What is Inventory management?
Inventory management is the process of overseeing and controlling the flow of goods or products.
It involves efficiently managing the stock levels, monitoring inventory movements, and ensuring that the right products are available in the right quantity and at the right time.
In the past, inventories were kept on a ledger, and it took a lot of time and effort to track inventories. Later, simple computer programs like Google Sheets and Microsoft Excel became popular as it was better and easier for stock management.
Today, there are robust desktop and mobile apps to help keep your inventory, track, and manage them, according to Businesspally.
Advantages of Digital Inventory System
It can integrate with other systems
Digital inventory management systems can integrate with other business systems such as accounting, sales, and customer relationship management (CRM).
This enables seamless data flow between different functions, eliminates manual data entry, and improves overall operational efficiency.
Supplier Management
Digital inventory management systems often include features for supplier management.
These systems can track supplier information, manage purchase orders, and automate communication with suppliers.
This streamlines the procurement process, ensures the timely delivery of goods, and supports effective supplier relationships.
Mobile Access
Many digital inventory management solutions offer mobile applications or web-based interfaces that enable remote access to inventory data.
A good option for digital inventory keeping tools is QR Smart Labels stickers. It’s far cheaper, and a better alternative to expensive inventory mobile apps.
Smart Labels scannable stickers cost between about $16 on Amazon and there are 48 stickers in 4 different bright colours such as blue, green, yellow and red.
You have 12 stickers of each color, and on these stickers, there’s QR code embedded on it.
These Labels can be attached to your storage boxes or any storage tool.
To keep inventory of these items, download the Smart Labels app free from Play store or Apple store on your android or iOS device respectively.
Register an account and start scanning your stickers’ codes. Once the scanning is completed, the app identifies the sticker label ID and color, and you can start giving more details about your items in storage, including the location and picture for easy tracking.
When next you need to find any item and you’re not sure of the location, simply open the app, search the item, and the app tells you the location, the label ID and the color, so you can retrieve your items easily.
This allows stock keepers to view inventory information, perform stock checks, and track the movement of items.
Forecasting and Reordering
Digital inventory management systems can automatically generate reorder alerts based on predefined reorder points or demand forecasts.
This helps businesses avoid stockouts and optimize inventory replenishment, reducing the risk of excess inventory or lost sales opportunities.
Data Security and Backup
Digital inventory management systems provide data security features such as user access controls, data encryption, and regular data backups.
This ensures the integrity and confidentiality of inventory data, protecting it from unauthorized access or loss.
Conclusion
Digital inventory management offers numerous benefits, including improved accuracy, increased efficiency, reduced costs, and better decision-making.
By leveraging technology and digital tools, businesses can optimize their inventory management processes and gain a competitive edge in today’s dynamic business environment.
