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Nowadays, the world of e-commerce is growing more and more, and with it the demands of customers. Online stores are expected to make fewer mistakes when shipping and, at the same time, they are expected to deliver the product quickly and in good condition. There seems to be no room for human error or delays. For this reason, a software to keep track of your inventory can help you to meet different challenges and ensures that all stocks are tracked; knowing the exact quantities of the products you keep in your warehouse is key for your supply chain.
What is Inventory Tracking Software?
It is a tool that helps you in real-time both organize and manage your stock, all orders, sales, and deliveries of products.
The main purpose of inventory control is to avoid overstocking and stock-outs. A few years ago, the inventory was usually done on paper or in spreadsheets. Today, thanks to technology, this management is cloud-based and with just a few clicks, barcodes or item IDs can be generated.
With the increase in e-commerce sales, inventory management has new hurdles that require high-tech solutions. Many companies have already opted for an effective e-commerce inventory tracking software that ensures that products are in the right place at the right time.
An Inventory Tracking Software Improves your Logistics
Maintaining the right balance of stock in the warehouses helps you not only to control the costs associated with overstocking, but it also helps you respond quickly to your customers' needs.
Smart logistics also helps you to organize, plan and control warehouse stocks. The key here is to achieve a balance between outgoing and incoming goods.
You have good inventory control when you know each product in the warehouse, what is its value, which products sell better and which do not, and when it is necessary to acquire new products. It is clear that having a warehouse inventory tracking software is the most effective solution to increase the profits of your online store.
5 Benefits of an Inventory Tracking Software
Quality management systems keep track of all stock while providing information and identifying which products sell better than others. The list of benefits is long, here we list some of them:
1. Fewer errors, better customer satisfaction
Since we are talking about pre-programmed software, you will have fewer errors when managing your inventory. When there is rigorous control, the company can respond quickly to customer needs.
For example, by knowing how many products you have in your warehouse, you will avoid losing sales due to having an insufficient amount of products to complete an order.
2. Save space
As we mentioned before, a few years ago, all of these records were done manually. Imagine having sheets and sheets of paper filed on shelves that just took up space. Today, all you need is a computer and you're done.
If products are correctly distributed in the warehouse, you can optimize space, and reduce your inventory by storing stock efficiently and not over-ordering.
3. More organized warehouse
By knowing how many products are coming in and out of your warehouse you can better organize your shelves and reduce clutter.
A disorganized warehouse can often cause numerous problems. By maintaining a clear inventory control strategy, organizing your warehouse will become an easier task. Identifying, separating, and arranging products by category will help you keep inventory more accessible.
4. Reduce costs
Many companies use software to reduce their transportation costs. As products are transported from a supplier to a warehouse to the end customer, you can have better control over expenses. By having all the data in order, you can also create realistic sales and purchase forecasts based on your business history.
Intelligently distributing your products helps you to have them in several strategic points and not just focus on one warehouse.
5. Save time
Companies that do manual counts have to rely on their workers. Imagine dealing with all the products coming in and out during peak seasons, making accurate counts, without making mistakes... It sounds impossible.
By having a software to keep track of your inventory that does all the work for you, it is no longer necessary for your employees to climb on top of a stack of boxes to count items.
byrd's Dashboard: a Solution for your Management
Technology plays a crucial role in inventory management. byrd offers an effective solution to help you control it automatically. From purchasing management to stock control, our dashboard provides you with simple and efficient management to make your business profitable.
An optimized inventory software system is capable of handling stock increases because they do not require breaks, time off, or inventory management training.
In our dashboard, under the inventory option, you will find three submenus, which are divided into product, deliveries and packaging material. Here you will see the option "New product" and by clicking on it, you can choose the deliveries and the type of packaging material you want to use.
Thanks to these three categories (products, deliveries, and packaging material), you can add the information related to the products that the warehouse needs to store. Once you add the product to our dashboard it will be added to the main list of the dashboard here you can see all the products you have. Each of these has a unique ID that helps you to identify it.
In addition to having a list of all your products, you can better manage deliveries and the materials used for packaging, and in case of returns, thanks to our return portal you can also keep track of what comes back to your warehouse.