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6 Advantages of Inventory Management Software

6 Advantages of Inventory Management Software

Online management tools help retailers save time, make better decisions, and grow revenues. With the right inventory management software, convenience store and fuel station operators can enjoy several advantages over competitors relying on manual or hybrid inventory tracking.

#1 Better merchandising decisions.

Increase sales and profits with easy-to-access insights into profit margins, product performance, and inventory levels. With online inventory management an owner can make a change on the dashboard that takes immediate effect at all store registers synched with the software.

 

Gartner predicts the software as a service market to grow at 20.2% yearly rate to reach $250 billion by 2017.

 

#2 Synchronize real-time inventory data.

Since inventory management software seamlessly integrates with ecommerce and EDI systems, c-store owners gain access to revenue and profit measures across their operations. Synchronizing data analysis from across sources helps improve operational and supply chain efficiency.

 

#3 Streamline end-to-end inventory.

With online inventory management, stores can often track inventory using smartphones, tablets, and dedicated barcode scanners. Better yet, store owners with multiple outlets can track and manage all sites in a single dashboard.

 

#4 Lower operation costs.

Inventory management software provides visibility into what is on store shelves and waiting to be stocked. With automated reporting, bar-code scanning and streamlined logistics, it is easier to determine promotion efficacy and make strategic decisions regarding vendors, purchasing and item pricing.

 

70% of companies moving their supply chain to the cloud reinvest savings back into their business.

 

#5 Identify shrinkage.

Quickly perform audits and reduce time spent searching for lost inventory with the user-friendly dashboard of an online inventory management tool. With a consistent view of all store locations, integrated inventory management software helps manage the supply chain and simultaneously gives you eyes on employees across locations.

 

#6 Integrate accounting.

An integrative inventory software will also communicate effectively with accounting software to bring all back office tasks together in one place. Integrate payroll, track deposits, audit sales, monitor taxes and payments, and manage the supply chain in one centralized, cloud-based management tool.

 

An easy-to-install inventory management software can be deployed quickly in one store or several with training available online and backed by call center support. With the ability to easily track, visualize trends, and identify opportunities based on usage, seasonality or inventory pricing, this software not only benefits inventory procedures but also provides a way to optimize business processes overall. 

 

Statistics Source:

irms. (2015, June 8). Infographic: Top Cloud Software Facts 2015. http://www.irms360.com/blog_post/infographic_top_cloud_software_facts_2015

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