Inventory management software: why should the companies enroll for it?

The Inventory management software helps in effective handling and easy tracking of the inventory or orders which prevents the surplusage and lack of the products. This software is also used to create manufacturing credentials like work orders (WO) and bill of materials (BOM). An inventory management software also helps to save the carrying cost of the company, increase sales, manage orders, increases efficiency, optimization of warehouses, up to date data, better control on the expired items, and secured data. The days are gone when the inventory or the delivery data was stored in the form of hard copy, now there are many software tools available for the effectual management of the inventory. 

The small businesses often hesitate to use the ecommerce inventory management software as it can be expensive for them to afford and use it. But thanks to the availability of several free inventory software that works best for the small and medium enterprises. These free software does not mean that it is cheap and ineffective. In fact, many free inventory management software has brilliant features and automated system that allow companies to handle their stocks with proficiency. But you must know that your data might not be safe with certain free inventory apps and hence you need to research and sign up for a clean free app to safeguard your data. 

You can also consider to start with a free app first, and later when your business extends or grows, you can go for the premium features by signing up for a paid plan for a better management. Most of the inventory management tools offer free functions of inventory tracking, supervision of the delivery, managing of the stocks, fulfillment of the order, eliminating the outdated inventory, generating bills and invoices. If you are an online seller, small or big, you can benefit with this app as you can track your stocks right from receiving the order to the delivery of the same. It also serves best for the multi-channel selling, freight integrations, and a strong stock control. These asset tracking software helps to organize the stocks and assets all across your business including the vendor tracking, shifting the stocks from one place to another, and comply to the lack of inventory alerts for a powerful inventory management system. 

The buying of the inventory management software depends on the type of industry. There are different Inventory Software for different industries like retail, construction, and distribution because every software is built with different unique features that works for a particular industry. The Inventory management software also depends on the size of the company as the software requirement will be different for an individual store and different for a franchisee with many locations.

How does ERP and warehouse management software help in small business?

If you want to control and manage your business with a modernized process and a cohesive business intelligence, the ERP software is the solution for you. Enterprise resource planning or ERP has greatly helped big and small businesses to efficiently manage and control the different verticals of the business by automating the back-office technological functionalities. It acts as a business management software that enables the offices to have a system of integrated applications of the operations like revenue, planning, manufacturing, sales, marketing, etc. 

ERP for small business are generally light weighted and are customized to suit the nature of that particular small business. In today’s world, you will hardly find an organization that has not used the ERP systems in their business. The businesses have replaced their out-of-date software systems and homegrown systems with ERP system. If you have ERP back-office system then it will be able to handle accounting, stock management, reporting and analytics, CRM, warehouse management, distribution, HR, supply chain, purchase management, procurement, etc. 

ERP software may consist of many enterprise software modules which can be bought individually as per the needs and technical requirements of the organization. The common aim of purchasing an enterprise resource planning system is to provide one single source for all the business information which can be shared by all the verticals of the business and the flow of data is easy and fluent. 

Likewise, a Warehouse management software helps to manage and control the warehouse system starting from the time the items arrive at the warehouse till it goes out. The warehouse management software is also known as the inventory management software that takes care of the stock management, its processes, and its audit. Having a WMS would mean that you have a reduced labor cost, more accurate stock management, more flexibility, greater awareness, precise reporting, reduced human errors, better yard and dock management, better customer service, etc. because a warehouse management system uses the real-time data, it enables the business to get the most latest information of the inventory, orders, transit of goods, receipts, etc. 

If you are looking for an exponential growth in your small business, an enterprise resource planning system is a must have as it seamlessly integrates all the data by using an automated system and smart technologies to answer to your business needs. It will help you to increase the cash flow and visibility and reducing the cost of the inventory. By using a cloud-based ERP, one can bring a revolutionary transformation in the business that too only in some days by going digital. The cloud ERP software will help irrespective whether you have a small business or a midsized business.