An inventory control system is a process that is employed for the management and location of materials and objects. In layman’s terms, it is also referred to as software components. Inventory control is an imperative aspect of wholesale distribution businesses and it involves better oversight over stocks. This system is also known as an accounting system that has been set up in order to safeguard assets. Having a thorough understanding of what you have, where exactly it is in your warehouse and when the stocks are going in and out can speed up processes, reduce costs and prevent fraud. Additionally, a company may also need to rely on an inventory control system in order to efficiently assess assets, offer financial reporting and balance accounts.
Inventory control is also very essential in maintaining the correct balance of stocks since you simply wouldn’t want to lose a sale just because you didn’t have sufficient inventory to complete an order. There are many ways in which a company can keep control of their inventory. A basic way is by creating a spreadsheet with columns for names, quantity and item number. A column could be used to deduct the sales and shipment with a separate log for returns and new stocks. Needless to say, this is a very labor-intensive process that no business wants to deal with because it requires manual monitoring. Over that, the information is difficult to share and people are prone to make mistakes that are difficult to keep track of, resulting in inaccurate inventory numbers.
That being said, you also don’t want to have excess inventory just sitting there in your warehouse. Too much inventory can actually lead to loss of profit where a product expires, gets damaged or goes out of season. The key to proper inventory control lies in having a clear and deep understanding of customer demands. This is where inventory control systems come in handy. When you have control over your inventory, you will be able to offer better services and obtain real-time understanding of all your business processes. Without a good inventory, a business can never have an accurate account of the business and it today’s extremely competitive business market, an inventory control system is a key feature of any business.
At Epitom, we develop customized inventory control systems. We develop these systems by providing cloud-based inventory control systems with different levels of access. The processes are customized in accordance to the best industry practices and current activities and helps in generating and tracking (PO) Purchase Orders, (GRN) Goods Received Note, etc. Some important features of the inventory control systems we develop is that is keeps perfect track of inventory, stores and wastage in addition to managing and tracking customer and supplier details through highly customized reporting.
We specialize in inventory control systems for apparel industries and inventory control is part of the ERP (Enterprise Resource Planning) that we offer for garment factories. Our software provides a comprehensive garment factory management solution with complete transparency, thereby allowing the business to remain proactive and stay ahead in the apparel industry. Our ERP software is adaptable, reliable and flexible to suit each company’s individual requirements and our software will help in streamlining the successful business operation.
The bottom line is that every company needs to benefit from an inventory management system. Regardless of whether you are in retail, wholesale, service or any other industry, inventory control systems can help you keep track of your products and give you the competitive edge in your specific industry.