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Rapidly growing technologies are impacting businesses in many ways. Each industry & e-commerce business is switching to modern innovation to get the maximum out of their business and to stand out in the marketplace. Wholesale inventory management software is one such fine creation that has evolved the functioning of the e-commerce industry. A tool for automating inventory management is inventory management software. It ensures that you can precisely track your present inventory levels and discover the goods you require more of in a flash.
Whether it is a small, medium, or large business, employing modern strategies enhances the efficiency of your business and assists in smooth running.
How Does An Inventory Management Software Work?
Managing inventory through non-automated methods is the greatest challenge for enterprises when your wholesale business is doing well. Also, this could be the reason behind your struggle to take your business to the next level.
Inventory management is about ensuring enough stock of goods to fulfill the customer’s demand while reducing overstocks, this plays a significant role when you have wholesale customers who order in bulk. Due to any reason, if inventory management fails, it creates a hassle for the business. Here, inventory management software comes into the scene.
It is a computerized system that maintains track of inventory items and their location. These technologies enable quick and precise inventory tracking across the whole supply chain. For instance, if you are selling ladies’ wear through your website and other e-commerce stores like Amazon, you are making 20% sales of western wear through your website and 50 % sales of the same through Amazon; inventory management software will monitor this closely and let you keep the stock accurate in different warehouses as per the tracked data.
Software for wholesale inventory management comes in a wide variety of forms, each with a unique set of features and functionalities. It has become one of the most prominent inventory management solutions that wholesale e-commerce businesses are adopting.
Wholesale Order Management system & Inventory management: How they are related
Receiving the order, searching for them in the warehouse, packing & delivering are all part of order management. Effective order management is only possible when there is strong inventory management.
For example, suppose you are getting the maximum order of beauty products, and you do not have stock of the same while you are more focused on the product that is not in demand; this is nothing but a lack of proper inventory management, the right software keeps you aware with the stocks and let you be focused on what is selling more to prevent-stock outs and over-stocking.
Order Management System is an automated way of managing the orders arriving from various channels in one place and delivering it to the end customer by contacting the relevant shipment partner. In addition, everything that comes between the arrival of an order and delivery is carried out by the order management system. Moreover, inventory management solutions are provided by the order management system itself if you choose the right software.
Why Is Choosing the Best Inventory Management System Profitable for wholesale & B2B Sellers ?
It is not just about being a model but about being more efficient in the business. Here are a few reasons why choosing an inventory management solution is beneficial;
- As you already know, the system automates the task and minimizes the chance of human errors.
- It makes the process faster and increases productivity.
- Assists in managing the warehouse, customers, suppliers, and distributor processing.
- It aids in comprehensively updating the obtained data in real-time.
What are the must-have features in the best Inventory Management Software?
Inventory Tracking;
The software must accurately represent what you have, where it is located, and any real-time stock movements or allocations made by your business. That implies:
- Your stock position is updated to reflect sales orders.
- As soon as incoming products are scanned at the warehouse, it should automatically update
- Real-time warehouse transfers are shown.
- Even if the consignment product is kept at another store, your system tracks it.
Wholesale Purchase & Supplier Management :
Gaining control over your purchases is a significant business efficiency that can be unlocked using the right inventory management software. Naturally, you’re in a much better position to buy more when you know exactly what you have, what it’s worth, and where it is. However, you must avoid wasting time and making mistakes by manually putting your inventory data into your purchasing process or repeatedly copying and pasting your supplier information. When you choose the software, it should;
- Create and automatically fill up your purchase orders.
- Put all of your supplier information in one place.
- View each supplier’s transaction history.
- Receive a purchase order only in part if the goods come in dribs and drabs.
Controllable access and permissions
You can restrict software access for a specific department or person using the options offered by trustworthy software. It is not required to grant access and authorization to every employee; doing so could jeopardize the software’s security. In such a scenario, anyone can change the data and affect how the firm functions. Only the department that the person overseeing it is allowed to access. Below are a few highlights:
Conclusion
Wholesale order management & inventory management influence the business. A wholesale or B2B seller with robust inventory management solutions tends to be more successful. However, the traditional methods can’t do much here. The advent of the wholesale order management system has taken charge of this. You can choose a cloud-based solution to offer your customer a sense of satisfaction and to let them enjoy a smooth experience. It incorporates all the features that the best inventory management software should have.
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