Inventory Management - Tech Cloud ERP

Inventory management is a very important aspect of a business's profitability and sustainability, but it can also be a source of serious headaches if it isn't taken care of correctly.

If you have no real-time or accurate inventory counts, how can you ensure that your company is getting as much as possible for as little as possible?One thing is for sure, companies with sound inventory tracking software are more likely to grow and survive than companies that don't.

It can keep track of everything from raw materials to finished goods.

From one central location, you will be able to monitor the movement of products across your entire operation.

By automating your supply chain processes, you can dramatically reduce the time and resources that are currently being used for inventory management tasks.

This translates into higher revenues and greater profits, which means less time spent on low-value activities and maximized resources for real ROI adding work across the board.To learn more about what you can do with an effective and reliable inventory management system, contact us https://bit.ly/2XVPrWY

Being a purchase manager, you always remain on toes to plan all the tasks.

Keeping in touch with vendors, handling purchase requests, and looking over inventories is just at the top of your list.

Having an overview of the current scenario, you are in dire need of an ERP software for manufacturing.If you use MIE Trak Pro then your burden of purchase order functionalities will shed off.

Whether it is purchase order requisitions, invoicing and stock management, all of the tasks will be under one system.https://erpsoftware.substack.com/p/in-what-ways-mie-trak-pro-streamlines

According to a new market research report "Smart Warehousing Market by Component (Hardware, Solutions, and Services), Technology (IoT & Analytics, RFID, AGV), Application (Inventory Management, Order Management), Organization Size, Deployment Mode, Vertical, and Region - Global Forecast to 2026", published by MarketsandMarkets™,  the global Smart Warehousing Market size to grow from USD 14.8 billion in 2021 to USD 25.4 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 11.5% during the forecast period.

Various factors such as the proliferation of smartphones for faster goods management, the rising advancement in the eCommerce industry due to the onset of the COVID-19 pandemic, the emergence of multi-channel distribution networks, and the dynamic nature and globalization of supply chain networks are expected to drive the adoption of smart warehousing hardware, solutions, and services.

However, the market faces restraints, such as a lack of uniform governance standards in the fragmented logistics industry and growing data security and privacy concerns.The COVID-19 pandemic disrupted global supply chains has overtaken and impacted both supply and demand at a higher pace.

Highly secure data encryption and the complete data visibility and control feature boost the adoption of on-premises-based smart warehousing solutions across verticals, such as retail and eCommerce, transportation and logistics, and manufacturing, to have better and efficient warehouse operations.AI in warehouse segment to account for the highest CAGR during the forecast periodThe Smart Warehousing Market is segmented on the basis of the technology, which include IoT and Analytics, AI in warehouse, RFID, Automated Guided Vehicles (AGV), blockchain, and others (AR, security, Wi-Fi, and voice recognition).

This growth can be attributed to the increasing need to enhance the overall productivity with minimal errors The increasing usage of AI and ML technology with smart warehouse solutions ensures effective inventory process and enhanced route optimization.The large enterprises segment to hold a larger market size during the forecast periodThe Smart Warehousing Market has been segmented by organization size into large enterprises and SMEs.

With the help of smart warehousing solutions, healthcare companies can efficiently handle their warehousing activities to enhance productivity.North America to hold the largest market share during the forecast periodNorth America is estimated to have the largest market size in 2021, followed by Europe; this growth can be attributed to the technological upgrades in these regions.

High frequency inventory turnover reflects excellent inventory management through cloud based inventory management software, the cost of which is minimized due to rapid turnover.

Thus, the amortization of fixed costs is spread over a larger number of goods, which in turn increases the profitability of a company.Depending on the areas of activity, stock rotations may be more or less frequent.

They must be calculated and analyzed according to various parameters such as the length of an operating cycle and the seasonality of the activity.Stock turnover performance indicatorsThere are two performance indicators to measure the quality of cloud based inventory management software: inventory turnover rate and average storage time.The turnover rate is used to estimate the number of complete renewals of the stock to reach a certain amount of turnover over a given period.

The average storage time, on the other hand, indicates the average storage time of an item in number of days.

The shorter the better.Method of calculating inventory turnoverThe calculation of the inventory turnover rate is carried out in two stages.Calculation of the average stock over a given periodIf you don't know the beginning or ending stock, you can't calculate the average stock.

So we can use the actual stock measured after inventory.Calculation of turnover rateThe higher the turnover rate, the better the profitability.Benefits of inventory management softwareWith inventory management software, you can easily:manage entries and exits,set up a minimum and a maximum stock in order to manage automatic replenishments,know the elements in stocks in real time,have a history of the movements of your stocksIn addition, this type of software is particularly relevant to reconcile theoretical stocks and physical stocks during inventories, but also to carry out labeling, manage barcodes, etc.Stock is at the heart of your distribution strategy.