Nowadays mobiles are an important part of the business. But a few years back the mobile was considered just a tool used for communication but as technology evolved the mobile also evolved and new features are installed and now the mobile is an essential part of the business. If a business is not equipped with a mobile, then business suffers.
That is why organizations ensure that their application and website are mobile-friendly. Because customers do not have time to stick to the system and they can use a mobile when they are commuting or while they are away from their office this is where they need a mobile.
Mobile is not just useful for customers it is important for employees and management of the organization. As they manage their work when they are away from their offices or working from home. The mobile app comes in handy when inventory management is your concern.
There are so many inventories in an organization, especially in the retail industry, that is why managing them is not a simple task. Mobile applications play a crucial role in inventory management.
What Are the Benefits of Inventory Management Mobile Application?
A mobile stock administration software is the current innovation that gives incredible benefits over any remaining earlier techniques used for asset and stock monitoring & tracking. Benefits of Inventory Management Mobile Application are discussed below:
Also Read: How Does Inventory Management Solution Drive Your Business Forward?
1. Real-Time Information
Since automated inventory & asset management software are used in the form of a mobile application. That is why it provides real-time information enabling employees to gather information in real-time.
2. Data Accuracy
Mobiles are used in an automated way such as creating customized reports, scanning barcodes, QR (Quick Response) Codes, RFID tags, and so on. So human error chances are minimized, and accuracy increases.
Moreover, you get the actual number of inventories consumed or inventories quantity left in stock.
3. Better Productivity
In today's world, everyone carries a phone with themselves, and employees can install an application on their smartphones and enhance their productivity quickly as they do not have to run back to their workstation in order to enter information into the system.
In simple words, inventory can be updated from anywhere with mobile app assistance.
4. Eliminating Pen and Paper Method
The pen and paper method is one of the traditional methods used for tracking assets and inventories.
These days when inventories are moving so fast from one place to another it is getting harder to keep up with. As a result, data accuracy is compromised with the pen-paper approach.
This can lead to business loss as well because when you rely on paper you will see that there is stock available but when you check physically it is not as expected so a delay in production can occur and a customer will be disappointed as well. But not when you are equipped with mobile application inventory management.
What Are the Features of the Inventory Management Mobile Application?
Features of Inventory Management Mobile Application are discussed below:
Missed To Read: What Are the Objectives of the Inventory Management System?
1. Stock Level Management
Stock level management is a hectic job it cannot be done manually, if you try to do it manually chances are business loss will occur especially when an organization is a medium or generous size.
When you are equipped with automated inventory management software you can easily manage the right level of stock. This software uses previous data and records to know how much inventory can be sold or consumed in a specific period.
2. Track Inventory
When you keep track of inventory it is become quite simple to manage inventory.
For keeping track of inventory asset tracking techniques are available such as Barcode, QR Code (Quick Response Code), RFID (Radio Frequency identification), GPS (Global Position System), BLE (Bluetooth Low Energy), IoT (Internet of Things), etc.
These techniques play a significant role in inventory tracking & management. Whenever inventory is below the defined level the system alerts the person responsible for inventory and the refilling process initiates.
Mobile inventory management is simplified as you can scan labels and track asset information easily.
3. Set Re-Order Level
Whenever inventory goes below a certain level it alerts the person responsible for inventory and if re-order level is defined then he confirms it, and re-order is sent to the vendor for inventory.
However, there is an algorithm that is customized as per the organization’s requirements. With a mobile app, you can easily do it within minutes.
4. Cloud Technology
Cloud technology gives you more power to keep track and manage the operation as per the need of the hour. This comes in handy when you are away from your office you can make changes on the go with your mobile.
Cloud technology makes you more productive and when you take cloud services your data will be more secure as well. As a result, you will not have to worry about data security as they will be responsible for data security.
5. Analytics & Reports
There is no doubt that reports are extremely helpful to business! You may ask, how? Since reports provide accurate information & they are highly effective in terms of setting long-term goals.
So, we can say that, to make strategic decisions reports & analytics are immensely helpful in saving money & unnecessary expenses. Reports assist in discovering pitfalls and how you can overcome them.
It also assists in areas where improvement can be made to increase productivity.
You can calculate inventory requirements within a specific period. It will help you in planning expenses and save you from unnecessary purchasing of inventory.
You can check all reports on your mobile & create customized reports on mobile as well.
These are a few of the most common features and inventory management trends that businesses must follow. It will help them by improving their productivity.
However, an organization must invest in inventory management tools to implement these features.
Inventory management software provides several other benefits as well such as forecasting inventory requirements. If you want to take your business to another level, then investing in this software is important for your organization.
Recommend To Read: What Are the Functions of Inventory Management Software?
Frequently Asked Questions (FAQs)
1. What Are Common Inventory Management Issues?
Below are the most common inventory management issues:
3. Lack of inventory forecasting
4. Data In-accuracy
5. Manual inventory tracker
2. What are the methods for inventory management?
The methods for inventory management are discussed below:
1. Cycle counting
3. ABC technique
4. JIT (Just in Time) technique
3. What is the inventory control process?
The inventory control process is a procedure in which inventory arrives in the stock room then inventory is sent to various locations as per the requirement. It is also a procedure in which inventory is tracked and managed accordingly.