Inventory management cannot be ignored by any business, big or small. Apple’s enhanced inventory system model turned the way they do business and is one of the key factors supporting its success today. The cost of carrying inventory has become one of the major expenses for a business and the benefits of getting an efficient inventory management system far outweighs the costs involved.

Technology and Inventory Management

Technological upgrades in the field have ensured better process results and a 20% reduction in inventory has been witnessed by many businesses since adopting computerized inventory management systems. This is a huge saving if one were to calculate it in monetary terms. For instance, if a company has annual sales of $100,000, then 20% reduction would amount to savings of $2000, which is a large sum for a start-up or a small business.

Just-in-time

Just-in-time (JIT) is an inventory management technique whereby the company resources such as warehousing, equipment and man power are reduced to achieve optimum inventory control. This system requires an error-free environment to work successfully and that can be done only through effective inventory control since the buffer zone for errors is less.  Adopting computerized inventory management will help in adopting these techniques.

Technological Innovation Going Mobile

If computerizing inventory management has made the process more efficient and helped in cutting costs, then mobile inventory management applications go a step further to keep us connected with inventory systems round the clock. Many processes that previously required huge investments previously have now come down with the adoption of mobile technology. Mobile inventory management apps offer all the benefits of a computerized technology with several added advantages such as:

·         You don’t need to invest on a separate bar code scanner

Most inventory management apps use your smartphone camera as a barcode scanner and the data captured by the device automatically gets registered in all the places the inventory item is listed.

·         It’s cost effective

The mobile inventory management app is cost effective because the price is quite low in comparison to other softwares in the market and come with subscription packages. So, even if you are about to wind down your business then you can discontinue your subscription. There are many free applications too that offer adequate number of functions which will help you with your inventory management activities.

·         Has numerous operational advantages

Most mobile inventory management apps offer various other reports such as:

o   Stock status report

o   Stocking products categorically

o   Profit and loos report

o   Sales report

o   Purchase report

o   All transaction reports

Detailed sales graph are also generated to give you pictorial reference of which product is performing well and which isn’t.

·         Placing Order for fresh inventory

Many apps offer the facility whereby you can place order for fresh inventory directly from the app by emailing your requirement as and when it arises. A record of this is maintained in the application and can be adjusted to the inventory report.

·         Synchronising on the cloud

With most such apps, the data gets stored on the cloud and hence it can be viewed again on the desktop version of the app. Also, any changes made to the inventory at any point from any device get recorded in all the devices simultaneously. Another benefit of synchronization over the cloud is that even if you change your smartphone or your desktop crashes, the data is safely stored and can be accessed using internet.