Inventory Control has, for a long time, been the epitome of having a successful business. Since the primitive agrarian societies started storing their seeds and foodstuffs, people have worked to find all kinds of ways to manage their inventory better. From the time of the first Inventory Control and inventory management processes, inventory solutions have kept evolving and becoming better. Today, manufacturers, retailers, and distributors can now use the current inventory processes to better track, understand, and manage their inventory. Thanks to technology, you can now also monitor, manage, and control your inventory with much ease. And when the Internet of Things was invented in the ‘90s, the inventory process advancement wasn’t left behind either. From this time to date, inventory processes have evolved so much. But still, businesspersons and inventors keep searching for even better inventory processes to adopt in their businesses.
Businesses are all about inventory. If you can manage to find the perfect balance of your inventory and business processes, then you will witness astounding profits. Your business will also grow and become more competitive in your field than ever. Gone are the days when businesses were restricted to conducting manual inventory counts and keeping their information on spreadsheets. Back in the day, some organizations even had to record their data on clipboards. But thanks to technological advancements and proper investments, Inventory Control and management has significantly improved over the years.
So, how has Inventory Control contributed to the efficiency of warehouses and businesses today?
How has software contributed to inventory management?
With the invention of software that can now also track inventory, you can now do much more than just account for the stock in your storeroom. If you can find more sophisticated inventory tracking software, then you can also account for the parts on hand and more. Not only this but also the partners and important customers on hand regarding your inventory.
Just as importantly, it’s also vital to note that Inventory Control and management software doesn’t only account for the number of stock and location in your storage. Properly integrated inventory management software can also track your items across integration. Not to mention the sale and age of those products as well. This enables the properly integrated inventory products to track your items across multiple warehouses easily. Some inventory software can now even go as far as conduct currency conversions for the inventory that you ship abroad.
Retailers, especially, can benefit a lot more by using inventory software to integrate with the Point of Sale data of their business. This enables you and your business to have real-time insight into the stock levels of your business. The main advantage of using these software is so you can avoid the stresses of having stock outs, especially on your customers’ experience.
How can inventory management software contribute to your warehouse’s efficiency?
You should already know by now that the key to any warehouse’s success lies in its efficiency. So, if your business is still on the practice of handling its inventory using pen and paper, spreadsheets, or even emails, then it’s destined to lag behind its competitors.
Inventory software works to help your business control and address the following inefficiencies in your warehouse
- Counting errors
Okay, so one thing that needs to become a practice of the past is one that involves annual or bi-annual inventory checks. The idea of having your staff gather together to go over your year’s manual accounts is what promotes a lot of human error. The manual counting of inventory counts introduces the chances of there being errors. As a business, the last thing you want is to have your business only half right and half satisfied with its inventory half the time.
Instead, you can now buy and integrate inventory software which automates basically almost all inventory processes. With the new software automated systems, you need not worry about counting errors or getting real-time updates on time. Plus, these inventory programs also eliminate additional administrative inefficiencies and costs as well.
- Mispicks and missed shipments
Thanks to human error, mistakes in picking your inventory can also significantly impact your business. Lost shipments and mispicks is another inventory inefficiency that you need to check, and fast. Remember, whenever you miss any inventory shipments, you have to deal with the return shipment bills.
But perhaps, what’s even worse than the return shipments is how this mistake can make your customers lose trust in you to be able to deliver. This can be very bad for business. Almost as bad as rushing your orders to get to your customers only to end up having sent the wrong orders. Inventory software works to help eliminate most of these mistakes using QRs, barcoding, and other sensor technologies. Bin management is also another software process that helps to ensure that your business’ staff always pulls the right inventory, and at the right time.
- Overstocking/understocking
As mentioned earlier, businesses always face the dilemma of knowing the exact amount of inventory to have in their warehouses. You don’t want to end up with too much inventory in your store. There is the chance that you might only end up with ‘dead stock’ supposing your customers don’t buy them.
Then again, understocking is also not any good as well. As you run the risk of having stock outs especially when your clients need your products more. This can put you in even more hot soup with your clients as they conclude that you aren’t able to meet their demands.
Modern Inventory Control software systems work to ensure that you always have the perfect amount of inventory in your warehouse at all times.
- Manual picking
Being efficient with your inventory picking time is also very efficient and is where inventory software addresses perfectly. Your business staff will not only know where your business inventory is at all times but also the best route to take to get to them. Armed with this information, your warehouse personnel can now work with less time and use less energy in the process too. Not to mention, with the least counting error as possible.
Final thoughts
In as much as many Inventory Control and management software are available, you still find that a good number of warehouses still use the manual inventory processes for counting. These processes have proved to be quite costly and error-prone. All the reason to shift to the more effective and efficient Inventory Control and management programs for your business.
