Imagine walking into the warehouse on a Monday morning, ready to fill orders, only to discover that you can’t. You don’t have enough inventory, and your merchandise is disorganized. Your shipments are all late, and some are delivered to the wrong location. All Warehouse employees and managers seek to prevent such a nightmare. Luckily, it is possible with the help of inventory management software.
It takes a lot of effort to run an effective inventory management operation, but some systems can assist in alleviating some of the stress. Small firms can stay competitive with these inventory management tools, while larger enterprises can more effectively deal with complex daily operations.
What is Inventory Management?
Inventory Management refers to keeping track of inventory to keep up with your supply chains for efficient working. Your customers rely on effective inventory management to ensure that their orders are delivered accurately and on time.
Inventory Management Software is frequently used by good storage and distribution warehouses to organize better and simplify their activities. Inventory in the right place at the right time might cut down on the resources needed to deliver your products to customers.
Many warehouses have a warehouse management system (WMS) that typically has more features and services than they require. An inventory management system has inventory monitoring, function evaluation, and several other advantages.
“If your inventory practices cannot keep up with demand, adopting an inventory management software solution can help turn things around.”
Benefits of Inventory Management Software
A successful product firm relies on accurate inventory management. Stock tracking regularly might help you avoid stock mistakes and other issues.
Inventory Accuracy
A robust inventory software comes with innovative features to accurately manage the stock. It keeps track and never lets you order products in excess.
Avoid Overselling
Inventory management allows you to keep track of what’s in stock and what’s on backorder, ensuring that you don’t oversell items.
Cost-Effective
Stock management costs money and is sometimes expensive. Storage, handling, shipping expenses, and insurance and employee pay are all part of the carrying costs. Inventory is also vulnerable to theft, natural disaster loss, and obsolescence.
No Stock-outs and Excess Stock
Better management and strategic planning can assist a company in reducing the number of days an item is out of stock, if at all, and prevent maintaining too much inventory.
Greater Insights
You can also easily spot sales trends or track recalled products or expiry dates with inventory tracking and stock control.
Collaboration with Suppliers and Retailers
Inventory management also reveals which products sell and in what quantities. Use that knowledge to bargain with suppliers for better rates and terms.
Improve Productivity
Reasonable inventory management solutions save time that could be spent on other activities.
Increase Profits
Once you have reasonable control and a better understanding of your inventory’s demand and availability can lead to higher profits and a high conversion rate.
Organized Warehouse
Labor expenses are reduced, and order fulfillment is accelerated with an efficient warehouse that organizes things based on demand, frequently sold items, and other variables.
Healthier Customer Experience
Customers that receive what they order on time are more loyal.
Features of Inventory Management Software
Inventory Management System gives free rein to your growth potential with MEXIL Software Solution! Track every stock movement from purchase to warehouses to the sales order. Moreover, have in hand downstream and upstream from anywhere in the supply chain.
Employees’ Management
Our solution service offers profile management of workers, salespeople, billers, and employees. You can manage their work, work routes, and salary details. The right software solution can deal with all these complicated systems and streamline your system.
Manage Inventory, Stock In, and Stock Out
A fully integrated management system is here to boost your business leads. The software will assist you in keenly managing stock-in and stock-out stats to keep the balance. Stock management offers the proper inventory, at the right place, at the right time with appropriate levels and reasonable cost!
Customer Management
Our professionals have a fully automated system to deal with customers to save time. Just apply the designed template, send quotations to the clients, and have a great deal. It will help you sell more professionally and effectively.
Supplier management
It’s not a difficult task to deal with suppliers with our inventory management system. Line up your purchasing workflow by getting help from our experts. To work with suppliers at greater efficiency, utilize our proper techniques and features to boost sales.
Manage Finances
Our inventory management module manages your business finances along with stock transfer and return. We help businesses have a safe stock inventory to deal with supplies to prevent stock-out situations. You can depend on MEXIL to provide you with the best management system for shipping costs, import fees, duties and taxes, and storing expenses.
Real-Time Stats
Have access to the clean and complete business reports. It will help you make smart strategic decisions. We prepare twenty types of dynamic information reports for each business. This technique will help every business trace progress and downfalls very precisely.
POS (Point of Sale) Module
The point of Sale (POS) module is a powerful solution to streamline retail environments. With the POS module, you can access real-time reporting, a detailed financial overview, and inventory management.
Shop Module
The shop module has the full functionality of the shopping cart. The shop design is quite simple; you can manage settings and slider images from the admin area. Update the sale status, add payments to the sale, and process the delivery/shipping with our software.
Sales and Purchase Management
We’ll help you improve your sales and purchase with purchasing and buying rules depending on logistic laws, stock levels, sales orders, and forecast manufacturing orders. Make intelligent purchase decisions with the supplier price lists and product availability details.
Billers Management
You can sell/quote/invoice your customers with any biller. You can have multiple companies/organizations and assign any of these to your staff so that all of their sales will be under the trusted billing company.
Wrap up – Detailed Overview of Inventory Management System at Mexil
Inventory Management can do a business and break it as well. If you have a proper and efficient stock management system, you will succeed. Decision-makers can successfully manage their inventories and cut costs with the correct technologies.
Mexil has a set of native capabilities for managing stock and cycle counts, tracking inventory in several locations, and establishing reorder points. With the demand planning and distribution requirements planning features, you can select the proper balance between demand and supply across your entire enterprise. These solutions are appropriate for companies of all sizes, from start-ups to fortune corporations.
Frequently Asked Questions
What is the future of inventory management software?
The future of inventory is going to be flooded with updates in technology. From virtual reality to artificial intelligence, digital signage, and even inventory-less stores, this industry has made constant iterations to accelerate business and attract customers.
Why is effective inventory management essential to the business?
Inventory management is essential to small businesses because it helps them prevent stock-outs, manage multiple locations, and ensure accurate recordkeeping. An inventory solution makes these processes easier than trying to do them all manually.