Updated: May 28, 2021
What is inventory management?
Inventory management is the part of supply chain management that aims to always have the right products in the right quantity for sale, at the right time. When done effectively, businesses reduce the costs of carrying excess inventory while maximizing sales. Good inventory management can help you track your inventory in real time to streamline this process.
By effectively managing your inventory you can have the right products in the right quantity on hand and avoid products being out of stock and funds being tied up in excess stock. You can also ensure your products are sold in time to avoid spoilage or obsolescence, or spending too much money on stock that’s taking up space in a warehouse or stockroom.
Benefits of inventory management software:
It keeps track of your inventory
Allows you to conduct easy inventory analysis on any device
Helps you forecast accurate demand
Prevents product and production shortages or excess
Inventory data is accessible right from your retail point-of-sale
Optimizes warehouse-layout and save employee time
Accurately tag and label inventory
Offers quick and effortless bar code scanning to speed up the intake
Reconciles inventory differences
Automates operations to reduce inventory management costs, improve cash flow and boost your business growth
Allows tracking and managing of inventory across several locations or warehouses
It's clear that inventory management system helps you effectively manage your business.
Is inventory management software expensive?
Not necessarily. While some inventory management software costs hundreds or even thousands of dollars, Softzoo Inventory cloud-based software is free with sign-up and also offers free version for users.