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Inventory My Stock

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Why implement an inventory software and barcode tracking system?

Why use inventory software and a barcode tracking system? To answer those questions, we lets examine what inventory is, and why it is important to any business.QuestionMan

According to Webster, inventory is defined as “an itemized list of current assets” and “a list of goods on hand”.

No matter what business you’re in, you most likely have an inventory – items for sale, raw materials, finished product, tools, parts, supplies, etc. Using a barcode inventory system for your stock will efficiently accomplish the following:

  • You’ll know what you have and where it is.
  • You’ll be able to receive, put away, move and ship out (to internal or external users) all the items you have in inventory.
  • You’ll have pertinent, up-to-date reports about stock levels, usage, and reorder times for all the items in inventory.
  • It’s easy to enter data into, and get data out of.
  • It makes cycle-counts easy and efficient.
  • It will export data easily to your accounting or other back-end system.

 

In today’s competitive environment, having too little of critical material inventory can lead to big problems. Just-In-Time (JIT) inventory management principles have revolutionized inventory processes for larger companies. JIT requirements have flowed down to suppliers, and everyone can save money if JIT is properly implemented throughout the distribution channel.

Smaller companies recognize the trend, with many managers keeping a “Just-In-Case” inventory for safety. If the inventory systems were adequate, the waste of money to purchase and carry this extra inventory would be saved. Generally speaking, if the current system requires a “safety stock”, chances are that specific item’s location data isn’t very accurate either. This can lead to over-ordering currently used materials and scrapping inordinate amounts of materials when it becomes obsolete. Inventory software with a barcode tracking scanner can solve these problems as well.

If you’re not reaping all the rewards to using an automated, efficient inventory software system and barcode tracking system, it's time to get started! How Do I Get Started ?

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