Enhance Your Business Efficiency with Our Powerful and User-friendly Inventory Management Software

What is an inventory management system?

The inventory management system is a software system for tracking inventory levels, orders, sales, and deliveries. It can also be used in the manufacturing industry to create a work order, bill of materials, and other production-related documents. Companies use inventory management software to avoid product overstock and outages. It is a tool for organizing inventory data that before was generally stored in hard-copy form or spreadsheets.

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What are the features of online inventory management software?

  • Real-time visibility of all item for easy retrieval
  • Better inventory accuracy. Lower replacement costs
  • Improved regulatory compliance and simplified audits via automatic system logs
  • Less time/money spent searching for an item
  • Increased utilization and resource planning
  • Locate important item when needed
  • Alerts issued when preset minimum levels are reached
  • Receive alerts for certain milestone dates

What are the benefits of inventory management software?

The software allows you to track everything related to your business. The software can be an effective and insightful way of managing the inventory. It can help you to manage inventory from any computer, tablet, iOS, or android device.

You can set up the alerts and keep track of the stock levels. The software can enable you to track the items using barcodes and QR codes using your Smartphone.

Managing the inventory can be a challenging task, but the software can enable you to keep track of your company’s inventory in a simple way.

  • It offers multiple users accounts- each with customizable access
  • It offers insightful CSV and PDF reports.
  • It gives insight into who is using what

The software is quite easy to use and operate, and you don’t need a training manager or a manual for figuring out the inventory software. It is designed in a way that even people who are not tech-savvy can learn and operate it. Some other features of inventory management software are as follows:

  • Automatically backup and sync data to the cloud
  • Giving anyone the right amount of access
  • Bulk add inventory via CSV in an instant

Benefits of Inventory Management

It is important for any organization to understand their inventory for achieving efficient and fast operations in a cost-effective manner. When the inventory is managed the right way, it helps in reducing the cost and keeping your accounts and finances in check. It also helps in offering better customer service via fast delivery and lesser shipping charges.

Good inventory management software helps you to allocate inventory to specific sales channels, which is important if the business has warehouse and distribution centres at various locations. The software can help in improving the demand forecasting by analysing data trends from well-performing stocks. This helps in reducing holding and handling costs and improving revenue freeing up the cash flows.

Inventory management has become vital for the survival of any business. If you wish to manage your inventory effectively, connect with us for our online inventory management software.

Inventory management system is a software system for tracking inventory levels, orders, sales and deliveries. It can also be used in the manufacturing industry to create a work order, bill of materials and other production-related documents. Companies use inventory management software to avoid product overstock and outages. It is a tool for organizing inventory data that before was generally stored in hard-copy form or in spreadsheets.

Features:

  • Real-time visibility of all item for easy retrieval
  • Better inventory accuracy. Lower replacement costs
  • Improved regulatory compliance and simplified audits via automatic system logs
  • Less time/money spent searching for item
  • Increased utilization and resource planning
  • Locate important item when needed
  • Alerts issued when preset minimum levels are reached
  • Receive alerts for certain milestone dates
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FREQUENTLY ASKED QUESTIONS

FAQs

What is Inventory management System Software ?

Inventory management software (also called inventory planning software) goes beyond simple record-keeping to provide optimization, simulation and analysis you need to make better supply chain management decisions.
Inventory management software can reduce inventory costs and improve customer service at the same time. It secures that the right amount of stock is in the right place at the right time and at the lowest possible cost. It has become a critical tool in many organizations as inventory carrying costs can be reduced by upwards of 30%.

What does inventory software do ?

Inventory management software typically includes forecasting and replenishment modules. Forecasting helps you balance target service level or expected demand with inventories kept in stock and incoming supplies. Replenishment helps determine the safety stock levels that are needed at points along the distribution chain to satisfy orders at a given fill rate. A subset known as inventory optimization software employs complex algorithms to recommend what to stock and in which quantities for meeting demand across the entire supply chain or at a specific location.
Inventory management software is available standalone or in ERP and supply chain management (SCM) suites. However, not all solutions includes inventory optimization and product life-cycle tracking which are key components for successful inventory management.

How does inventory management software differ from other supply chain software ?

The broadest definition of the term “inventory management software” would have to include Enterprise Resource Planning (ERP) and Material Requirements Planning (MRP) legacy software that records basic data on inventory. Advanced Planning and Scheduling (APS) tools help manage the raw materials and components used in manufacturing, and Warehouse Management Systems (WMS) have analogous features for warehouse inventory management. Today, the term “inventory management software” denotes a distinct category of specialized tools for collecting and analyzing inventory-related information for planning purposes.

What are the advantages of using inventory management software ?

There are very few projects that can increase profitability as much as inventory management in companies where the inventory or product flow is the core business.

3 main advantages optimizing inventory management with software:
• You can reach the target service you are aiming for within 1 replenishment cycle.
Higher service = fewer stock outs = higher sales.
• It reduces capital tied up in stock and frees up cash flow.
• It saves time and money by automating the procurement and replenishment processes.

What is required to implement management software ?

Integration, data quality, and training are usually areas that require attention.
Inventory management software must be integrated into existing ERP systems, often at great expense. Evaluate different system provider’s capabilities to integrate or transfer data between your ERP and the inventory management solutions. Often an implementation project takes 3 to 6 month but with Planet-Pci Infotech, you can get started with a simple Excel import and export data transfer. We have you up and running in days and your business will get value from the system within a week.

Users often need training in inventory management methodologies before being able to handle the software. Just because the functionality in a system is advanced, it doesn’t mean that the user interface and usability requires a Ph.D. degree. We believe that every manufacturing and distribution company keeping stock should have access to a great inventory optimization tool that is easy to understand and maintain. This is why we have developed Planet-Pci Infotech.

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