Cloud-Based Inventory Management Software

‘Inventory’ includes raw materials, work-in-process, supplies and finished goods. It has associated costs, which may be classified as ordering costs and holding costs. Modern inventory management practices encourage holding amounts adequate for current needs – warehouse managers will tell you that it’s unwise to hold large quantities in the warehouse. In most situations, a certain level or an optimum level has to be maintained to accommodate the production or business needs. Max Müller, the author of ‘Essentials of Inventory Management,’ says that it’s an art to control on-hand inventory as a physical object (shelf count) and as an intangible object (record count and monetary worth). Warehouse managers have long felt needs such as appreciating the fundamental differences between finished goods, raw materials and work-in-process products: how to apply formulae to calculate it, compute breakeven points, profit margins, mark-ups and markdowns, selling price and margin percentages, select the cycle counting for the businesses, perform A-B-C analysis, recognize and analyze dysfunctions within the business, employ problem-solving techniques, control physical location of inventory more efficiently, and analyze whether or not RFID is adequate; and being aware of supply management risks and solutions.

So, why should you care about inventory management? Inventory is money and its management plays an important role in an environment where the organization suffers from poor cash flow or has no control over electronic information transfer among departments and suppliers, lead times, and quality of materials received. Obtaining and holding inventory is necessary to manage predictability, fluctuations in demand, unreliability of supply, price protection, buffer or safety quantities, anticipation stock, or transit products. Cloud computing approaches offer an added advantage of lowering IT costs by driving out administrative operations.

Tools available for managing inventory have analytical and optimization techniques, and spreadsheets make it easy to test models and perform what-if analysis. Warehouse managers dealing with large-scale implementations prefer software tools. Independent and specialized management and optimization software are popular even though there are inventory management and supply chain management modules within popular ERP systems. We understand that inventory control is critical for loss prevention and our team has developed inventory management software to help you to efficiently manage stocks. We’ve designed the software to leverage on the advantages offered by cloud computing. Warehouse personnel can quickly scan the location and/or item bar code, and enter the quantity using a handheld device with an integrated reader. It’s easy to set reorder points with minimum and maximum levels for each item. The software will even print barcodes for you if your items do not have them. If your stock is managed manually or with spreadsheets, you’ll find our cloud-based software useful in avoiding setbacks due to insufficient products. Schools, colleges and universities, companies, hospitals and restaurants, retail stores and warehouses using vendor managed stock have benefitted by deploying our inventory management software.

References:

Müller, M. (2011). Essentials of Inventory Management. U.S.A.: American Management Association.

Do You Need Inventory Management Software?

Where do you start when you know you want to improve efficiencies, and you have heard about barcode and inventory management software, but there are so many choices on the market and the prices range all over the board? Read on for more insight to selecting the right inventory management software for your business environment.

Well, we have tested many of these and have some answers for you. Many businesses work with small inventories or just need to manage a tool crib or a supply room. For businesses like this we suggest very simple and inexpensive inventory management software that can run on a standalone PC or on a network. Tool cribs either manage a check-in check-out process or they manage inventory reorder points and levels of consumables. For the consumable type tool cribs, we suggest the RedBeam Inventory Management Software.

This product is great for many of the following applications:

o Tool Cribs

o Supply Rooms

o Law Offices – Document Management

o Laboratories

o Small to Medium Distributors

o And many more situations.

The Redbeam inventory management software will provide the user with Reporting that includes Reorder Points and forecasting, as well as quantities on hand and reports on usage by individual. RedBeam Inventory Tracking allows you to streamline the tracking of inventory levels and item movements in your warehouse, distribution center, stock room or store.

The RedBeam inventory tracking application comes in two versions, standard and mobile. The standard editions of the software allow for data collection using cabled barcode scanners attached to PC workstations. The mobile editions allow for data collection using cabled barcode scanners attached to PC workstations as well as the ability to collect data on scanner-enabled mobile computers. RedBeam Inventory Tracking supports Windows XP, Server 2003 and Vista.

The drawbacks to this program are that it is not customizable. The program stands on its own, using a Sequel Database. There can be custom programs written to make this program interface with a flat file upload. But other than that, you get what is in the package here. This is a great program at a great price.

If your applications require a more robust solution, our recommendation is the Intelitrack Inventory Management software that can meet many needs and can be customized to your personal needs. IntelliTrack provides affordable, easy to use inventory management software packages. Depending upon the size and complexity of your business, IntelliTrack has software that’s the right fit. Intellitrack offers tailored modules such as WMS (Warehouse Management System) software and ISRP (Inventory, Shipping Receiving and Picking) software both with a standard application interface for easy integration with accounting software, or enterprise resource planning systems (ERP).

IntelliTrack will also custom make modules that will work within your system. The inventory management software is built on an open source platform and can be easily customized with extensions and modifications.

The drawback on this package is that it can be expensive to have the custom modifications performed. The overall cost here is still much less then a complete custom application build though. A complete custom project requires a dedicated programmer to dive into the code of your current system and then figure out matching code to develop from scratch a inventory management program that must be beta tested, de-bugged and then launched into production. Imaging the cost and time in this project.

Both of the off the shelf inventory management software programs can be downloaded in demo mode for testing, so give them a ride and see for yourself before making the purchase. It is well worth the effort.

Inventory Management Software – This Will Ensure You Are Never In A Out-Of-Stock Situation Again!

Inventory management software is a computerized system created for the monitoring of delivery, sales, ordering and product levels of various businesses. It is used throughout the manufacturing industry as well as the retail industry. Its primary purposes is to ensure manufacturer and retailers are not in out-of-stock or over stock situations.

A solid and well-performing management system helps reduce a company’s carry-costs, which in another sense of the words is how much is your inventory costing you. Inventory management software monitors the flow of items as they are purchased from the vendor and then: 1. Shipped to one or one of many distribution centers; the item will then be shipped from the distribution center (DC) to store, or 2. Shipped directly from the vendor to the store. Some companies use hybrid systems where items are sourced from vendor-to-store and vendor-to-DC-to-store.

Inventory management software will ensure and monitor that there is a correct quantity of items in store or plant; it monitors the movement of inventory from vendor-to-store or vendor-DC-store; receiving and shipping at store and DC level; the flow of inventory from DC to store (this includes the receiving of goods; the picking of goods or order fulfillment; the packing of goods; and the shipping of goods to the correct location); it will monitor sales-to-inventory measures; and it will decrease the amount of product spoiling (this pertains to any factory or retail location that deals with living material or materials that have a form of expiration, such as food or plants or even some bath materials and candles).

There are peripheral aspects of inventory management software that should be commented on. Most industry and retailers will have all or most of these. They may be all tied into the exact same system, but most often they will be separate systems interconnected with various interfaces.

Retail inventory software will deal specifically with products in a commercial sales location. It will provide all the various aspects of inventory control at store level and it may be the same software program used in other parts of supply chain (the department of a company dealing with inventory management) within the company. It will keep track of various things including the date a product was received at store level; current on hand; sales history; title and/or description.

Warehouse inventory management software is almost the same as retail management software. It will provide all the various aspects of inventory control in a company warehouse location and, again, maybe the same software program used in supply chain throughout the rest of the company. It will keep track of date goods received into the warehouse/DC; current on hands; location in warehouse; how often the product is received and shipped at warehouse level; and title and/or description.

Inventory tracking software is almost synonymous with warehouse inventory management software and retail inventory software. Inventory tracking software will be the unique program concerned with the flow of inventory, such as on hands, shipping/receiving history, sales history. More often then not it will be integrated as the same software program used by supply chain throughout the company.

Asset management software can pertain to different items within the company. The assets can simply be the inventory throughout the company and this tracking info by be used for very specific purposes such as sales budgeting and budget forecasting. It may also deal with technology and other assets the company owns and the dollar value, life cycle, real estate. It may be part of a larger accounting tool.

Inventory management software is used to control and monitor the flow and levels of goods within a company, manufacturing and retail. It is a computerized process in the large field of supply chain and key in a company’s profit.