What is Stock Management Software?
Inventory management is a crucial part of an overall supply chain that allows the business to track the acquisition, storing, and selling of its products, at any point. Once you know the location of each product, you’ve also gained the ability to monitor your stock levels at any given point at a precise, granular level. Once you can automatically track how much stock you have and exactly where it is, the process of managing your inventory changes from a challenging, manual process to a core part of your business growth strategy. Once it’s possible to maintain accurate inventory details across each and every sales channel, you can utilize this information to forecast inventory planning and automate the reordering process.
Why is Stock Management Software Important?
Stock management software is important as it allows you to keep track of your stock levels across all warehouse locations and across all inventory cycle stages (physical stock available at hand, stock requested from suppliers and stock booked in open orders) and make sure that you never run out of a product. Consequently, it can help prevent over and understocking by forecasting demand based on consumption data. To add on, stock management software malaysia also helps you to process orders more quickly and efficiently, which saves your time and money. It helps in preventing damage to your reputation as it can overselling does not occur.
What are the Benefits of Using Stock Management Software?
Firstly, stock management software is automated inventory management. It avoids the risks of human errors, saves a lot of time and ensures you do not make mistakes. The system can carry out repetitive tasks with minimum manual actions, once the programming has been done. Next, stock management software enables easier inventory forecasting for holiday and peak season readiness. When order volumes increase because of holidays or events throughout the year like a major marketing push from an influencer, the amount of inventory you have will keep up with demand because of accurate demand forecasting. Third, your business can prevent stockouts and overselling with the use of stock management software. If you do not have an accurate handle on your inventory, it’s very easy to run out of products without knowing it, leading to stockouts. Fourth, it reduces eCommerce business costs.
Advanced inventory management reports tell you what you have in stock so your warehouse staff isn’t wasting their time looking for inventory that isn’t actually at the warehouse. This makes the pick, pack and ship process run smooth, so you fulfil more orders as efficiently as possible. Sixth, this system can improve supply chain operations. Unexpected challenges are normal when it comes to the supply chain. With a system in place for inventory management, retailers and e-commerce businesses can more effectively establish a supply chain diversification strategy. Last but not least, this system can help businesses add new selling channels easily. An inventory management system makes adding new channels more simple as it centralizes your inventory management into one central place so you can still have a real-time view of your inventory, even if it’s being sold in multiple locations.