Inventory management is a crucial part of your business if you are a product based company. Daily stock reports, minimum stock maintenance, Storage locations, tracking, of goods movement and stock value, seamless interaction with Purchase, Dispatch and Stores, etc, are important aspects of the inventory management function.
Here are a few reasons why you should automate your inventory management -
Let’s face it - manually keying in inventory data is time-consuming and tiring. Automating inventory helps streamline the entire process. Production and related functions become more efficient when details about your inventory are updated automatically and you can take more informed decisions.
Even the most reliable employee can make errors during data entry. These unanticipated errors will reflect when you least expect them, which could even lead to stock-outs. Such errors impact sales.
Businesses often make the mistake of thinking that they don’t need to automate their inventory management system because “they aren’t big enough.” However, this belief only restricts your ability to grow your business.The right time to automate your inventory management system is when it’s still at a level you can manage so that it becomes easier when your business grows.
The biggest advantage to automating your inventory management process is obtaining real-time visibility into your inventory. With automation, be informed about your stock when they get exhausted. This helps to run your business smoothly.
By implementing the minimum stock method, a basic minimum quantity of stock and parts are maintained based on which products move fast or slow in the market. This way, money is not locked in excess inventory which could affect cash flows. The good news is that Smart Platform offers a fully integrated inventory management solution that can be customized to your business size and complexity to enhance efficiency in inventory and parts management.