Inventory management and tracking can be tricky in any organisation but is imperative for the bottom line. Without a detailed overview of your inventory, you are setting yourself up for errors and major challenges. These important details are impossible to keep track of without an adequate inventory tracking system.

We have outlined some of the major advantages of accurate inventory management.

1. Accuracy & Efficiency

It goes without saying that being able to keep track of your inventory successfully will improve the accuracy and efficiency of your processes. Utilising inventory management devices such as barcode scanners and inventory management software can drastically reduce human error and speed up inventory tasks such as stock take. Good inventory management also allows you to keep track of exactly how much inventory you have on hand, helping to avoid product shortages.

2. Organisation

An organised warehouse is a productive warehouse. Good inventory management will keep your warehouse organised – knowing how much stock there is and where it is in the warehouse at any given time can optimising efficiency in production and order fulfilment.

3. Saving time and money

Good inventory management has important time and monetary benefits. Accurately keeping track of stock and products removes the requirement for inventory recounts and error correction, as well as reducing wastage and allowing timely dispatch of orders. Added to the cost benefits of accuracy, efficiency and organisation, accurate inventory management is an essential tool for the bottom line of your organisation.

Conclusion

When weighting up the cost of an inventory management system against its possible benefits, it is important to look at the size of your organisation and required features. An easy to use product that can be customised to offer you precisely the tools you need will provide your business the most benefit.

TransLution™ Software utilises barcode scanners to send data directly to the business ERP.  If you would like to know more about how TransLution™ Software can improve your inventory management, productivity and traceability, please contact us.