Are you running a retail store? It doesn’t matter what you sell; the operations of running a retail outlet can be challenging at times. When you have so many aspects to deal with for the success of your business, anything that can make even one part of that job easier will be preferred. Inventory management is a critical component of retail operations, and luckily it can be automated through software like SalesPush, a retail POS system. However, our article will focus on its benefits as an inventory management software, so keep on reading.
What is Automated Inventory Management Software
Whenever the word automation is used after a term, it means that operation is done automatically and streamlined through the use of a machine or software. Concerning automated inventory management software, updating the inventory whenever new stock is received, entered, and sold—automatically generating barcodes from given SKUs of products and keeping data of vendors and suppliers, among other tasks. All these and more are the functions that get automated.
The Benefits of Automated Inventory Management System
Given the background of what automation is, we will turn our attention to the benefits of an automated inventory management system. Let’s face it, everything might seem reasonable, but all retail POS systems require some investment. If the benefits in return are not worth it, it really doesn’t make sense; however, that is not the case with SalesPush inventory management functions. So without further ado, here are the benefits:
Save Time Save Money
So we can better explain time and money, we need to tell you about the traditional way of stocking and managing inventory. It was handled manually in ledgers; two people would do the inventory, check the stock, and note it down. The more inventory needed to be sorted, the more resources would need to be allocated, or more time would be required if there were no additional staff available. However, with POS inventory management systems, you can upload stocks via an excel sheet in a few minutes, organize them into categories, sub-categories, and classifications like brand, type, weight, quantity, price, and many others. That saves immense time compared to the traditional method, and since fewer resources are required, you save money as well.
Better Accuracy, Fewer Errors
The thing about devices and software is that once you have programmed in a rule or calculation, it follows that to the letter. Suppose you have set a rule for the deduction of products in the inventory system. In that case, when an order is placed or purchased, the system automatically deducts the exact amount of stock from that specific product. Thus there is no chance for human error; unless the initial list of items uploaded or set up were wrong, the system will work like a clock.
It is a well-known fact that machines can carry out tasks quicker than people; that’s one reason they are utilized in almost all facets of life. They improve upon the existing people-centric processes, hence allowing individuals to do more work in less time. If at the checkout counter the cashier had to make a note of the stock sold and then, later on, transfer it to the inventory ledger, the entire process is inefficient and time-consuming; with advanced POS systems like SalesPush, the inventory management function does all this and updates the items’ stock in real-time increasing efficiency.
Get Up-to-Date Stats
One of the other benefits of an advanced inventory management system is its ability to provide up-to-date stats of the inventory count. It will tell you the inventory you have available and its count – making it easy for you to know which items are in stock, out of stock, and which are low in quantity. The other functionality it has is creating graphical reports from the stored data to give you a bird’ eye view of inventory usage. You will be able to ascertain the slow-moving stock and the fast-moving stock and other crucial data from it.
One useful feature of modern-day inventory management software is its ability to be accessed from anywhere. The system is usually cloud-based; what that means is that it is on the Internet. All you need to access the system is a device with a browser and Internet connectivity. That means wherever you are in the world; you can check your stock; if you have multiple retail outlets, you can view each store’s stock.