Whether you own a manufacturing company or a retail store, whether online or in-store the most crucial function for the business is the ability to provide the finished goods at right time, with right quantity, of right quality and at right price. This is possible only with efficient inventory management.
Inventory means the amount of finished goods or raw material, which your business holds. Inventory management is to continuously monitor, review and control these goods. If the inventory management is efficient, it will ensure smooth sales and despatch of the products. And that in return will ensure timely delivery to the customers. Hence Inventory management, for any business is the backbone process.
When the business is started with limited amount of products in stock, one can manually manage inventory, but as the business grows, the products variation, quantity and stock will be dynamic. Hence for that purpose, nowadays, Inventory Management system is used. Inventory management system is the software system which handles all the inventory processes for streamline management.
Inventory Management module keeps track of
Thus it maintains records of
Which is helpful in avoiding overstock or understock.
The initial step for efficient inventory management is to organise all the products. Classify products into various categories and sub categories. For example, if you are into health products, then the products can be classified into categories like general health products, products for heart health, products related to diabetes etc. Managing inventory is also a science, hence it will require to formulate the best method of grouping the products for better management which will ultimately affect your business functioning.
Our Ventaforce MLM software can be integrated with inventory module for your MLM business. It is designed to ease your efforts for managing your inventory and focus on timely deliveries. We list here few of the many outstanding characteristics of our inventory module:
It manages to
Create categories and sub categories
Arrange products under various categories
Maintaining stock-in, stock acceptance, stock return and stock transfer details
Keep supplier details, purchase order details, transfer order details and order status
Maintaining inventories across franchises.
Conclusion is for any product business, whether online, in-store or both, efficient inventory management is a must. So why not to go with the best proven inventory management software modules which can ensure smooth business functioning?