Types of Inventory Management SystemsAuthor : Julia Ching , Julia Ching is associated with Salonist - Beauty Salon Scheduling App , where she is working as a writer. She manages all content management projects and is keenly interested in writing technology, CRM software and Business Software related topics.
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In almost all business organizations, more than 60% investment lies in their inventory. In figures, it’s a great amount. Therefore, it is essential for every business owner to maintain their inventory well. Traditionally, inventories are maintained in hard copies by the various departments, which was a great headache for the one to keep track of all. But now, thanks to the technology, that gave us various inventory management software systems. You can track inventory levels, sales processes, orders, and deliveries at any time and any place.
Here, we have a list of the inventory management system. Let’s discuss them:
1. Manufacturing Inventory Management
In the manufacturing industry, inventory management plays a crucial role. All other departments performance completely rely on the inventory present. For example, for the manufacturer of bakery products, you have a detailed report of every single item to be present in stock. Otherwise, your work may suffer in between of cooking. To come out from such situations, inventory management system software can help you. The software can easily track your raw material, work-in-process, and finished goods status at any time.
Additionally, Inventory management software is blessed with the following features:
- Inventory level reports
- Max-min level settings
- Automated reordering
- Cost of each and total inventory
2. Spa/Salon Inventory Management
Salon inventory management is most neglected, but, an overwhelming area in spa and salon management. This software helps the salon owners for effectively handling of inventory. Therefore, it results in limited wastage, accurately inventory tracking to control pilferage and ordering the right amount of products to ensure you about over-stocked or under-stocked level. Additionally, when small quantities of stocks are stored in multiple locations, it can be challenging for the manager to monitor usage of the product on busy days. There, a spas management software act as a great tool.
Salon management software features:
- Easily get appointment booking beyond business hours.
- You can track customer’s information, contact details, past services data with great ease and comfort.
- You can easily get the money credited in your accepted mode of payment receipt with minimum ease.
- You can reward your loyal customers by discounts, coupons etc and get more business opportunities from them.
- A useful Salon system helps you to market your products/services online and make a better relationship with customers.
3. Restaurant Inventory Management
We cannot deny the importance of inventory management for your restaurant business. In restaurants, there is a large flow of food and supplies, therefore, an inadequate report of inventory can shrink the chances of your profit. So, when thinking about the restaurant inventory, do not assume food items only, but you must have a detailed report of the components involved in processing the food. You can add paper placemats, plastic flatware, straws, napkins, and disposable cups etc.
How it will help you:
- A detailed report of available resources
- A list of resources available for the daily and weekly usage basis.
- A good source to track material for all time.
- The best method to draw reports for re-ordering or restocking your inventory.
4. Warehouse Inventory Management
Warehouse services are very diverse and are not limited to the simple storage of stocks. These include the transfer of stock between the departments and branches too. Therefore, the role of inventory management software is important here to track the processing of transfer stock, generate reports, and to know the status of items in all branches of the organization. Warehouse inventory management system also helps in elimination human errors like a duplicate of reports, wrong department transfer stock entry etc.
Warehouse inventory management software features:
- Adequate report of material flows in accordance with the demand of consumers
- Transformation of the range of material flow in accordance with the customer's order
- Ensuring the storage of stocks
- A detail for shipment material
- The provision of material, organizational, commercial, warehousing, and freight forwarding services reports.
5. Retail Inventory Management
Any business involving in the sale of goods requires the permanent availability of inventory at the store's warehouse. Proper formation of inventory size allows the store to deal with any product requirement, hence results in, greater customer satisfaction. Moreover, you will also get the benefit of pricing policy on the reorder level. All this is possible with the optimum retail inventory management system only.
Inventories that are created for the store can be evaluated by various criteria:
- The amount of inventory in financial terms
- The number of stocks in units of goods
- The size of stocks in the number of days of reordering
6. Construction Inventory Management
As the world is growing faster due to technology, but it is astonishing to see construction companies to still using complex spreadsheets and log sheets to track and manage equipment. These outdated tools are a sheer wastage of manpower and resources. Moreover, these time-consuming tools do not contribute to boosting business productivity. So, in this race, Construction inventory management software act as a bliss. They can keep 24*7 track of all your activities related to men and material.
This software also includes:
- An inventory includes a detail for tools, manufacturer equipment, instructions, parts requirements, and so on.
- A consumable inventory (i.e. nuts, bolts, screws, nails, drill bits, wire, batteries etc) with a system that alerts when stocks reach to reorder level.
- Automatic scheduling of preventative maintenance for tools, plant, and equipment, helping to ensure that unnecessary downtime for repairs is avoided. An inventory app which is downloaded to operatives’ phones.
- Radio-frequency identification (RFID) and barcode solutions.
Hope, the above-mentioned points provide you with a complete guide for inventory management software solution. So, in order to deal with the tech world, you can choose software that suits your business needs. This will help you to rank high the business world.