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HomeBusiness OperationsProductionUnderstanding Inventory Management, Inventory Management Software and Its Benefits to Your Business

Understanding Inventory Management, Inventory Management Software and Its Benefits to Your Business

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Inventory is a critical aspect of your business, regardless of what business type or the business industry you are into. It is the total number of items, materials, goods, and merchandise held by a business to sell or something to convert into a product or service to earn a profit.

An inventory varies depending on the industry or the business. For example, both the materials and the final products are considered an inventory in the manufacturing industry.

Whereas in the service industry, there is no physical stock involved in the exchange of activities; however, they have intangible inventories like the steps and policies to complete a sale.

Meanwhile, in a research or consultancy firm, an inventory consists of all the collected information. Or in the residential construction industry, their inventories are the finished units like condominiums, office spaces, or houses. But despite many types of inventories, one thing is most important: efficient inventory management software to help you fulfill customer’s needs.

The Inventory Management Software

When you have a business, you must streamline managing your inventory, and thus you need to have efficient inventory management software like the Fishbowl Inventory management system. This software works both as an inventory management system and a manufacturing solution.

The software is designed to do many processes like inventory control, work order management, and material requirement planning. It also manages work orders, bills of materials, shop floor control, and other manufacturing processes. Since the system is capable of handling multi-processes from start to finish of the business cycle, you would expect countless benefits that you will get from using it.

What Are the Benefits of Using the Software?

The benefits of using inventory management software can be so enormous, and the most significant of them are the following:

Seamless Business Process Integration

Using inventory management software has a full-featured benefit in process integration. It completes processes in warehouse inventory like reordering, stock alerts, receiving, and shipping. It also integrates functions of one department to the other, like manufacturing to warehouse and accounting.

Integration of one work center gives you complete convenience and high accuracy in data gathering, data information, and even asset tracking.

Diverse Industries

The most popular industry that you always know of using inventory management software is the manufacturing industry. But don’t you know that any other sectors could also use the software in their operation?

Industries like electronics, distribution, and retail are fast-growing industries that benefit from using the software. Similarly, the food and beverage, agriculture, and automotive industries benefit from using the software. And there are many other industries to mention.

All these industries can readily adapt to the software and be equally efficient, same with the manufacturing industry.

Asset Tracking solutions

If you have multiple business centers, branches, or warehouses, installing inventory software on your business is best recommended.

You can do business simultaneously despite multiple set-ups. Like shipment tracking, remote warehouse management, materials auto-reordering system, and you can even monitor expiration dates of your products from different warehouse locations. And most of all, you can take advantage of the asset tracking solutions like the one used by NASA and the Mississippi State Department of Health.

Saves Time and Money

Time and money are among the most significant benefits of using the software. And you might ask how much time and money you save on your day-to-day operation?

An inventory management software can cost your business a lot of investment, and the investment is more significant, especially for small or starting businesses. But despite the substantial investment that you would put in, it can significantly save time and money because:

  • The software does better forecasting; thus, you will have lower rates of over-inventory, and you will not encounter stockouts caused by erroneous inventory management.
  • Less product spoilage because the software is capable of managing the expiration dates of the products.
  • Storage cost is managed because you will already have an efficient inventory and warehousing system.
  • The accounting process is efficiently tracked, especially on Cost of Goods, and thus you can expect no errors in numbers declaration, especially on sales and profits.

Cloud Hosting

One of the benefits of using inventory management software is its cloud hosting capability. You can get full access to your data in real-time, remotely, and from any computer, you can use it as long as you have the internet connectivity needed for the operation.

You can even use your smartphone conveniently for your transactions anytime and anywhere. You do not need to worry about data breaches because your data is kept secured using dedicated servers with round-the-clock backups.


Businesses today have to survive regardless of the odds in operations. And staying in a business is much more challenging than it was before. But you are lucky; an inventory management software was born to help you in lots of your operations that would surely help you and make your business grow. So take advantage and make use of it. And surely, it will help your business grow.

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