Online Inventory Management Software: For Companies Dealing With Incomplete or Finished Goods

Two methods allow you to review your inventory on two different timeframes

Continuous inventory system keeps a constant track of quantities; as soon as they get below a cutoff level, the manager places an order for a predetermined quantity which is calculated to keep inventory costs as minimum as possible. It is an Online Inventory Management Software, now you can review the history of any product from its purchase to sales any time. Emerge app works the best for it and manage the overall status of the products available for the sales.

 Advantages of continuous inventory system:

·         Knowing your stock levels in real-time.

·         A centralized system makes it easier to track stock across multiple locations.

·         It allows for management to have more direct inventory control.

·         Easier to see if a material is in stock.

Disadvantages of continuous inventory system:

·         This system cannot be maintained manually. A business must update specialized equipment or software, resulting in higher costs.

·         Recorded inventory may not reflect actual inventory.

·         Greater complexity requiring companies to train staff on the system or software used

·         Time usage since each transaction must be recorded instantly.

Periodic inventory system uses a very easy method used for counting; what is in the store or the warehouse by hand. Using this model the amount of stock on hand is estimated periodically. The amount to order is then fixed based on the amount on hand and expected demand. Therefore, all the orders are placed in a single batch per period.

Advantages:

It allows you to start without major preparations, and you can set the period measured to fit your company’s requirements.

It’s easier to implement, so long as your company is small.

Disadvantages:

Complexity in keeping several different accounts that keep track of the revenue cost of the material sold purchases and other key info.

Problems such as product theft can be difficult to notice in a periodic inventory system, leading to unrealized losses in sales.

For most businesses, these three models can seem discouraging- paying an experienced inventory company to come in to count your inventory physically.

Inventory Management software features

With the help of different features of inventory management, you will:

·   Gain better cash flow by having clear observation into goods costs, products that turnover fast or that are extra.
·   Achieve a larger profit margins by having a single, central source of truth behind buying costs, customer demands, conversions, diverse data streams across multiple channels.

To know more about inventory management software features take a look at EMERGE APP the leading inventory management app.