The mobile application may also be used to manage inventory. This is an excellent method for managing inventory and controlling inventory! You may be wondering why. We’ve listed a few reasons why the mobile application is the smart approach to manage inventories. But first, what exactly is mobile inventory management?
Nowadays, we are so reliant on mobile devices that they have become an extension of our bodies! We feel so uneasy when we leave our phones at home! We use our mobile devices for a variety of activities, the majority of which are linked to leisure, such as viewing movies, listening to music, and playing games. However, they are also used for crucial tasks such as meeting scheduling and participation, among other things.
When you are away from your office or working remotely, mobile inventory management helps you to maintain track of goods. It also assists with inventory control. You receive regular updates on your mobile device, and you may adjust the quantity or transmit the inventory to other locations as needed.
Mobile also allows you to review daily transactions and, if necessary, make modifications with your phone! Furthermore, mobile devices may be used as scanners to read barcodes or QR codes.
1. Alert and Notification
When inventory is vital to the organization, “alert and notification” is essential. It contributes to inventory control. It might prevent your company from losing potential consumers. Consider the following scenario: you own a retail store and certain specific brand t-shirts are selling well.
When you execute operations manually, you won’t know until your inventory is depleted. If you then inform your distributor, you would have already lost a large number of potential consumers.
However, with the automated approach, you will receive alerts and notifications on your mobile device, email address, and SMS, allowing you to take immediate action and avert potential client loss. This function is useful even when you are not at your workplace. You can address your inventory problems with a few mouse clicks.
2. Real-Time Updates
You can make better judgements based on real-time data if you get real-time updates. For example, when should you replenish your stock and which goods sell rapidly and which do not. With automated software, you may obtain precise data. This precision is provided by the programme and tags. These inventory tags improve inventory tracking accuracy.
When you have reliable data, you may acquire accurate information that can help you make business decisions, create future objectives, and get a picture of what you’ll need in the future. Accuracy is critical in business since it can lead to miscalculations for requirements and, ultimately, damage the company’s costs.
4. Cloud Technology
Data may be accessed from any location at any time. When you have all of the information on your mobile device, you can make sound judgements based on real figures rather than guesses. With little effort and money, you can have fantastic data protection that will keep your data safe. It encrypts data and provides numerous levels of protection.
5. Set Reorder Point
There comes a point when you discover that inventory management is not just stressful, but also difficult and irritating. However, we must recognise that selecting the proper quantity of inventory is critical for the firm. So, what is the answer?
Setting a reorder point is the solution! It guarantees that you have adequate inventory to keep your customers satisfied. A reorder point is a quantitative number that initiates the purchase of goods.
If inventory is not handled properly, it may result in significant corporate losses and have an influence on both the top and bottom lines. We’ve included some mind-boggling facts below.
Inventory plays a crucial role in the supply chain. It is essential in industries like as manufacturing, shipping, and retail. Inventory management is crucial for saving money and taking your organisation to the next level.
Furthermore, it is time to transition from traditional inventory management to automated inventory management software. This programme allows you to manage the inventory process. It will not only save you money but will also offer you piece of mind. It may allow you to focus on other things rather than inventory management.
What are the advantages of conducting business via mobile?
It might be difficult to balance work and meetings at times. When you have a mobile device, you can work from anywhere. You may do duties such as checking inventory stock in amount; they also assist in giving real-time updates and consolidated information.
Why do overstock or out-of-stock situations occur?
Overstock or out-of-stock concerns arise as a result of a large inventory, and many firms handle inventory manually. The second reason is that old-fashioned IT systems are erroneous. The solution is a new version of inventory management software that is automated, and inventory tags are utilised to keep track of inventory count. They deliver information in real time.
What is the stock reorder point formula?
To understand the stock reorder point formula, we must first define reorder point. It is the lowest point of inventory when it hits its limit. Inventory must be reordered.
The reorder point is calculated using a demand lead time plus safety stock! Lead time in demand refers to how long it will take your supplier to deliver your merchandise after you place a buy order.