Inventory Management Software: Everything You Need to Know (2022)

One of the biggest headaches businesses face is managing inventory. It plays a vital role in the success of the business, even if it is a small or medium business. Keeping stock of goods can make you profitable, but at the same time, it can also cause losses. so how you can keep it profitable? that’s why you need inventory management software

It enables you to track items and measure the performance of the business. by identifying which item makes you profitable and which is not, you can take action on that.

For example, If you are selling products x and y. you can measure the performance of both products using inventory reports. some products may have more sales in specific seasons. So by identifying your profitable product you can keep its stock. It enables you to sell products right people at the right time.

However, when it comes to restaurants and retail businesses, measuring is necessary. In this blog, we cover everything you need to know about inventory management software.

What is Inventory Management Software?

Inventory management software is a tool that simplifies your inventory management processes. It helps you to streamline all your business operations. it helps to optimize inventories and enhances supply chain efficiency. this allows you to access and manage reports in real-time.

By automating all your inventory operations, you will have more time to focus on other business activities. it is also helpful for better inventory planning and forecasting.

By preventing stockouts and overselling you can reduce costs. The software is essential if you’re struggling to manage inventory and looking for the right solution.

Why Inventory Management

Let us see what are the helpful situations of using Inventory Management Software are.

• Tracking inventory as it is transferring between locations.
• Make picking up, packing, and shipping items efficient from a warehouse.
• Collect items into a warehouse or in a different location.
• Maintaining track of stock sales and inventory levels.
• Avoid losing sales due to lack of stock.
• Reducing product obsolescence and spoilage.
• Easy to add store-based prices.
• To record purchase returns
• Understand the extra stock that costs money.

Inventory Management Software for Small Businesses

There are so many small and medium businesses using inventory management software. High cost is a crucial part of every business. When you fail to reduce your cost, it’s hard to move forward. Especially for small businesses, you need to control your cost.

Gone are the days of tracking items and making reports with pencil and paper. and its time consuming and hard to measure. For your small business, the software helps you to track, control, and adjust product sales, purchases, and other more.

You can focus on your business by reducing the effort and time spent on inventory management.

POS with inventory management

You can invest in POS software rather than investing in specific software such as inventory software, CRM, or Accounting software. the POS has the feature to manage inventory, accounting, and CRM. If you are a small business and running with a limited budget the POS is the right fit for you.

You can also integrate POS with your existing inventory, accounting, and CRM software.

What is a Cloud-Based Inventory Management System?

Cloud-Based Inventory management software stores data in the cloud. Data can be accessed and managed using a web browser with the help of the Internet.

A major advantage of the cloud inventory management system is that many users can access and control the data. you don’t need to available in the store access from anywhere in the world.

Benefits of cloud inventory management software

Low hardware expenses

If the software is cloud-based, you can save on hardware costs. This eliminates the cost of installing and maintaining the hardware. This is a great relief, especially for small businesses and startups. Their capital can be set aside for many other things in the business.

Real-time tracking of inventory

Reports are very important in business. A feature of the cloud software is that you can access inventory reports even when you are not in the store.

Small businesses need live tracking. Besides, live reports help startups measure their business.

Access the data from any devices connected to the Internet, including smartphones, tablets, and PCs.

Expand with business

As the business grows, so does the inventory. When the business expands to multiple outlets, then you can use cloud-based software that can grow with your business. the software can be expanded as well as the business grows.

Integration

Cloud inventory software is easy to integrate with existing systems. The software can integrate with many e-Commerce platforms such as WooCommerce and Shopify.

By automating the inventory process, your inventory becomes more efficient. for example, if you are selling products through online platforms like Woocommerce. You need to automate the inventory process. When an order is placed in your eCommerce platform it should be deducted from inventory counts. you cannot make changes manually.

Integrate the e-commerce platform with two-way integration to reduce operating costs, increase sales and reduce errors.

Better customer service

Customer service is one of the biggest things in business. Inventory management software helps to keep stocks available to customers based on demand.

Security

Cloud Inventory Management software protects your data from various thefts. Security is ensured with various securities such as encryption.

Inventory Management Software for Retailers

Inventory management software is essential for small retail businesses. It helps to increase the number of stocks according to the demand and to get more sales and hence profit. It allows you to track each product and understand its performance.

The software enables you to run successful retail businesses such as bike shops, supermarkets, jewelry, groceries, boutiques, etc.

Integrate with third-party e-commerce platforms such as WooCommerce to increase sales, and reduce operating costs and errors.

Yet, you can also simplify your online and brick-and-mortar store operations. when a product is made a sale the software will automatically deduct the item from stocks.

Inventory Management Software You Should Use

Lithospos leading POS software including feature inventory management. Take a look at the features that LithosPOS includes as a retail restaurant inventory software.

Item import

Thousands of items can be quickly uploaded to POS software using CSV spreadsheets. This can save a lot of time.

Track inventory

Tracks the stock of products and their components. By tracking each product you can meet their demand and change the stocks accordingly.

Purchase order receiving

LithosPOS helps to prevent shortages in stocks and increase profits by accepting purchase orders.

Product variants and composites

The easiest way is to edit everything at a glance. You can create multiple product sizes, colors, or any variations you want and edit them all from a single view.

Low stock notifications

Receive stock notifications from the software before the required item runs out. This allows you to Keep stocks available, and it also controls your cost.

Transfer orders

An efficient stock transfer is essential if the business has multiple outlets. Inventory software allows you to easily create transfer orders and transfer stock between your stores.

Stock adjustment

Inventory management means making your inventory process easier. Stock levels increase and decrease based on damage, items received, and loss.

Inventory count

Inventory count Offer full or partial stocktake with a barcode scanner or manually.

Label printing

Barcode labels can be printed to easily add items to purchase orders, number of items, or sales. This will save you a lot of time.

Product organization

Your products can be categorized by type, name, brand, distributor, SKU, distributor code, handle, and tag, and you can create custom reports, perform inventory numbers, or manage your online store collections.

Store pricing

With LithosPOS you can simply implement store-based pricing.

Auto-Refilled orders

In auto-filled orders, stock orders are automatically generated whenever a product falls below your preset levels. So you can keep stock always available.

Purchase returns

LithosPOS enables you to easily record damaged, misplaced, or unsold stocks and return them to suppliers.

Best Inventory Management Software | LithosPOS

• It will help you understand the sales trend and predict the demand.

• It is possible to track the stock real-time of products and their components.

• Increases profits, reduce costs and becomes an important component of business growth.

• Prevent excess stock, product shortages, and too many raw materials.

• You can easily create transfer orders and transfer stocks between your stores.

• Instantly add thousands of items using CSV spreadsheets.

• Quickly print barcode labels and add items to sales, purchase orders, or the number of items.

• Accessible from your retail point of sale and restaurant point of sale

Most Frequently Asked Questions

How does software automatically generate stock orders?

You can preset your inventory levels. when the product goes reaches your preset level the stock will automatically generate.

What is the best way to track inventory?

The best way to track inventory invest in robust inventory management software that integrates with POS such as LithosPOS. Simplify your inventory managing processes.

Does Inventory management software help to reduce my cost?

Yes, it is. with inventory reports, you can see which is your best-selling product(most selling product) and what is the worst-selling product. and also you can know which time or dates you make more sales.