The introduction of microcomputers revolutionized business processes related to inventory management. For the first time, automated tools that assist warehouse and inventory managers with asset tracking, barcoding, order management, and service management were available in nearly every work environment.
Businesses that were quick to invest in inventory management software enjoyed enormous competitive advantage compared to those that were hesitant to modernize. Today, investment in reliable, innovative inventory management software is key to the success of businesses everywhere.
Who needs inventory management?
For businesses that deal with tangible products, inventory management is a key element of that business’s success. Keeping tabs on where products are being stored, which vendors they come from, and how long they have been sitting on warehouse shelves are all key elements to successful asset management for businesses, no matter how small or large they might be.
Regardless of whether or not the products that one’s business sells are perishable, keeping a good sense of where they’re resting, how long they’ve been there, and how quickly they should be out the door is a crucial factor in maximizing productivity and keeping inventory upkeep, storage, and associated costs low.
If your business has an inventory, you should be concerned with the performance, efficacy, efficiency, and reliability of the inventory management software your business uses. If your business doesn’t use software to manage inventory – then you should be seriously concerned about losses in revenue and productivity that are probably affecting your business. Simply stated: almost every business needs some kind of inventory management software like ERP software, no matter how big or small the firm might happen to be.
What does inventory management software do?
The specifics associated with a particular brand of inventory management software, or the implementation of a certain software package, can depend largely upon the kind of assets that are being managed. However, there are a few general rules of thumb regarding inventory management software capabilities. First, the software is key to helping businesses ensure that they are able to stick to an ideal balance between having an overstock of inventory, and having too little inventory to fulfill demands.
Second, businesses with multiple locations and / or particularly large warehousing facilities depend upon a unified inventory management system in order to allow staff and management at remote locations to determine where supplies or assets they require are located, and to manage the transfer for assets between one point to the next. This makes acquisition of necessary items within the firm more streamlined, and also helps prohibit the loss of inventory as a result of graft.
In addition, most warehouse and receiving dock managers find that inventory management software that can handle rapid entry of new assets being received is a key element to maintaining efficiency. Further, in modern warehouse environments, inventory management software and systems play an essential role in managing the rate at which items are picked, packed, and shipped.