Inventory management software

Before we discuss about inventory management software let us understand what inventory is all about. In literal terms, inventory' means anything that you have in stock. Suppose you are running a pharmaceutical business, all the medicines along with accessories such as syringes, bandages, oxygen cylinders, etc. are your inventory. You can check it to find how much of a particular item you have in stock at any given point of time. The moment you sell a particular medicine or an accessory, you deduct that from the stock. Your inventory also provides you with information about when you need to order a particular item. Brick and mortar medical stores typically order fresh stocks from their supplier at the end of the day by checking the type and strips phials of drugs sold during the day and ordering a fresh stock of the equivalent quantity. However, this is a tedious task and often leads to mistakes. Apart from this, it is very difficult to guess in how much time the stock of a popular item will exhaust. This is where specialized software proves to be a boon.

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How software for inventory management system works

Once you have purchased the software and installed it, you have to create a database of products you sell and input the quantity of each that you have in stock. Ensure that you purchase software that has an integrated bar code reader too. This helps you save time, as you do not need to enter the quantity of the sold item manually. In such a scenario, the moment you scan the barcode of a particular product, you will find information about it generated by the software, in a spreadsheet format, on the display unit of your computer. You only need to input the quantity of that particular item that you have in stock, in the relevant field of the spreadsheet. Although the process of entering stock takes time, you have to do it once only. Whenever you sell a particular item, simply scan its barcode, and the software will deduct one unit (or multiple units) from the stock. This allows you to assess your stock quickly and efficiently. Most such software has an integrated warning system that sets of an alarm when the stock of a particular item falls below a pre determined quantity.


How advanced inventory management systems work

These programs allow you to focus your time in running your business instead of wasting time bothering about the stocks of your product. Some of them also have a feature that automatically places orders for products from your supplier the moment the stock of those products fall below a set threshold.


Cons

If your computer crashes, the software succumbs

Certain programs cannot predict surge sales, typical during the holiday season, especially for online stores selling popular products.


Pros

Software with artificial intelligence can actually determine the requirements of individual products and orders them accordingly. This ensures that you are not frequently out of stock.

Cloud based programs allow you to access your database from any computer. This comes in handy when your computer crashes. You can then use a different computer to connect to the software.