What is inventory management?

Keeping an ideal number of inventories is important for sustaining continuous production, sales, high customer satisfaction, and lowering inventory handling costs.

Inventory management is all about maintaining optimal stocks at all times by finding the right balance between overstocking and understocking.

Let’s have look at the features of inventory management Software

Stock Management

Your stock levels are automatically updated by inventory management software whenever your warehouses make sales or purchases.

Using an inventory management system, you can manage your warehouse more efficiently and ensure you have enough inventory on hand.

Integration with POS

Whether a product sells in a real storefront or online, retailers can keep track of it automatically. Or using a connection to their point-of-sale system through a different sales channel.

In an online cart, a product scanned at the point of sale changes the inventory management system immediately.

This feature enables businesses to make sure they always have adequate inventory to quickly meet requests when combined with automated reordering.

Barcode scanning

You may automate the process of adding and selling things using the inventory management system’s barcode scanning feature.

You might avoid common blunders by using barcode scanning technology to control inventories, it makes it simpler to find a certain inventory item.

Procurement Orders

Manage every stage of the lifecycle of your purchase orders in one place. Create purchase orders using our cloud-based platform, then send them directly to your suppliers.

With the aid of the system, you can effortlessly keep track of the invoices and purchases you’ve made from each seller. Boost the precision, clarity, and visibility of your purchases.

Multi-Location

Inventory dispersed among several warehouses can make it difficult to keep track of exact stock levels for each item.

Using our inventory management software, you can efficiently manage the inventory at each warehouse.

Product Details

You can add information to each product’s entire description using inventory management software, including SKU, Barcodes, suppliers, variants, weight, wholesale price, and retail price, among many other things.

Know how many variations of each product you have.

Report on Inventory Stock

Incoming stock reports will tell you more about the items you will soon get.

The report was filtered using parameters like the vendor, product type, delivery date, and delivery information.

You may also check the total cost of the arriving stock using this module.

Integrations with e-commerce

E-commerce was previously solely used by retailers, but more manufacturers are now selling directly to customers.

Manufacturers might want to seek inventory software with e-commerce connectivity even if they don’t now sell to consumers directly online.

Because they might use it to speed up sales to their retail clients or perhaps expand to include another sales channel in the future.

Inventory tracking

Using inventory management software, you can track your stock in real time, which shows where it is and how it moves around your ecosystem.

As a result, there are fewer human errors, which are notoriously common in manual spreadsheet systems.

Reordering

When utilized effectively, inventory management software may make restocking simpler, ensuring that you never run out of essential supplies.

While also giving you a thorough account of your whole inventory.

Additionally, you won’t need to maintain any “dead stock” or products that are out-of-date or take up too much shelf space by placing purchases for just the right amount of goods to keep fulfilling orders.

Elatesoft’s Inventory Management System in Dubai, UAE offers each of these aspects.

Let’s discuss the benefits of Elate inventory management software

Automatic inventory control

Automation may offer an inventory management system its greatest advantages. Automation reduces the possibility of human error, saves you countless hours, and guarantees accuracy.

Once a set of rules have been established, this system can carry out repetitive activities with little assistance from a human.

You can see your inventory levels in real time, and your stock count will be updated automatically as sales occur.

Inventory planning for the holiday and peak season

The amount of inventory you have will meet demand because precise demand forecasting, whether it be for seasonal or year-round events like a significant marketing push from an influencer, will result in order volumes increasing significantly.

Furthermore, historical data and seasonal data are used to determine if stock levels adjusted based on seasonal sales patterns

Stop stock shortages and overselling

For developing e-commerce companies, overselling is a significant concern.

Stockouts are quite simple to experience when you don’t have a good hold on your inventory because you can easily run out of things without realizing it.

In addition to the likelihood that your consumers won’t buy from you again, wastes marketing dollars and increases customer acquisition expenses.

You might also face suspension from several online marketplaces.

To know when to replenish stock, an inventory management system simultaneously manages orders and inventory across all of your sales channels.

Lower the costs of doing business online

Advanced inventory management reports let you know what you currently have on hand, saving your warehouse workers the time of searching for inventory that isn’t there.

This ensures that the pick, pack, and ship procedure goes without a hitch, allowing you to easily fill more orders.

Avoiding over-purchasing a product with low sales volumes is another approach to saving money.

You’ll be able to have a clear idea of the goods that your customers are purchasing with reliable data and insights reporting