Signs To Realize The Requirement Of Serialized Inventory Management Software
The inventory is one of the most valuable assets a business
can have. For a wholesaler or retailer especially, managing this inventory is
the most important task there is in order to satisfy customers. A company
following healthy practices for inventory management will be able to achieve
much more efficiency and as a result, be able to increase profitability.
Businesses are becoming leaner day-by-day. With new practices
and techniques, organizations are quick to adapt new ways for maintaining an
edge over their competition. Business processes are also changing, it is
imperative to switch to a better way of doing redundant tasks if organizations want to stay afloat.
Inventory Management and Redundant Tasks
The daunting thing about inventory management is that it is full of redundant tasks that require frequent data input, tracking, storing, and record maintaining. Such tasks if done too frequently (and that too manually) are enough to make any sane person go crazy. Luckily, new software provide a way for businesses to automate these redundant tasks and give warehouse managers, supply chain professionals, and small business owners a much-needed peace of mind.What is Serialization
Serialization is the process of utilizing unique serial numbers of every inventory item to track and maintain records without duplication. Because every product code is unique, the inventory can be maintained with better precision. Serialized inventory software allow for recording this data with the help of barcode or QR code scanners.
The software picks up the barcode and retrieves it in the
system. The interface then allows for adding the specification details
depending on the nature of the business and their inventory. Some good software
companies customize each module depending on each business’s needs.
Signs That Show You Need A Serialized Inventory Management Solution
With the help of the following signs, you can find out if you need to make the switch to an inventory management software with serialization features.Your Organization Uses IoT Sensors
Many organizations have IoT sensors deployed across their
premises for measuring temperature, humidity, vibration, and motion etc. If
these sensors are installed in large quantities then a serialized inventory solution can allow for easier maintenance and repair operations. The software
can highlight the location of the sensor as well as its description.
You Face Increasing Competition
Do you notice that you have a lot of businesses in your
competition that operate on a similar business model? If so, then using
serialized inventory can bring a huge edge. You will be able to operate while
comfortably managing stock levels and maintaining on-time purchasing.
You Frequently Suffer from Stock Outs
Having frequent stock outs can negatively impact the
perception people have about your business. Stock outs can leave you open to
losing even your most loyal customers. So, avoiding this should be a top
priority. Inventory serialization software can notify when inventory levels are
low and set reordering points accordingly.
You Rely Too Much On Spreadsheets
Spreadsheets are a hassle to maintain and because they don’t
have automation, they don’t bring much benefit other than digitizing your data.
However, serialized inventory management software gives you real-time tracking
of your inventory and changes are highlighted instantly in the system. Because
the data for purchasing, sales, and testing are so well connected, you get a
clear picture about the current standing of your business very quickly and in
an easy to understand graphical manner.
You Manually Test Inventory
Some businesses rely on testing their inventory for defects,
this is done primarily by companies that import container loads of electronic
items. They need to be tested and classified according to their defects so that
they can be sent for the required repairs/refurbishing. If these reports are
being created manually, then not only would the chances of errors increase but
creating a new report each time would be very time consuming. Software can
just print these reports using a standard template which can be pasted along with
the product and sent forward for repairs.
You Need Product-Wise Reports
For businesses that have a wide range of products and their
categories. A large amount of sales can make it difficult to evaluate which
products are in demand more than the others. Through serialized inventory
tracking you can find out the gross profit by item, stock information by
condition, and valuation of each SKU’s inventory at any given moment.
Your Business is Growing Rapidly
When your business growth starts kicking, it can also come
with its unique issues. Scalability is a big concern because if it is not
accounted for, a business’s high growth figures can easily convert into a
threat. Avoiding this threat is only possible when systems are in place that
let you store and manage large amounts of inventory data at without bottlenecks
in order management.
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