Formulating an Effective Inventory Management

• Priyadharshini K
• 05-Sep-2017 10:10:24

Formulating an Effective Inventory Management

While no one ever said inventory management was easy, it is possible to overcome the challenges of most business owners faces on a daily basis. Here we’ll provide a solution for the major challenges faced by businesses in managing their inventory efficiently.

The most daunting inventory related challenges that arise in wide range of Industries are in the form of over stock and under stock. This issue arises when a business struggles in managing the balance between knowing how much stock it needs to order, and when to order that stock.

Executing an accurate stock forecasting and ordering ensures that a business’ inventory flows from supplier to customer at just the right rate, and its ROI is maximized.

As you see, the physical stock count and the system stock count will be verified in a quick view and the necessary action for the mismatches can be easily tracked. It helps the management to know about the transactions regarding the flow of stocks. 

The Ledger details of the stock with its quantity and value enables the user to arrive at the opening and closing balance details of the warehouse deliberately quicker and easier. As you see in the ledger, the transaction details such as voucher no, type of Transaction, transaction quantities and cost and of course the value of the transaction will be automatically recorded.

Now, the one fundamental thing that the user should do is to run the ledger of the required warehouse to fetch its appropriate details.

So while inventory management will always pose a significant challenge to any business, investing in an affordable, smart and effective inventory management software solution will help ensure that profitability is maintained, and stock flows optimally through your business. 

Roadmap ERP helps businesses track, trace and account for the products that drive your business forward. Now, the flow of inventory through your business can be viewed in detail, in real-time, from supply through to customer delivery.