A Guide To Inventory Management Solution From eWAY

Can you imagine how businesses and stores handled inventory a few years ago? Several jobs, such as inventory management, were done manually before computers were available to help with some of the typical manual work.

It could take a week or two, depending on the size of the company or store, and a coordinated effort from accounting, warehousing, and other departments. The inventory Management Solutions has made it much faster.

It's also correct. It can handle and track receipt and shipping in real time, allowing you to estimate sales more accurately and minimise overstocking and understocking. Many business owners, particularly small business owners, are still sceptical about investing in an Inventory Management Softwares and solutions.

So, here's our attempt to encourage you to choose usage of eWAY's Inventory Management System: -

What is the definition of inventory control and its benefits?

Inventory management is an important aspect of your total supply chain since it allows you to track the purchase, storage, and sale of your products at any time.

You'll be able to check your stock levels at any given point at a precise, granular level now that you know where each product is located.

When you can automatically track how much stock you have and where it is, inventory management goes from a difficult, manual task to a critical component of your business's growth plan.

Furthermore, utilizing an inventory management mobile app helps you avoid overselling, which can harm your business's reputation. Finally, using an inventory management system with retail billing software can assist you in making better stock-level decisions.

What is the significance of inventory management?

Inventory is one of a company's most valuable assets. Inventory management is the point at which all of the supply chain's aspects come together. Customers may be dissatisfied if there is insufficient inventory when and where it is needed.

However, a huge inventory comes with its own set of risks, such as the cost of storing and insuring it, as well as the chance of spoiling, theft, and damage. Companies with complicated supply chains and manufacturing processes must strike the correct balance between having too much and too little inventory on hand.

What does eWAY's inventory management system provide?

Identification via barcodes
The barcode ensures accountability by allowing managers to scan barcodes to identify and track product distribution and records. The inbuilt retail billing software also encourages accurate stock labelling.

Returns inventory management
Return products can be filed and added to inventory without difficulty. Many organisations that do not have a retail billing software waste more time than necessary on routine tasks like managing returned merchandise.

Inventory control in multiple locations
Large corporations may have many warehouses located throughout the country. Inventory management for many warehouses can be simplified. It combines all stock data from all locations and merges it into a single report flow for decision-making using a central digital platform.

Optimization of the warehouse
Some features keep track of how products are classified and where they are stored. This feature enables easy product tracking and quick modifications, which has an impact on the general access point for staff use.

Inventory Transfer with Mobile platform
Transfer of products to different locations and warehouse can be done using a mobile application which is directly in sync with the Backoffice ERP system.

Inventory Counting using Mobile devices
Check your stock at regular times using mobile scanners via Barcode or RFID to ensure the physical stock levels and system stock levels are in sync.

Product Pricing using Mobile devices
Frequent price changes and accurate pricing of your products can be easily achieved by using one of the critical modules of eWAY Inventory Solution which is Price Checker.

Mobile based transaction handling for Purchase Receipt Order and Sales Delivery Order
All documents like Purchase Receipts and Sales Deliveries can be automated and integrated with your ERP using eWAY Inventory Management Solution.

Conclusion

With these advantages, it's easy to understand why putting in place a good inventory management system with an inbuilt retail billing software is advantageous to your company's operations. Even if your firm is tiny, automated inventory management can help you grow while staying in control.

You'll be able to keep both staff and customers pleased while also remaining satisfied with the way your business functions, without the problems that might arise from a lack of inventory management.

eWAY is here to assist you with inventory management for your business. Simply contact us immediately, and we'll get to work on integrating a comprehensive, accurate inventory management solution for your business.