Retail Businesses Everywhere are Adopting Inventory Management Software to Improve Efficiency

One of the major challenges in any business that deals with a lot of physical and tangible products is management of its stock or inventory. In a traditional business that functions without any of the contemporary tools of automation such as inventory management software, the time energy and resources needed to manage its stock or inventory is much more. That’s because all these functions need to be done manually by the personnel at the store and warehouse. In a small corner store, it may be possible to undertake such activities manually to a certain extent as the loss may be manageable. However, the loss would not be sustainable if such manual processes are adopted in a medium or large retail store.

The need for barcodes on product packaging

In the retail business, packaging is a critical necessity not just to extend the life of a product but also to give it a brand identity as well as to provide vital information about the product. That’s where the system of coding and marking of products becomes a very important part of the packaging process. Today, barcodes are an essential part of any packaged product and when we consider the hundreds of millions of products that are packaged, the challenge of managing these barcodes becomes quite challenging. That’s why manufacturers as well as retailers look out for reliable barcode management software.

Use of technology help businesses achieve higher growth

Today, it’s difficult to imagine a retail business without any inventory management software and barcode management software because of the huge scale of products involved. With the growth of affluence and disposable income across different parts of the world, the demand for newer and more products grew exponentially. As a result, the need for better inventory control was felt by all the medium and large scale retailers. In fact, even the smaller retailers felt the need for better inventory control as nobody wanted to be tied down with the kind of work that could easily be automated. Growth oriented businesses always prefer to use technology that free up resources for more productive functions.

Inventory and Barcode Management is Vital for Tax Compliance

Businesses that are into manufacturing and trading have large inventories to manage which requires different levels of automation and computation depending on the volumes they generate. Since growth is the only relevant factor in business, its inventory also grows proportionately or at a faster rate. In any case, the growth of inventory is a steady factor in a growing business and that is where inventory management software becomes important.

The value of inventory management software

The movement of goods from manufacturers’ plants to the warehouses and further on to the retail stores or point of sale is generally referred to as the supply chain although it has a larger scope and dimension. The supervision of the flow of goods in the supply chain is known as supply chain management of which, inventory management is the most important part. Maintaining a detailed record of every new or returned product that comes into or leaves a warehouse or a retail store is the main function of inventory management, which is achieved with barcode management software.

Why barcode management software is so important

Barcode management helps in substantially increasing efficiency in the process of inventory management in amazingly simple but important ways. Most importantly, it saves a retail or wholesale business a lot of time and money in a number of areas where manual processes have proven to be quite inadequate. Barcode management begins with barcode scanning which requires specialized barcode scanners that use laser marking for the scanning. The details scanned by the barcode scanners are recorded on the software for further integration with other software related to inventory management and accounting.

Inventory management software is vital in the new tax regime

Today, most businesses, micro, small and large are all in the tax net. It would be very difficult to carry out business anymore without paying taxes. Tax compliance requires proper record of income and expenditure which is closely connected to supply chain management that in turn is based on inventory management and barcode management systems. These systems record all details of flow of goods from the manufacturer to the retailer and furthermore to the customer. All these details are integrated to the accounting software that is the basis of filing tax returns.