IMS allows you to easily manage stock quantities, transfer between locations, set low-level alerts, generate and send purchase orders from within the program, and more.
Inventory Management helps you figure out exactly how much inventory you need. This makes it easier to prevent product shortages and keep just enough inventories on hand without having too much.
You need to keep a high inventory turnover ratio to ensure your products aren’t spoiling, becoming obsolete or sucking up your working capital. Calculate how many times your inventory sells in a year and see where you can make better use of your resources.
IMS leads to what every business owner wants – repeat customers. You want your hard-earned customers to keep coming back to your business to meet their needs. One way to do this is to make sure you have what they’re looking for every time they come.
You can empower your employees to help you manage inventory. Training employees to use barcode scanners, inventory management software and other tools helps them make better use of their time, and it helps your business make better use of its resources, both human and technological.
If you have multiple locations, then inventory management becomes even more important because you need to coordinate your supplies at each location depending on differences in demand and other factors.
IMS is a great time-saving tool. By keeping track of all the products you have on hand & on order, you can save yourself the hassle of doing inventory recounts to make sure your records are accurate.