Nowadays, every business regardless of its size is taking the advantage of advanced technology to manage their inventories. This trend is constantly moving up as today’s efficient software offer users with end-to-end capabilities to manage, monitor and plan inventory data. They are engineered to track in and out movement of goods from warehouse or retail shelves to the point of sale.
Even, at present these software allow the supply chain management to share their inventory data in real-time. For instance, if a wholesaler wants to share his live inventory to his group of retailers then he can connect with them and share the data using the software.
All these technologically-sound software solutions not only simplify the process for wholesalers, but they also make the entire procedure trouble free for retailers by allowing them to place orders online and selecting the best deals from a range of wholesalers available in their connection list. Besides inventory management, these solutions also help users to reduce obsolescence costs and maintain customer service levels.
But, how inventories were managed when these software were not developed because conventional inventory management systems were not effective and required complete intervention of managers to keep a track of every data manually making the entire process pricey, time consuming, labor intensive as well as error-prone at the same time.
Let’s have a look how conventional systems of inventory management used to operate:
- Inventory managers used to rely on hand-counted systems or manual report making processes.
- Stock levels were monitored regularly to maintain the reordering process. Even, automatic stock reordering was not available at that point of time; managers had to keep the record of the all the items to renew them at the appropriate time.
- Sales and purchase reports were managed manually by the managers.
- Transparency was not there and it was tricky to track the product movement in the supply-chain.
However, now Live inventory management Solutions have reduced all the aforementioned hassles and facilitated the businesses to place orders and share inventory data in real-time. We, at Softbiz are also offering live inventory sharing solution by the name of “Softbiz Connect” where we are bridging the gap between wholesalers and retailers by allowing them to share inventory data in real-time. This business solution not only connects them together online, but it also allows them to reduce their operations cost, save time and enhance productivity.