Inventory Management software provides your business with the proper operational platform that you need to manage your purchasing processes, inward goods, stock management, manufacturing, and dispatch of your customer orders. Having these correct systems and processes in place gives you greater business stability.
The above processes can also be achieved using your accounting software, or excel spreadsheets, but there comes a point when you outgrow the capabilities of using these systems to manage your inventory business.
Using Inventory Software alongside your accounting system will allow you to breakthrough to a new level of business management. Giving you the possibility to:
- Manage multiple warehouses rather than all your inventory being lumped into one listing.
- Allow you to effectively control your stock holding levels using smart min/max and forecasting functions.
- Manage customer backorders with ease.
- Manage your suppliers and purchasing processes with true, accurate Landed Costings with Multi-currency.
- For the manufacturers out there, you can utilise the full manufacturing suite with Bill of Materials and Manufacturing Orders. Allowing for smart management of Work Order scheduling to instantly know your labour demands so you can manage staff and resourcing of your production team.
- Plus more.
For most stock-based businesses the biggest impact on cashflow is stock holding. For example, if you carry $500,000 worth of stock at the moment and if you can reduce your stock holding by 10% by knowing slow moving stock or having greater understanding of your stock turnover rates, you can put $50,000 back into your businesses daily working capital.
These elements are all part of good inventory management software and sets a solid foundation for your business. This platform is the foundation for the operations of your business and can be added to as your business-needs grow. Good inventory management software will allow you to connect with other programs to drive even more efficiency and stability.