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Why you need an inventory software for your business

Why you need an inventory software for your business

What is an inventory software? Inventory management software is a program or tool that streamlines the processes needed to efficiently manage a bu

 Stock control practices and procedures
Simple inventory system for small business

What is an inventory software?

Inventory management software is a program or tool that streamlines the processes needed to efficiently manage a business inventory, manage reordering, selling of inventory, stock transfers and update accounting data. It automates almost all aspects of inventory and warehouse management – a key reason why you need an inventory software for your business.

Implementing inventory management software enables businesses to keep track of the inventory they have in their warehouses and across retail locations or sale points, when the inventory is sold, and when additional inventory has to be ordered. 

Inventory software comes in handy in inventory management when it comes to eliminating double entering of stock information and accounting data. Another key reason why you need an inventory software for your business It simplifies tracking all inventory in your store (finished goods and raw materials) as it aids in the implementation of an order-management strategy so you never have an excessive or insufficient amount of a certain item in stock. Additionally, inventory management software provides detailed and prompt reports on your entire inventory management operations so you can track everything even more efficiently.

benefits of inventory management software

Whether you are a store, manufacturer, or warehouse manager, inventory management software may simplify be the process of inventory control while tracking your incoming and exiting goods. You can get a complete picture of your current inventory level across all your stores with the help of smart inventory software and by implementing the right inventory management practices and procedures. These practices and procedures for inventory management can help keep the appropriate stock count and reduce stage costs and risks. 

Why you need an inventory software for your business

Having a smart inventory software in place would allow you to:

1. Become more efficient.

Inventory management software enables you to automate time-consuming and labor-intensive tasks including keeping track of where products are, placing new orders when supplies are low, stock level notifications, etc. The more of these operations you can automate with the software, the more resources you’ll save because your staff won’t have to manually count your inventory but rather receive reports from the software as they put efforts on more crucial tasks.

2. Minimize Storage Costs

The right inventory management system helps you to keep your storage units more optimized in terms of the available quantity of stock at each given time. A smart inventory software will enable you to map your storage space, appropriately categorize the products, label them, re-order out of stock items on time and accordingly distribute the stock across your stores. 

3. Improve on accurate data entry.

Another reason why you need an inventory software for your business is to improve on your data accuracy as it helps ensure your records are up to date. When integrated with a point-of-sale (POS) or accounting module, you get to improve on the accuracy of your sales data and expenses/profits all through the same one system, thus, helping you to avoid avoid costly errors that occur when figures are manually computed.

4. Increase Business Revenue

Another important why you need an inventory software for your business is to know inside out about your stock; which products sell the most, when is the right time to restock, your supplier information, credits and balances, and so on. iOSoft smart inventory management system comes with all detailed information and reports at a glance. You can review all sales orders, amount of stock you currently have across your multiple stores to help you carefully plan your spending and generate more revenues for your business.

5. Automate Inventory Tracking

Another reason why you need an inventory software for your business is to help you automate inventory tracking. iOSoft smart inventory management system is designed to enable you automate manual processes like updating stock-related data, calculating taxes like VAT automatically while creating invoices for all customer orders, etc. This automated processes enables you to save time and effort while avoiding manual inventory handling errors.

6. Improve Order Accuracy and Customer Experience

One of the reasons you need an inventory software for your business is to improve your customer experience. When you implement a smart and effective inventory management system, it ensures that correct goods reach your customers on time. Coupled with automated notifications either through SMS or Email whenever you interact with the suppliers and customers, it has a positive impact on your customer experience resulting to more returning buyers.

Why Inventory Software Is Important for Small Businesses

For a business to operate effectively and efficiently at a reasonable operation cost, it is essential that it understands its inventory in and out. Effective Inventory Management Practices lower expenses, which further maintains control over accounts and finances. From the perspective of the customer, it enables you to satisfy expectations by offering super customer experience through quick delivery, affordable orders delivery and quick information sharing.

Another key reason why you need an inventory software for your business is that in the past 12 months, statistics have it that almost 81 percent of consumers encountered a “out-of-stock” situations retailers , costing retailers lost sales and leaving customers disappointed. Retailers across East African region suffered losses of a staggering $1.75 billion as a result of improper inventory management. This means, it’s time to streamline your inventory management procedures if you are still using manual spreadsheet to keep track of your inventory, or worse, if you aren’t managing your inventory at all.

To meet your business growth strategies and vision, you need to overcome barriers and challenges of inventory management. Good news is, you’ve come to the right place if you’re seeking to keep track of your inventory save on your warehouse storage costs while increasing efficiency – iOSoft Simple inventory system for small business has you sorted.

Use an Inventory Management System to Grow Your Business

A good inventory management software provides several advantages to your business in both the short and long term. These include lower costs, quick business reports, higher revenue, automated manual processes, and greater adaptability to rapidly changing market conditions. As a result, the system has a significant impact on your company’s bottom line, making it more efficient, profitable, and ready to serve your customers while eradicating repetitive operation tasks. iOSoft Solutions provides the best inventory management software for small businesses, which is specifically designed to provide flexibility and growth. 

Having gone through key reasons why you need an inventory software for your business and as you might expect, achieving ALL these benefits would necessitate the use of custom inventory management software perhaps CUSTOMIZED to fit to your specific ways of work. That is something you would need the assistance of a professional for. This is where iOSoft Solutions comes into play. As a software development company, we have assisted a number of brands in developing and deploying inventory management software for their businesses. The end result? Complete supply chain streamlining. We are here for you. Contact us today.

Schedule Your Free Software DEMO & QUOTE.

we believe the pointers above help you make the right decision in Choosing the right inventory software for your small business. We’re here to give you a personalized DEMO of iOSoft Smart Inventory System. We’ll answer any questions you have about pricing, functionality, customizations, and integrations, so you can make an informed decision quickly. Schedule your free online product demo today.