GrofleXInventory management is important for the smooth functioning of your business and to keep your stock levels in control. Both excessive and surplus inventory can disrupt the financial flow of your business and pose a serious threat to its liquidity position. Inventory optimization is important to ensure that you have minimum levels of inventory to meet the demand of end-users. It helps to manage the business risk and reduce the holding cost. In this blog, we’ll walk through the best inventory management software. Read- Detailed information on Inventory Management in the GrofleX blog post “A Complete Guide To Inventory Management”
Why do companies need Inventory Management Software?
- Every organization, no matter how small or big have inventory in the form of raw materials, work-in-progress, and finished goods. It might include something as small as a needle or can be assembling units of a car. Hence, it is important for companies to effectively manage their inventory.
- Mishandling of inventory or laxness in evaluating your inventory can largely hamper the functioning of your business. It might further propel the situation of inventory surplus or shortage leading to huge financial losses. For business, it is a loss in productivity and sale.
- Companies should introduce inventory management software free that helps them reduce the possibilities of deadlocks, spillage, and unwanted storage and holding cost. Automating the process means reducing the chances of human errors and saving the time and effort of employees, who can now concentrate on the core competencies of the business.
Let us understand the situation in a typical business setup. Customer purchases product from you and you keep track of stock, and raw material to meet the demand of customers. In an ideal situation, you know what is the level of inventory and if you need more inventory to meet the demand of end-users or not. However, if there is no proper structure or coordination among manufacturers, suppliers, customers, and salespeople it might result in a situation where you either have excessive inventory or face an inventory shortage. You might have inaccurate information regarding the stock levels or face poor customer satisfaction.
Types of Inventory Management Software
There are different types of inventory management software ranging from free to expensive ones. They don’t only differ in terms of cost but vary in terms of features, deployment methods, etc. There are three main deployment methods of Inventory Management Software :
- On-premise inventory management systems.
- Software-as-a-service (SaaS) inventory management systems
- Cloud-hosted inventory management systems
Best Inventory Management Software
The aim of every company is to meet the needs of its customer, offering the best customer satisfaction. There are many free and open-source inventory software that helps companies automate their inventory management process and meet the demands of their inventory. Inventory management software helps you track your products, items, or assets, understand your storage needs, and manage the stock levels in the company. It helps to save your time and effort. A good inventory management software system should be able to couple your company’s strategic goals, sales, production, and materials requirement planning. It should help you automate the purchase based on the forecast of your sales order. Best cloud inventory management software by GrofleX is a comprehensive tool that offers you all the features to streamline your inventory and create a seamless customer experience. The inventory management software is for small businesses and beginners who want to effortlessly manage their inventory across multiple levels and channels. All the companies that are anticipating huge growth and have large stock levels can rely on free inventory management software by GrofleX, which helps them automate the entire process and reduce human efforts. GrofleX inventory evaluation tool is simple and easy to use. The tool has distinct features such as creating articles and tracking the stock movement.
Create a new article
The feature of the tool allows you to create a new article, and add prices and information related to the article. Once you create an article, click the save button.
Article List
The option allows you to track all the articles in one place, instead of hunting them on the tool. Supposedly, if you want to track a particular article, simply enter the name of the article in the search bar, and it will automatically detect the article. The option of an article list helps you track the current stock, which means the total items available in the inventory. It states the opening balance of the stock. You can even check the value of the current stock which is calculated on the basis of current stock * Average price. The best part of this option is that it allows you to ‘add or remove’ an article from the current stock.
Stock Movement
The feature of the inventory management tool allows you to track the purchase and sale of an individual article. Any action of the stock is reflected here. You can check the amount of stock purchased and sold here. Even if can track the historical cost, the value of a stock before any purchase or sale was made.
Conclusion
There is a huge demand for inventory management software in the market and is expected to grow tw0-fold in the next 5 years. The inventory management tool by GrofleX isn’t restricted to accountability but offers a source of competitive advantage in demand-driven organizations. Buying behavior and demands are uncertain however investing in a good inventory management tool helps you decide your action and plan well in advance. The software will help you in the automation of inventory management, result in cost reduction and save time and effort to walk through spreadsheets. If you are looking to take your business to another level invest in the best cloud inventory management software by GrofleX. It’s best to try the GrofleX demo right away. Simply register with an e-mail address and password. And immediately the full range of functions is available to you free of charge.
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