Any industry that deals with a lot of merchandise require some sort of inventory management. In the Philippines, everywhere you go, you can find unique stores; in every other corner, you’ll find franchise stores. After every intersection, you’ll probably find a convenience store. Even though each store is different, they should all have their own inventory management system.
With that being said, working with an inventory is not a walk in the park. Almost nobody would willingly choose to do this work—leading to some businesses completely ignoring it. In the Philippines, point of sale systems are prioritized more than your typical inventory management efforts. Of course, the POS (point of sale) system is the phase when a customer hands over their payment for the goods or services that they bought from you. This is an essential part of all the sales and retail efforts that businesses do, but without proper inventory management, problems will almost surely arise, preventing you from having a flawless POS system.
An inventory management system is used to oversee all of your business’s inventory and stock items. Through this, you should be able to track and manage every single item on your inventory through its lifespan. Starting from the storage warehouse, you can keep track of an item’s journey all the way to a customer’s shopping cart.
Managing your inventory has gone through a lot of changes. It used to be done primarily on paper. With people listing items down manually and creating a main spreadsheet that lists each item, their amount, and how much they cost. With the help of technology, particularly MS Excel, it became a lot easier. Soon enough, businesses moved forward by relying on specific programs. Inventory management systems today are composed of highly versatile software that makes all the usual inventory activities easier.
An inventory management system should have a way to identify each item. Most of the time, they rely on barcodes. The system uses the barcodes to track down the items as they come and go. The usual software makes use of barcode scanners, but some systems are integrated into a smartphone application! Take note that an inventory management system needs a central hub which stores and analyzes all the data of your inventory. This database can also be used to generate reports and be connected to other software for different uses such as accounting.
An inventory management system will make a lot of your things easier for you, especially when your employees are well-trained and educated regarding inventory management.
Many businesses in the Philippines have inventory management issues. Usually, this is because they don’t respect the work that is required for it to be effective. Making sure that you have effective inventory management can bring your business many benefits, and here are a few of them:
Along with the benefits that an inventory management system provides, another important part of it is what it helps prevent. Maintaining inventory is not as easy as it sounds. However, as long as you have a reliable inventory management system, you’ll easily avoid these problems:
In the Philippines, there are still a few businesses that don’t see just how important inventory management is. Not only does it provide a number of benefits, it also prevents a number of work problems through easy solutions!