Inventory control and management is an integral part of a business which is associated with multiple aspects of the CRM like employee management, product tracking, warehouse inventory control, etc. This guide will provide you with a comprehensive knowledge about inventory management and the best CRM software Wortal CRM.
What is Inventory Control?
Inventory control, also known as inventory management, refers to the process of overseeing and controlling the ordering, storage, and usage of goods within an organization. The primary task an
Inventory control is to ensure that the right amount of goods is available in stock to meet customer demands while carrying costs and avoiding stock shortages or overstocking situations.
In the case of a production chain, it is important to identify and maintain the right stock amount of raw materials which is necessary for production and ship them out to the customer’s production facilities that manage products that are always in demand and must be able to continue
Production without any break they must be very aware of their stock so that they don’t need to be in a situation to stop production like shortage of raw materials or else. This is where inventory control management becomes important.
What is an Inventory Control System?
An inventory control system is a system that we follow to manage the stocks in the inventory. This includes different steps which include: ordering, stock levels, storage and organizing, tracking and monitoring, demand forecast, technology and software, cost management, etc.
- Ordering: Determining when and how much to reorder based on factors such as demand forecasting, lead times, and economic order quantity(EOQ) calculations.
- Stock levels: Maintaining optimal stock levels to prevent shortages or excess inventory. This involves balancing the highest and lowest levels of stocks.
- Storing: It is important how the goods are stored in the storage facility. Organizing the goods is as important as maintaining the stocks.
- Tracking the flow: Organizing systems to track the flow of the goods from where it is transported when it will be available per our interest is important to know.
- Tracking the Demand: Making use of previous data is a very important and efficient way of analyzing the trend that is happening and production and supply can be managed under the demand that can be generated in a certain period and lower the production when the demand is low.
- Technological assistance: Using the available technological assistance of the inventory management software is very important to reduce costs and increase the efficiency of the workflow.
- Budget management: It is the part where the expenditure and income generated are calculated and decisions according to the financial data. This will decide how much to spend on each category what unnecessary expenses can be cut off and what changes have to be made to balance the financial situation for the smooth operation of the enterprise. Carrying too much ties up your business’s cash flow and also takes up valuable storage space.
Why Use Inventory Management Software?
Inventory management oversees and controls a company’s inventory or stock of products if you’re a small business owner looking for a cost-effective solution to streamline your inventory process Wortal CRM is perfect with its user-friendly interface and Powerful features you can efficiently track your inventory-managed stock levels and generate insightful reports so no more manual counting and messy spreadsheets. However, among the several available options choosing the best one for your company can be overwhelming.
Benefits of Inventory Management Software
Inventory management is a critical component of running nearly any business regardless of the company’s size or industry. retailers, e-commerce merchants and other businesses must maintain tight control over their inventory to save time and money and bring an excellent experience to their customers.
Poor Inventory management has damaging effects on operations including overstocking dead stock spoiled items and stockouts. As a result, companies run the risk of either tying up too much money in inventory or losing money from unavailable inventory prompting customers to take their business elsewhere.
How Can Inventory Management Solutions Help Business Owners Maintain Optimal Inventory Levels?
To satisfy consumer demand our management system helps maintain optimal inventory levels, increase item tracking accuracy to and from customers as well as suppliers optimize fulfilment processes and even reduce Warehouse costs ultimately helping you meet your customer’s needs.
How to Identify the Best Available Inventory Management System for Your Business?
Before you must first answer a series of critical questions about your business, what kind of problems are you trying to solve with your new system? What type of inventory do you track and what formulas do you use to manage your inventory best?
many types of inventory Management Solutions support a range of Industries and sectors so you need to find the system that supports your type of inventory a company that distributes perishable food items will likely need a different set of inventory management features than a construction company that houses raw materials equipment and other tools of the trade for example you’ll need to ask which processes does your current system do well and which ones provide opportunities for improvement which processes are critical to your business the answer to these questions will help you identify the features your next Inventory management system needs to have a solid inventory management system gives employees and teams throughout the business end-to-end view of every stage of the ordering and fulfillment lifecycle.
Selecting the right Inventory management solution is the first step in getting your inventory to make the most out of it. It is best to choose an inventory management system that is part of a CRM software like Wortal CRM software for your business and by implementing these proven Inventory management processes you’ll be able to optimally manage your inventory and efficiently fulfill orders to consistently meet your customer’s demands and expectations. Wortal CRM has helped many companies find the right inventory management solution for their organization.
Features of the Wortal Inventory Management System
Wortal performs 4 major tasks for managing the inventory they are as follows:
- Multi Branched warehouse stock management: Can manage multiple branches in multiple warehouses
- Inter Branch Inter warehouses: Manages different branches within a warehouse
- Product categorization hierarchy: Categorize stocks according to the nature of the product
- Inventory reports: Provides branch-wise warehouse-wise and product-wise inventory reports.
Wortal works in a way that they will provide you services right from the types of products
- Create product/ service groups
Wortal provides you with two options: goods for tangible products and service categories for intangible products and subcategories as per the need.
- Create an item under the respective group
Once the product group is created you can manage the group by adding, removing editing, etc. You can also give product description names, price stock levels, etc.
- Maintain stock Inwards and Outwards
This will record all data associated with the stock entry and exit from the warehouse along with its quantity and destination information.
- Inter Branch Wherehouse transfer
Manage multiple branches of the same business group and also trucks the stock transporting details within the warehouse in the group.
Warehouses can be classified based on the kind of material they handle and the kind of operation or requirement they cater to. The different types of warehouses are raw material warehouses, finished goods warehouses, temperature-controlled warehouses, and cross-dock warehouses each warehouse caters to a specific function.
Among the different types of warehouses there are certain commonalities they are
each warehouse has security-controlled entry and exit gates, receiving and dispatch docks,
storage locations within storage locations different configurations of storage spaces like
rack storage, floor storage a combination of rack and flow storage. Damaged locations mean other optional facilities that are provided in the warehouses including sorting areas packaging and repackaging areas packing and unpacking locations.
It is hard to manage the operations across all these warehouses and to ensure smooth supply chain functioning. This is where we are implementing a WMS to help manage operations across all warehouses and also to get the supervisor’s critical data about the state of operations in each warehouse.
What is a Warehouse management system and what are the advantages provided by a WMS?
A warehouse management system is a software solution that controls all the activities in a warehouse. A WMS provides visibility and controls critical operations like inventory management, location management, receiving and putting away picking, sorting, packing, loading, invoicing, and dispatch movement and storage of material in the warehouse inventory reconciliation.
One of the major advantages of a WMS system is that it eliminates dependency on warehouse personnel regarding inventory status and operational decisions. The system takes care of important functions like location suggestion allocation policies guided operations to optimise operations within a warehouse.
A good warehouse management system commonly embodies the best CRM software Wortal CRM software can handle all these activities effortlessly.
Wortal sales tracking system.
Sales tracking is an important part of every business it is a way of getting information about how your products are performing in the market and identifying which product is performing well and which one is underperforming and finding out the reasons behind it you can also compare your product with your competitors’ performance and introduce new strategies that will help to improve your market performance. In retail business many companies have their sales tracking teams that monitor the sales of the company products record them and help management to take necessary steps now most businesses are through the Internet and it is easy to data but hard to get information out of it this where sales tracking software is helpful they are used to track all the details about the product and give out information processing data from different fields and makes it easy for managing team. Wortal CRM provides you with exactly everything you want for tracking your product performance and improving customer relationships with your company.
In a business enterprise, there will be different departments and different employees handling different jobs according to their respective roles. Each department may or may not be connected. All company employees may have a common space/server to log in with their credentials to access their work-related documents. So it is important to classify the employees and their permissions to access different data that are not for their use that is why companies are using user management software
Using user management software companies can manage the login and logout details of their workers. Admit and restrict permissions to add or remove workers etc. This will improve professionalism in the company and hence improve workflow and data security. Wortal CRM also provides many user management options that help manage your employees and users.
Feathers of Wortal User Management System
- Role Based Dashboard
- Access Control
- Activity Logging
- Reporting and Analytics
Create users & assign roles
Users are created only after filing simple forms or by sharing invite links through the user’s emails and can assign any role available on the CRM as per the requirement.
Give access as required
User access is managed with custom user features of Wortal CRM software. Users can only access information that they are permitted by the authority.
One-user multi-business access
Wortal CRM provides an accessibility feature that will enable a user with multiple businesses with the same user ID so they don’t have to create separate IDs for different businesses.
Get predefined reports according to access
Wortal CRM provides reports from all possible categories of your business groups which will help in self-improvement and business development.
Conclusion
An efficient inventory management system, sales tracking, and user management system are important components of a business enterprise. Wortal CRM can improve efficiency, sales, and business development through good warehouse management, user control, and product tracking of the company. By giving more importance to organizing, managing, and team effort with the best CRM software. Wortal CRM has helped many companies select to find the right customer management solution for their organization.
