What is Inventory?
Inventory means a stock of goods and materials that are stored and managed either for selling or for producing other goods.
What is Inventory Management?
Inventory management is a systematic way of storing, managing and selling raw materials and finished goods.
Why Inventory Management is important?
It is one of the biggest challenges for any business when their goods become ‘out of stock’. It’s nothing less than a nightmare when you have a bulk of orders from your consumers and your inventory is not managed properly. This is the reason why Inventory Management is so important.
Inventory Management is required for small business because of the following reasons –
- Monitoring the stocks and having an idea about the goods
- Managing cost by analyzing the inventory
- Prevents you from getting into worst-case scenarios of stockouts and losing the consumer base
- Analyzing the data and implementing strategies
- Much more convenient than managing the records manually
There are various software available that can help you in analyzing and managing all the inventory tasks.
It is one of the trusted tools for inventory management and is quite efficient for small businesses. Zoho Inventory is a cloud-based inventory management tool that helps in increasing sales, managing orders, warehouse management for your business.
Bulb and Key
Bulb and Key has an efficient inventory management feature that is meant to manage its creator’s raw materials and goods. Their vision is to empower small and home-based businesses and are diligently working towards their aim.
ProfitBooks has a well-built inventory management software. It has an easily accessible website and is quite reasonable. It suits well for small and home-based businesses.
The inventory management can manage large stocks and there are different plans under which you can inventory management. You just have to choose whichever plan suits you best.