You run your business on products. So, technically inventory is the heart of your business. All your business offerings depend on it and just a clumsy errors in maintaining your inventory can lead to a long hard work or even a probable loss as well.
So, you can say that it is very important but it doesn’t mean that it is complicated. For example, if you are operating on a Magento based eCommerce website, then using a Magento Inventory Management Extension can boost your system to operate an efficient and error free inventory process. Conducting inventory management in Magento is a very simple thing but only when you are using the right tool and technology.
But if an organization is not using the right way to manage their inventory, it becomes complicated for them. Further, these complications lead to a misconceptions about the inventory management. And this misconception give rise to myths.
Through this blog, we will address some of the most common myths about Inventory Management Software Solutions. Parallel to that, we will also debunk these myths and give it a reality check. So, here we go:
Myth 1. There is No Need of Software for Inventory Management
Here’s a statement very commonly spoken by enterprises who use old school methods to manage their inventory. “We don’t need any software or web solution to manage our inventory. We can do it on our own by maintaining everything in their books.”
Now, let’s debunk it!
Software is an Utmost Useful Tool for Inventory Management
Managing your warehouse with books will lead you to manage a big library too along with your inventory. Replacing old books with software is a necessity to run a proper warehouse management. An inventory management software saves time and resources. It also saves you from keeping local copies. A software stores your data on a centralized system making it easy for you to save your data and share it with colleagues and vendors. With this system, you can track and search past records with a few clicks.
Myth 2 Inventory Management Software Solutions are Not Reliable
“We rely more upon human brain and not on computers. We don’t believe Inventory management software and rely more on human work and manage every single thing ourselves. Everything is registered in the book by our own employees.”
So not true!
Software Works More With Perfection
Indeed, human brain is more powerful than computers. But computers can work 24*7 and that too, proficiently. An inventory management software works error free and minimize your workload. Inventory Management Software System store data securely and make it easily accessible. New advancement in the technologies like Internet of things, artificial intelligence and machine learning are driving automation to your warehouse management.
They make process your works automatically and does not require much involvement of your workforce. And beyond all the facts, employees might switch the organization but your inventory management software will always be with you.
Myth 3. There Needs to be a Constant Check on Inventory
This myth stands with enterprises that just started using inventory management software solution. They think that they should check their inventory frequently with accurate figures. “We must not fall short of stock, neither we should run over the stock capacity. So, we should have a frequent watch.”
Now this needs a check!
A Good Software Manages Everything
When you are using a technologically advanced software, there is no need to pay much attention towards the existing stock. As we discussed previously, there are some good technology supported warehouse management software that runs everything automatically. With the helps of analytics, these inventory management solutions manage stock according to the demand and expected supply. Whenever you fall short or overproduce, it automatically manages the production.
Myth 4. Only Inventory Specialist Can Track Orders & Place Demand
There are many stereotyped perceptions about inventory management. One of them is “Only an Inventory Specialist can track your inventory and place orders.” It also a point that “an inventory specialist can coordinate with operators to place order”
A Huge Misconception!
A Software Tracks and Manages Orders in Real Time
With so much of technology support, inventory management software solutions can track your inventory in real time and place orders automatically. They store data on a centralized system and create separate barcodes for every single product. With these barcodes, any of your employee can track, manage and process orders. An inventory management software allows user to see detailed information about any specific order in their system. It also generates the demand and process the order request for raw material to create further stock. Magento Order Management extensions are the best examples that manage your orders.
Myth 5. My Warehouse is too Messed up for a Software
Some warehouse owners run a very complex process and they do have a very messy inventory management. They cut this solution off with misconception in mind that, “my inventory management is too messes up and cannot be handled by a software”.
Debunking the Myth.
Tech Supported Inventory Software Can Manage Everything
Technology is born to kill messed up processes. So, when it comes to the deal with your warehouse messes, it not only kills it but also implant efficiency into it. All you have to do is, choose the right software for your warehouse management. An efficient installation is also crucial. It syncs all parts of your warehouse and work centrally. This brings a coordination in all parts of your enterprise. Also, it shares data centrally with all. So, the decision making process is fast, clear and confusion free.
Well, these were a few of the core myths that are in the vogue among the businesses about using an Inventory Management Software. So, if you are having any of these, then get over it and start applying it.
There are a lot of solutions available in the market. AppJetty also has one of its apps up in the market for inventory management; MageMob Inventory extension. This is a mobile app that can help you to manage your inventory on your mobile phone. It comes with a lot of features. Check this app on our web and install it to drive a new ease to manage your inventory. If you are using Magento based web, then it also offers Magento Inventory Management Extension.