What is inventory management software?
software is the continuous monitoring
and maintenance of a business’ inventory levels. It’s much more than just a stock
count and includes all the administrative tasks involved with measuring incoming
and outgoing stock as well as stock you have in your warehouse.
Why is inventory management software important?
When it comes to inventory management software, it pays to be
precise. Stock is the lifeblood of your business, so maintaining the right stock
levels is crucial to your operations.
Inventory management is important for several reasons:
1) It informs you how much stock you have on hand. It tells you whether you have
enough for your forecasted sales or whether you need to order more. There’s not
much use in closing sales if you’ve run out of stock and have nothing left to sell!
2) Inventory management reduces errors and ‘walking stock’. Constantly monitoring
the levels of inventory means you can update your system and therefore update your
financial records with how much you have tied up in stock to sell.
3) Inventory management tells you a story about your business. Unless you have records
of quantities you bought, quantities you’ve sold and quantities you hold, you won’t
know what sells well, what doesn’t and how you can change this to grow your business.
How can online inventory management software help your business grow?
Inventory management with BrijMal Inventory Management System(BIMS) is efficient,
allowing you to manage inventory on the go and eliminate the stock errors that give
you a headache.
BIMS software understands the demands of your business and puts all your inventory
information right at your fingertips. It generates stock reports, complete audits
and stock movement history with one click.
As well as saving you time, BIMS effectively manages your inventory to reduce errors
and prevent stock from going missing. Moving away from spreadsheets and manual data
entry, BIMS stock management software measures how your inventory moves around.
All products and variants have an audit trail activity feed, so you know exactly
what products went where, and when. BIMS requires any manual changes in stock levels
to correspond to a description and a date.