What is inventory?

Inventory is the most valuable asset for any company. Inventory is the capital that gets converted into revenue on sales. Inventory can be raw materials, finished goods, or components that have a monetary value. Inventory or stocks are used interchangeably in accounting and logistics parlance.

What is Inventory management?

Inventory management is crucial because your entire business is dependent on this. A balanced approach to maintaining optimal inventory levels is key to managing your capital. Inventory Management in warehouses or stores is key to your production planning. The real-time visibility of the inventory and sales is the new norm in today’s market. This helps in accurate planning and thereby reducing inventory holding cost

Challenges in Inventory management?

Real-time inventory visibility is the biggest challenge. The main reason for the same is the manual record keeping or through excel or Tally which is error-prone. The inefficiency in the system further adds to a slow warehouse turnaround. The lack of retrieval methods like LIFO/FIFO etc can create inefficient inventory management. The mismatch in the book and actual stocks.

A step towards better inventory management

Select a system that can track your inventory at the item level. Implement best retrieval methods like FIFO/LIFO/FEFO etc. Scan-based system to reduce the manual data entry. Any standard ERP needs to be complemented with a very agile inventory management system thereby increasing visibility and reducing data entry.

Warehouse Management system

Warehouse management system helps you to manage your inventory across your warehouses, stores, and touchpoints in the supply chain. It’s a very critical part of the supply chain as the throughput across warehouses is very important in today’s e-commerce era where we are looking at deliveries that are scheduled in hours.

Introducing Inciflo:- Inventory Management System

Inciflo SAAS supply chain management platform offers Inventory management as its core feature. It has a very low learning curve and works with desktop and mobile applications. The mobile application is used to scan the QR codes and execute the inward and outward action initiated by the desktop application of GRN/Sales. The application supports manufacturing, warehousing, distribution, and e-commerce functions.Inciflo has a very fast implementation time that ranges from 1 hr to 2 days.Inciflo facilitates managing multiple warehouses. You can manage your supply chain by booking warehouses online(in India) through inciflo.

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