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The Basics Of Inventory Optimization Software

Posted by , on Aug, 2017

Every retail and supply type of business depends on inventory. The same is also true for production types of companies where in-house inventory is critical to keep the lines running. Finding simple, effective and efficient options to optimize and manage inventory is critical to the success of these businesses. Think of inventory optimization software as a system to allow for supply and demand balancing. By having the correct supply of inventory on hand, a business can meet demands without having to incur additional costs of storing inventory that isn’t moving, adjusting for seasonal inventory changes and also avoid over selling leading to customer frustration and the challenges of dealing with back orders. The Current Challenges With most retailers, the current challenges with inventory control include the lack of ability to have a full understanding of inventory levels, sales trends and supply chain costs, and options. This poses risks when planning business expansions or going through times of growth. In addition, multiple locations, different checkout methods, online sales and other factors can limit the effectiveness of manual inventory monitoring. These can also lead to the need for the use of several apps or programs for inventory in and inventory out management. By using a comprehensive inventory optimization software program, everything needed to make decisions, track sales trends and to place orders with suppliers is available through one program. This not only makes planning and ordering inventory easier, but it also allows the business owner to track exactly where specific products are selling. Inventory software will allow for the transfer of inventory between locations to maximize sales potentials and to prevent backup of inventory in poorly performing areas while also providing maximum inventory levels in high sales locations. With real-time information through inventory optimization software available, even multi-location retailers will have complete access to the latest information about their on-hand inventory, placed orders, and their sales. Be the first to like. Like...

The Advantages Of Inventory Optimization Software

Posted by , on Jun, 2017

Inventory is critical for any retail business. It is also an important part of many service companies and providers. However, it is not just enough to have inventory around; it is essential to be able to track inventory and to maintain the desired levels. The Importance of Inventory Management Businesses that are not using inventory optimization software are missing out on a very effective way to manage and control inventory levels with very limited effort on the part of managers and staff. In many small businesses, there is no formal or structured way to manage inventory. It may be managed on regular orders that are not optimized for a particular store or business, resulting in times of mismatch between in-stock inventory and customer demand. It is also possible for small businesses to spend time doing inventory on a regular basis or performing a quick visual inventory before placing orders. This is both time-consuming as well as inaccurate, often leaving a business with products for sale. How Software Works Small businesses can take advantage of inventory optimization software to track their inventory. This is a comprehensive software program that tracks inventory coming into the location and inventory going out. This tracking is done through bar codes or RFID (radio frequency identification) to allow real-time inventory reports on raw materials or products in as well as those that are processed, shipped or sold. This allows the business owner to maintain the optimal inventory level for each component, part or type of material. With this type of precision, real-time management, there is no need to stockpile inventory due to incorrect ordering, lost inventory or miscalculations. Additionally, high turnover inventory can also be kept in stock with inventory optimization software without the risk of running short before an order arrives. Be the first to like. Like...

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