Inventory management software is more than a tool for increasing your company’s efficiency. It also serves an important role in protecting your company from potentially damaging problems.
Let’s go over five of the ways that inventory management software protects your company.
Automatic Reorder Points
When you’re trying to run a business, it’s easy to let small details slip through the cracks. Reordering products when they get low is one of those details that needs to be done on a regular basis, but it’s not always easy to remember how many products need to be reordered or when it’s the right time to do it.
Inventory management software allows you to set automatic reorder points on all of your parts, products, and other materials so that you don’t have to constantly worry about when to order more. The software does it for you. Plus, it orders the right amounts so you won’t wind up with too many or too few products.
Sometimes complications happen when a product is in transit. There could be adverse weather conditions, broken-down vehicles, or mistaken order information that leads to disruptions in the supply chain.
You can track shipments’ progress to and from your warehouse using inventory management software. If a product fails to reach its destination or something else goes wrong, you’ll be quickly informed so that you can resolve the problem before it develops into something worse.
Only a small number of employees need to have complete access to your inventory records. If you give any employee the ability to make big changes to the database or see sensitive information, many problems could arise.
Protect yourself by setting user rights to limit what areas each user can see when they log in. Employees only need access to areas that are essential to fulfilling their duties. If their duties change, you can simply update their user rights.
Records of Updates by User
Do you know who is making changes to your inventory data? Is someone manipulating orders or doing other things to harm your business, whether intentional or not?
It’s impossible to tell in QuickBooks who is making changes, but depending on the inventory management software you use you can easily see which user was logged in at certain times and what they did. So if you find unwarranted changes or other errors, you know who to talk to about them.
Entering inventory numbers into a computer by hand often leads to incorrect records. Even the best typists make mistakes from time to time. Just one wrong digit can make a big difference in a company’s finances.
Scanning barcodes solves data accuracy issues. Rather than typing numbers in one at a time, you can instantly update records with the scan of a barcode. Check inventory levels, cycle count a warehouse, reorder products, and do many other tasks with pinpoint accuracy. Plus, inventory software often has the ability to automatically update your accounting records, keeping your books correct across the board.
Safety in Numbers
Learn more about how inventory management software protects and serves your business by signing up for an inventory software demo.