Inventory management software is specifically designed to track stocks, purchases, orders and deliveries. One compelling feature of inventory management software is that it is applicable to all kinds of industries regardless of the size and nature. However, this software is popular with retail and manufacturing industries because it helps in managing the day to day tasks related to stocks at great ease.

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How does an inventory tracking software help?

Inventory management software or Stock Management Software is used to keep a tab on the stocks. Reports generated from this software can be used to prevent an excessive amount of stocks as well as the shortage of stocks. The inventory manager would easily know what products are eating their shelf space and which products are in high demand to keep a buffer in case of emergencies. Inventory tracking software comes with great features and is a lot more secure than previous methods where stocks information was done manually. The reports generated from this software are accurate and precise which helps in management to make wise decisions and achieve great results. Bad inventory management can lead to huge losses.

What does it do?

The prime responsibility of Stores Management Software is that helps in keeping track of the entire inventory that is been used or stocked in the warehouse and if there are any deficits. However, there are four distinct features of every inventory control program; Asset management, Bar-coding and order management.

Asset Management – Every product that is used to generate revenue can be termed as an asset. For a manufacturing industry, raw materials are the biggest asset. Therefore, inventory software should have an asset management feature that gives a complete picture about your raw materials.

Bar-coding – In order to track items, a unique identification number is given to each and every product. It makes the tracking process easier. Bar-coding is a feature that is extremely crucial because it contains all information and data about a particular product. Without bar-codes it can be absolutely impossible to input product information, especially if the products are in bulk.

Order management – Order management is equally important because it helps in monitoring if the supply of any particular product is decreasing. This helps in management to order more stocks so that the production is not hampered. Without monitoring stocks, companies would probably run out of stocks or over stock.

Benefits of implementing inventory control software

Today most of the retail and manufacturing industries are using Stocks Tracking System. Therefore, the software is gaining huge popularity in the market. There are numerous advantages that the software provides that make it popular. It helps in lowering costs because companies now don’t have to hire additional manpower to handle different activities related to stock management. The software is enough to handle a ten person job. It also helps in maintaining product supply flow that prevents companies from losing sales. Job operations are much easier and efficient as well as provide up-to-date information about current levels of stocks in your organization. Lastly, it saves time and energy with complete security of data.