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Inventory management is one of the key tasks of maintaining a proper sales and marketing unit. Inventory management requires the following aspects: Flexibility, Tracking facility, and Assortment of goods. Inventory software maintains the inventory in a neat and organized manner.
The data bank maintained for all the products that are available in the warehouse or at the store of the retailer is the inventory. Inventories are the tools used to maintain the flow of goods at any place. The main criteria for maintaining proper inventory is the maintenance of a log book. The best log books are maintained through the use of software called inventory software.
Supply chain management requires the intelligent use of management techniques for inventories to achieve excellence. Maintaining a physical inventory and log is nearly impossible for even a small unit because the number of entries and exits will be humanely impossible to count. Therefore, using inventories through a combination of hardware, software, and human effort is the best method of maintaining a proper inventory.
Inventory’s Importance and Flexibility
A high working capital is achieved through the proper use of raw materials and finished goods and maintaining proper inventory. Inventory management is an integral part of demand forecasting. The benefits of using inventory softwarefor this purpose are many in number. By and large, software is the most reliable and most flexible form of inventory management. Inventory management requires the following aspects:
• Tracking facility
• Assortment of goods
Inventory Management for retail purposes requires flexibility. Flexibility is achieved through:
• Adding multiple attributes to goods
• Supporting bar code scanning
• Multiple RSP tracking
• Thumbnails for goods
• Multi-level inventory
Flexibility is monumental in maintaining proper inventory. Each product links to multiple clues and searches based on different attributes of the product. Therefore, the requirement of multiple RSP tracking and multi-level inventories is high.
Assortment of Goods
The inventory should be an assortment of goods based on an inventory software. This is achieved through
• Location-based mapping of items
• Mapping of attributes to items
• Update of masters in mass
• Brand based mapping
• Excel support for incoming and outgoing goods
• Planning of inventories based on assortment
The assortment is a key part of inventory management and maintenance of inventory software. Classifying them properly is the best way to remember where they are and keep them for future use. Expect rich dividends through these simple methods in the end. Mapping is nearly impossible through just human effort. Hence, software is opted for.
Control and Tracking
Any good that leaves or enters the inventory must be under surveillance throughout its journey, either inside the storehouse or at the retailer. Hence, tracking and controlling are inseparable in inventory management. Once the good enters or leaves, an update takes place in the software, which in turn calculates the remaining, the necessary, and the outflowing goods. Once the outflow is achieved, tracking starts. Tracking is of primary importance to make sure that the products leaving the inventory reach the right place and the products that enter the inventory are placed according to the assortment.
• Valuation of inventory through simple and easily accessible software
• Maintaining multiple operating units
• Maintaining proper units, stacks, and sales points