Any business that sells goods must manage inventories. It encompasses purchasing, storage, distribution, and inventory management. Effective inventory management ensures profitability and customer satisfaction. Poor inventory management caused a global out-of-stock scenario, costing retailers extra. Inventory management and supply chain concerns affect all firms worldwide. 

If your company still uses spreadsheets or pen-and-paper to manage inventory, it’s time to switch to POS systems for inventory management.

Why Manual Inventory Management is Ineffective in Today’s Scenario?

Let us address the key problems that manual inventory management faces on a global scale:

• Inconsistent tracking

Spreadsheets used for manual inventory tracking can be redundant, error-prone, and time-consuming. A unified inventory management system for e-commerce that has accounting and tracking functions is useful for even small retailers.

• Incomplete data

You should always be able to see how much inventory you have at any given time of the day. You must have an entire collection of data from many sources on an “as it happens” basis to make this possible. This is not possible with manual methods.

• Changing demand

The nature of customer expectations is constantly shifting. So, having too few supplies can prohibit you from fulfilling customer requests while having too many can result in an obsolete inventory. Only an inventory management software that allows you to anticipate needs and meet them.

• Supply chain complexity

Everyday movement in global supply networks makes inventory management responsibilities more difficult. The manufacturers and wholesale distributors set the when, where, and how, your business needs as a system which can handle unanticipated lead times. Manual methods fail here too!

• Insufficient order management

Overselling a product and running out of inventory are two of the most frequent problems with effective inventory control. While historical and seasonal data can be used to predict orders, a software-based approach to logistics inventory management is the need of the hour.

What is inventory management software? 

A platform that automates some functions of inventory and warehouse management is referred to as an inventory management software. They automate the processes required to keep track of inventories, oversee the real-time operation, and update the accounting information. 

In the domain of inventory management, technology has altered how firms work. POS systems for inventory management may alleviate the burden of running a business in several ways, including having insight over your whole stock or inventory and automating important processes to reduce human error. QueueBuster is one of the best POS systems for inventory management for retail businesses. 

Let’s now deep-dive into why every firm requires inventory management with pos software.

Benefits of inventory management software for business

At the very least, inventory management can help keep the appropriate stock count and reduce costs. When you include inventory management software in your enterprise tech stack, other advantages become apparent, though. 

1. Real-time Inventory Tracking

An inventory management software tracks inventory in real-time. It shows product location and system path. And you don’t have to worry about human errors.

Most of these programs track products through manufacturing, storage, and sales. This in turn lowers inventory management costs and improves supplier and client relations. POS like QBuster tracks SKU-level stock information of your entire catalogue!

2. Enable Accurate Reordering

POS software makes inventory tracking and reordering easier. You can choose when to place a product’s next order using the sales and consumption information provided by the software. QueBuster enables you to reorder accurately by assisting you in placing orders for just the right number of things, preventing you from keeping any dead stock on hand for a lengthy period.

3. Prevent Stock Overselling

Retail companies struggle with overselling, especially during the holiday season. It is simple to run out of things when you don’t have a complete picture of your inventory. This leads to customer dissatisfaction and sometimes market expulsion.

Inventory management software can track demand and assess your stock levels. This shows when and how much to restock. QueueBuster manages vendors along with your purchase orders, invoices, stock order and returns. 

4. Reduce Business Costs

With inventory management software, you are up to date with the stocks that are present in the warehouse through inventory management reports. As a result, when the order comes in, you have the necessary supplies. This avoids the last-minute scramble to purchase equities at exorbitant prices.

It also helps you avoid buying low-demand items, which can result in overstocking and the associated storage space expenses. With POS software, you are always updated with the in-demand products. 

5. Diversify Your Supply Chain

Supply chain issues are inevitable. But inventory management software with POS helps retailers diversify their supply chains. With accurate inventory stock data, you can plan for busy seasons and reduce the likelihood of long wait times if a supplier fails to deliver. 

QB manages vendors along with their purchase orders, invoices, stock order and returns too!

6. Add New Sales Channels

Every retailer wants to try new sales channels- be it an online or physical store. Inventory management software simplifies channel management by centralizing inventory management. You can see how much of your merchandise is sold through each channel, demand forecasts and real-time inventory synchronization. 

So you can add more sales channels without having to lift a finger!

7. Automate Inventory Management

Retailers have adopted automation across their operations faster than other businesses. Automating repetitive inventory management tasks saves hundreds of hours and eliminates human error.

When automated, inventory management will give you real-time visibility into your inventories. When a sale is made, the stock count updates automatically, providing real-time inventory levels. This improves customer satisfaction by preventing overselling.

Automating warehouses and selling channels gives you real-time product visibility. With QueBuster, you can set & receive stock alerts.

8. Forecast Inventory For Seasonal Buys

When preparing for seasonal purchases, it’s crucial to have enough inventory to fulfil the expected increase in demand. This can be achieved by accurately forecasting demand and planning accordingly— and a software does this better than a gut feeling!

9. Manage Multiple Warehouses

To efficiently manage multiple warehouses, both medium and large companies often turn to inventory management software. One of the primary benefits of this software is its ability to connect multiple warehouses and collect all relevant data in one place. 

This provides a comprehensive view of the entire supply chain, including the movement of supplies between different locations, which enables companies to quickly reorder items from alternate sources when necessary.

You may also like these articles:

Seven Factors in Choosing the Best POS Software
How to Successfully Implement E-Invoicing in 5 Steps?

An inventory software management system like QB streamlines inventory operations across multiple locations without an additional cost.

10. Greater Productivity 

Implementing inventory management software can boost business productivity by reducing inventory-related issues, allowing for increased focus on producing high-quality products at a faster rate. It also enables you to redistribute labour hours to more advantageous jobs. 

Additionally, the software can enhance organization by facilitating better inventory arrangement, such as grouping supplies according to name, size, or other essential factors. This helps your staff promptly fulfil requests with precision.

Conclusion

These are just a few of the many advantages that inventory management software has to offer. Today, there are POS systems designed specifically for inventory management that can help your business expedite processes, cut down on errors, and optimize how to maintain and order the products you sell.

While Point of Sale (POS) software is a must-have for retail business but it’s also important to note that not all POS softwares are created equal. A good way to get started is to look for a free trial or demo version of the software. QueueBuster provides a 30-day free trial which will allow you to test the features and see how QB can work with your specific business needs. Book a demo with QBuster now!