Best Inventory Planning Software For You

By Author: Karishma Shikalgar
Total Articles: 12
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Every business tries its best to operate inventory effectively, but as the sales, SKU, and warehouse location increase, inventory management gets more and more complicated. Consequently, businesses are not able to meet customer demand on time and often fall short on inventory supplies.

In the last few years, more than 80% of customers and businesses have faced an out-of-stock situation because of mismanaged inventory situations.

Inventory planning and supply chain management problems are global and faced by businesses of all scales and sizes. If you run a company that is still using spreadsheets to manage inventory or one which is not managing it at all, it’s time to change that.

What Is Inventory Planning Software?

Inventory planning software is a technologically backed platform that automates various aspects of inventory and warehouse management. This platform streamlines the tasks required to track down inventory, manage the rendering process, and update the accounting data.

Most importantly, the benefits of inventory management tools lie in giving you ...
... real-time updates about what exactly is happening with your stocks.

The Limitations of Inventory Management

Inventory planning has a significant impact on every business. Just like countless advantages, it also has many difficulties or challenges for your business.

Let’s discuss them below:

Incomplete Data

At any point of time in your business, you are supposed to have accurate data in your hand to understand what amount of inventory you currently hold in your stock. Conventional management does not provide that efficiency in these fast-moving times. That’s why it is essential that you get comprehensive data from various sources.

Constantly Changing Demand

Customer demand changes during different seasons, trends, or events. So, keeping excessive stock may lead to outworn inventory, but carrying too little leads an unrealized sale.

What actually helps is having an order strategy where you can predict and fulfill demands.

Supply Chain Complexity

The global supply chain is constantly on the move, which places added pressure on inventory management tasks. To handle your day-to-day operations, you need to know the when, where, and how of your manufacturers and distributors. Your inventory forecasting process should be flexible and seamless.

Inconsistent Tracking

Using a manual inventory tracking process with the help of spreadsheets can be time-consuming, prone to errors, and repetitive. This process slows down your overall product pipelining and even one minuscule error can disrupt the complete supply chain.

Insufficient Order Management

One of the most common issues in inventory management systems is getting understocked or putting a lot of pressure on the inventory by overstocking it. Historical data and previous experiences do help you to predict demand, but it has its own limits.

That’s why you need a software-enhanced platform to understand and predict accurate data to manage orders on time.

6 Reasons Why You Need an Inventory Management Software –

1.Minimize Wastage

When dealing with many products, it's difficult for warehouses to track which products are damaged, expired, or not operational. Inventory forecasting software can generate reports and provide you with a list of products that are about to expire or those products which are sitting in your warehouses for too long. These alerts can also be used to identify sales trends and products that are no longer in demand.

2.Manage To Reorder Efficiently

The inventory planning tool displays accurate inventory levels for every product, which helps you to figure out which product is selling fast and how often you need to refill them. You can also set minimum inventory level alerts in the system, and this feature will send you an alert that a particular product is running low on stock and needs refilling.

3.Control Business Cost

An inventory management system helps businesses to control costs by alerting overstock situations. This way, you can accurately forecast product demand and understand the exact inventory levels. Also, avoiding unnecessary restocking saves up the warehouse cost and you can only use carriers’ services as per your requirements.

4.Multi-Device Access

An ideal inventory planning software should be accessible on any device like laptops and iPads or even on smartphones. This way, you can access the information and alerts wherever you want. This feature enables you to observe which product in your inventory is underperforming or performing well from anywhere.

5.Boost Productivity

Employee productivity is one of the primary reasons businesses use inventory planning software. It reduces the time consumed by human errors and gives you an optimum automated solution. With fewer inventory errors to handle, you can concentrate on making a high-quality product at a much faster rate.

6.Manage Multiple Warehouses

Inventory forecasting software provides a bird's eye view of the entire supply chain by tracking stocks and their movement across different warehouse locations. So, when one warehouse runs low on specific stocks, you can order them from another place and keep the flow going.

Inventory planning is a crucial part of supply chain management. Moreover, real-time data is always more accurate than using a spreadsheet and updating it manually.

This is where Averacast comes into the picture. Avercast offers inventory management systems to various industries for all their inventory planning requirements. With our state-of-the-art dashboard backed with 250+ algorithms, we provide the best inventory forecasting solution available in the market.