Ways of Improving Inventory Management

Effective inventory management system helps to improve your business

For improving inventory management, companies must evaluate the inventory quality overtime to ensure the right stocking.

  • Using automated systems for inventory tracking
  • Considering inventory optimization tools
  • Supporting multiple inventory processes
  • Using a perpetual system
  • Increasing controlling accuracy
  • Determining and maintaining the optimal inventory level
  • Centralizing the inventory data
  • Using business solutions with real-time analytics based on one platform
  • Focusing on the management of the more profitable and fast-moving inventory
  • Maintaining up-to-date inventory accounting records
  • Providing the physical count of inventory
  • Focus on vendors and brands yielding the highest profits
  • Managing discounts with a precise item cost
  • Monitoring the vendors/suppliers activity
  • Tracking the product genealogy and traceability
  • Identifying inventory shrinkage
  • Reducing inventory buffers without impacting customer satisfaction
  • Leveraging mobile devices
  • Unignoring the slow-moving merchandise and other

Effective inventory management requires from companies the accurately tracking stocks in physical counts and accounting records. This is the basis for maintaining inventory at the optimal level for better meeting the demand.

Inventory management plays a critical role in the business success of any company. Therefore, business owners are looking for different ways of reducing their inventory level, improving raw material flow and increasing efficiencies through improving inventory management processes. With the purpose of improving merchandise quality, businesses need to provide tight management and traceability of their inventory. The management effectiveness is usually measured by a company's success in reducing its inventory investments, meeting customer service goals, cost containment, and achieving maximum profits.

Prism Visual Software, Inc. provides the inventory management solution that enables global inventory management throughout the company’s enterprise. Our approach enables reducing the inventory amount including work-in-process (WIP), improving the cycle time and inventory accuracy, increasing the company's productivity, reducing errors, simplifying reporting, supporting manufacturing initiatives, and providing full inventory control.

Inventory management software