 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
From recipe to bottling, from planning to selling, and 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 inventory management software.
Let’s check out some of the advantages of this software in the brewing industry:
Easily track product quantities (beer, goodies, etc.) and raw materials you have in stock. Send your inventory to your customers with a straightforward click.
From quote to customer delivery, manage the entire life cycle of an order. Yes, you can do everything with the help of this software.
- Drum tracking
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.
- Accounting management
Inventory management software can also handle your accounting functions. It can take an input of the budget, propose a balance sheet as well as the possibility of exporting the account book for your Chartered Accountant.
- Cash registers
It is also compatible with cash registers. So, your point-of-sale sales go straight back into the platform, and inventory is updated directly in real-time.
The lighting industry can also benefit massively by keeping itself organised 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 quantity that is purchased by a customer. 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 are likely to have a variety of products in several warehouses located in different places. In such a scenario, it can be hard to keep track of your products. Therefore, inventory management software can 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 without compromising too much on your margins. Automation of this aspect also helps you in being flexible about your freight charges so that you keep your customers happy without worrying about an additional cost.
To sum up, it is easy to note that the nature of businesses and the amount of inventories that are accumulated in each business type changes. Therefore, it is a need for every company to be well-equipped and organised about dealing with these changes so that they don’t incur losses. An investment in the right tool from the beginning can help with streamlining the inventory management as well as other related processes in one go.
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 company like Profitbooks to assess how it will revolutionise your industry in no time.