Know what the features and benefits of an inventory software can do for your business.
Why invest in an inventory management system? One of the trickiest parts of business operations is keeping track of inputs after they have been received, orders, and outputs after they have been produced and just about ready to be distributed. Any type of inventory management cannot be done completely manually and thus there is a need for a computer-based inventory software system.
The main objective for putting in place an inventory management system is to be able to do away with wastage and delays, thus reducing costs and keeping customers satisfied. Having too much or too little at any one point in a company warehouse, especially if the items are perishable, seasonal or take a long time to source, will pose problems for the company. Having a computerized inventory system will eliminate all these because it enables the company to operate on a just-in-time basis.
Following are the features of a good inventory monitoring system: order management, asset tracking, service management, and product identification. All these features combine to enable the company to strike that balance between too much and too little. A good inventory software system also gives constant updates to management by tracking where the inventory is as the goods move from one place to another.
Receiving items in a warehouse or a particular location is also made easier by a computerized inventory system. No longer do employees have to rely on manual systems that are error-prone and fallible. Picking, packing and shipping are also made immensely easier by the same inventory asset management software. Inventory and sales figures are on hand at any time for easy reference. Finally, because of the benefits of the inventory software system, obsolescence and spoilage of inputs and products are significantly minimized.
There are costs, of course, in an inventory system purchase. These things do not come cheap. Employees of the company may also find them too complex in the beginning, But these are short-term concerns. Ultimately, cost savings, efficiency, organization, real time access to information and better business intelligence are obtained by the company in having an inventory management system.
NetSuite’s Advanced Inventory module ensures that you can keep your inventory in sync with your business goals—and your customers. NetSuite gives wholesale distributors and product manufacturing companies an integrated solution to manage inventory easier, smarter and leaner throughout the inventory lifecycle. Through a comprehensive set of capabilities, NetSuite Advanced Inventory helps your organization optimize and manage its inventory availability and levels more efficiently.