Manage Inventory Efficiently – Get Inventory Software

Finished Goods/ For-sale Goods

This involves the products stored typically in a warehouse before they are sold or shipped.

Raw Material

The inventory involves or stores the unprocessed material used to prepare the goods you sell.

In-transit Goods

Inventory for the goods/products that are no longer stored in the warehouse and are out for transportation to the destination they are supposed to reach.

MRO Goods

MRO is short for Maintenance, Repair, and Operating. This type of inventory is developed to support the manufacturing process in a business.

Safety-Stock

This is a surplus stock you maintain for dealing with the shortage from suppliers or surges in demand.

This classification can help you to know your way of inventory management and helps you in managing accordingly. Inventory management is not just a concept but a whole process that involves tracking and controlling stock as the material travels from your supplier to the warehouse and then to your customer. It takes five stages for completing the process, which are:

Purchasing

This involves buying either raw materials to manufacture your product or buying ready products to sell on with no assembly needed.

Production

Manufacturing your finished product by assembling its various constituent parts. Every company is not involved in manufacturing — wholesalers, for example, might skip this entire step.

Holding Stock

Stocking your raw material until it turns into a well-manufactured product (if needed) or your manufactured or readymade goods until they are sold.

Sales

Delivering the stock to the customers and receiving payment against.

Reporting

Companies require the details about how much stock is sold or under sales and how much profit it is drawing on each sale.

Following these steps can help you manage your inventory efficiently and appropriately. Some inventory management techniques are being followed by various businesses. These techniques include:

Economic Order Quantity

It is a formula for the ideal order quality on the measures like costs of production, demand rate, and other factors. The objective of this formula is to minimize the related fees.

Minimum Order Quantity

It is the smallest stock amount a supplier wishes to sell. The sale of MOQ depends upon the purchasing capacity of the retailer.

ABC Analysis

This is about categorizing the products into different categories based on the overall inventory cost.

Just-in-time Inventory Management

It is a technique that helps you arranging raw material orders from suppliers directly connecting with production schedules.

Safety Stock

It is about ordering extra inventory beyond the expected demand of the products. This aims to avoid shortage due to stock-outs caused by changes in customer demand.

Reorder Point Formula

This technique is based on a business’s purchase and sales cycle that differs with per-product basis. A reorder point is generally more than a safety stock number.

This is not the exhaustive list, and there are more inventory management techniques such as LIFO-FIFO, Batch Tracking, Consignment Inventory, Drop-shipping, Six Sigma, and many more.

Orderhive

Orderhive is an eCommerce Automation Software that enables the management of the Inventory, Orders, Shipping, and all other operations in an eCommerce business in an automated way. It comes with a commitment to raise the bar for all eCommerce processes and procedures with the help of an ultra-modern design, sophisticated and straightforward interface, robust features, and the ability of seamless integrations with marketplaces, shopping carts, carriers, and accounting software in an all in one business tool. It streamlines and automates back-end processes and maintains a real-time inventory tracking system.

Dear Systems

This system helps you evolving, managing, analyzing, and automating every aspect of your business through a centralized online platform and enterprise-level tools. This software will help you leverage the power of a multi-module inventory management system to raise the bar of your business.

Multi orders

This inventory management software can help you in integrating all your sales channels and manages your orders with a multichannel inventory management mechanism and shipping management system. It is a perfectly optimized workflow managing solution for your business. It would help you connect all your shipping carrier channels and print labels with just one click and help you manage pricing and stock levels at all sale channels in a more efficient way from one location only.

Asset Panda

Asset Panda is a top flexible inventory tracking and management system that works the way you like to give easy and immediate access to the people in your company to the information they need about your company’s assets—ultimately enabling you to work in a way smarter than ever. Besides asset management, it also maximizes and streamlines every aspect of your business process, from auditing to facilitation management, calibration tracking, and so much more.

OpenBoxes

OpenBoxes presents an open-source, web-based management solution developed by supply chain professionals actively working in the field of resource-scarce settings. OpenBoxes’s already existing functionality involves effective working in the form of inventory tracking, tracking lot and expiry of the products/stock, stock movement and shipment status tracking, purchase orders records, stock requisitions and shortages, and fulfillment, along with the ability to create built-in and customizable reports on inventory.

Order MS

Order MS is one among the most easily accessible and modern-day order management systems that facilitate automation of the critical aspects of your sales orders and helps you get all the relevant business information and business intelligence you need to scale your business as required. Built as a generation Z platform, this software can help you in improving sales performance, facilitating communication with your teams and co-workers, suppliers, and various stakeholders, along with the competency to stay ahead in the competition.

Order MS develops the ability to manage the entire lifecycle of sales orders in an increasingly effective manner. With all the automated modules integrated into this single tool and order information, which can be accessed easily from anywhere. Also, this enables you to process customers’ orders in real-time. It also leverages crucial features for inventory management, like the instant creation of barcodes for different goods or items, constant monitoring of various inventory levels through real-time notifications, and managing automated inventory updates based on the sales orders received. The order management system (Order MS) also enables you to implement a smarter and more convenient way of making purchases. It helps you in effective decision-making related to your business about which vendors or suppliers are right to buy products from and allows you are appropriately sharing information and company-related documents with stakeholders and business partners.

To draw the benefits of Inventory Management Software for your business, you can hire an Inventory management software development company that would develop a suitable system for your business. Using such a software solution would help you enhancing productivity and reducing inventory management costs in your business process.