Inventory is one of the main things in a workplace! It can be costly or economical. Inventory can be a source of generating revenue or inventory can be a daily consumption item in usage such as pen, paper, etc. But we all have to keep in mind that inventory plays a crucial role in daily office work and operations. When inventory is important then you need office inventory software to make work automated!
Why Inventory Management Software Is Beneficial for Your Workplace?
Inventory management software is beneficial for your workplace for several reasons that we have discussed below:
1. Eliminate Pen-Paper Approach
The pen and paper method shall be used especially in big size organizations because you will not be able to track information correctly. Pen paper method can work when there are only a few employees exist in the organization.
However, when your organizations grow bigger, it will become hectic to maintain all those papers. When organizations grow your purchase more items their paperwork is also needed to be maintained. Furthermore, these machines need maintenance that means more paperwork.
Other than this, inventory is moved around so that also needs proper tracking. And if you do that with paper technique then it will not only compromise accuracy but also inventory will be somewhere else and you will look into some other place.
For instance, when you need some specific document, your employee will waste a lot of time finding that document. Furthermore, old papers can be easily ripped off.
With this office inventory software, you can save documents and papers online and you can easily find them whenever you required them. Plus, your inventory will be tracked accurately.
2. Keep Track of Office Supply
According to Statista in 2018, “the NRF found that shoplifting by external actors (including organized retail crime) was the biggest source of inventory loss in 2017, accounting for 35.7 percent of shrinkage on average. Internal theft by employees and others was close”
Theft is an issue for all industries and according to the above data mentioned 67 percent of internal inventory shrinkage occurred due to theft (internal theft and external theft) only. These types of scenarios occur when inventory is not taken care of!
Inventory tracking is essential to save inventory from theft. Tracking inventory is very significant for the IT sector as the inventories can be expensive especially when they are bought in bulk.
3. Avoid Inventory Wastage
In huge organizations inventory is purchased in bulk quantities so that your employees have can acquire it all the time. However, sometimes when a purchase order is given in bulk quantity it becomes wastage because they are not utilized in the given period and as we know inventory also has an expiry. This scenario is a classic example of overstocking in the IT industry.
Sometimes organizations do not have inventory for consumption that case is also not good for that scenario is defined as understock. It may not seem a big issue for the IT industry but it impacts the reputation of organizations. In other industries, it can lead to loss of customer and create hindrance in generating revenue.
Sometimes inventory is kept but forgotten and after a long time when you are removing excess baggage, you find that unused and wasted inventory. The reason that warehouses are so huge that they are easily forgotten.
For accurate inventory tracking several asset tracking techniques are used such as Barcode labels, QR Code (Quick Response code), RFID (Radio-frequency identification) tags, etc. These inventory tags or labels help provide accurate tracking & you can find the exact location of inventory.
4. Improve Business with Analysis
Reports are very helpful in business growth as they can provide analytics as they assist in diagnosing issues. Plus, with the help of analytics, you can find a way to overcome issues.
Data analytics helps set future goals and gives an accurate and concrete base to make business decisions rather than making decisions on assumptions.
With the data assistance, you can keep track of trends that can give you an extra edge in staying ahead of your competition. You can get an idea about how much inventory you will need in the next few months. In this way, you can avoid stock-out or overstocking.
Reports and statistics accuracy is very important to make this work effectively. For accurate reports, we recommend using office inventory software as helps in forecasting demand.
Tracking inventory is important because it lets helps in avoiding issues such as overstock and understock issues. This software finds the stock level with the help of data. Overall, it simplifies the inventory management process.
With this asset management software, you will always know where your inventory is located & no more inventory will be wasted. This office inventory software will save you a lot of money and avoid unnecessary spending. Your employee's time will not be wasted as inventory will be found within minutes. Undoubtedly, this software is important for the workplace. As it can save a lot of money.
Frequently Asked Questions (FAQs)
1. What is inventory management?
Inventory management is a task include activity such as storing, managing and selling inventory. Furthermore, you must know how much inventory you have left in stock. That is why it is crucial to understand how much inventory your business will need without wasting any inventory. Inventory management is done to save unnecessary expenses and avoid issues such as overstocking and low-on-stocks.
2. How does inventory management software add value to the organization?
Inventory management software adds value to the organization in several ways such as it saves time, tracks inventory in an automated way, alerts when inventory goes below the defined stock level. Furthermore, it eliminates human error and can help in increasing the productivity of the organization and saving unnecessary expenses.
3. What are the important features of inventory management software?
The important features of inventory management software are:
1. Set Re-order level
2. Real-time information
3. Alert and notification
4. Data accuracy
5. Better product visibility