Managing inventory the right way means using the right software. An inventory management system is a good fit for companies who are looking to get a better handle on the movement of their products and assets. If you are undecided on whether or not to invest in new software, consider the benefits. Look at this list of ONLY 40 benefits to inventory management software. Yes, we said “ONLY,” because there are many more benefits to inventory tracking software than is listed here. See if you identify with any of these needs, and if any of these reasons would be great to improve your operations.
40 Reasons for Software
- Keeps track of stock levels automatically.
- Reduces the time and cost of manual inventory management.
- Automatically updates inventory records.
- Automatically issues purchase orders when stock runs low.
- Generates barcodes for products for fast and accurate scanning.
- Provides detailed reports on stock levels, purchase orders, and sales.
- Reduces the risk of stock loss due to theft or misplacement.
- Automatically flags stock that is expired or nearing expiration.
- Automatically flags stock that is damaged or past its best-before date.
- Keeps records of stock movements between warehouses/locations.
- Automatically tracks stock that is in transit.
- Identifies slow-moving or fast-moving inventory.
- Keeps track of stock that is due to arrive soon.
- Increases efficiency by streamlining manual processes.
- Improves accuracy and order of inventory records.
- Reduces the risk of errors in manual data entry.
- Allows staff to easily locate items in the warehouse/location.
- Establishes a single source of truth for inventory records.
- Improves customer service by allowing staff to quickly locate items.
- Automatically sends notifications when items need to be reordered.
- Automatically sends notifications when items are running low.
- Automatically sends notifications when items are back in stock.
- Automatically sends notifications when stock levels are out of balance.
- Simplifies the process of managing multiple warehouses.
- Makes it easier to manage multiple vendors and suppliers.
- Automatically keeps records of returns, exchanges, and refunds.
- Helps to reduce inventory costs due to the overstock.
- Helps to reduce waste due to overstocked or understocked items.
- Helps to improve customer satisfaction with paperwork for orders.
- Makes it easier to track items in multiple locations.
- Improves the accuracy of order fulfillment by date and time.
- Makes it easier to manage seasonal inventory flow.
- Makes it easier to manage inventory levels for special events.
- Makes it easier to set up and manage loyalty programs.
- Makes it easier to manage inventory for point-of-sale promotions.
- Makes it easier to manage inventory for promotional discounts
- Automatically calculates and tracks cost of goods sold.
- Allows for easy tracking of sales and profits of inventory.
- Automatically calculates the cost of inventory in real-time.
- Automatically calculates the cost of inventory carrying per location.
In conclusion, Flowtrac offers inventory management solutions to fit your business in a fast-paced world that makes processes more automated, your stock counts more accurate, and your employees more efficient. When you’re using a software that is as robust yet easy-to-use as ours, you’re inventory will finally be under your complete control and awareness.