Inventory Automation For Your Business From Best Automation Software Bangalore
Best Automation Software Bangalore – Having the right products, in the right quantity, at the right time is extremely important for businesses to maximize sales and revenue. And that, right there, is one of the pain points businesses these days struggle to overcome.
Have you ever lost out on business due to the unavailability of stock or lost money due to excess stock? Are you handling your inventory in the best possible way? If not, Phykon can assist you in automating your inventory with the best automation software in Bangalore.
Unnecessary stockouts can disturb the flow of your supply chain. In today’s digitally forward world, it is not wise to rely on obsolete methods. The automated inventory management solution from Phykon will let you sync your inventory in real-time across offline and online sales channels. It minimizes the risk of overselling and automates inventory tracking for increased cash flow. Advanced inventory management solutions with Phykon’s best automation software in Bangalore can avoid dead stock and save costs. Read on to know more…
Problems With Poorly Managed Inventory
Efficient inventory management can enhance customer satisfaction, sales, and revenue. On the contrary, the absence of proper inventory management can lead to mis-shipments, out-of-stocks, overstock, mis-picks, and ultimately, poor customer experience. You will need to record the units, location and item number of each inventory item, and ensure that there is always sufficient stock to fulfil customer orders. Managing your inventory manually is difficult and more prone to errors. Manual methods can result in overstocking or understocking because they often fail to give you a complete picture of your real-time inventory state. Manual errors in inventory updation or data recording can affect your business growth negatively. The best automation software in Bangalore simplifies your inventory tracking process and eliminates human errors in recording inventory data. It automates the inventory update, replenishment, sale orders, deliveries, and returns to provide an exact stock position.
Overstocking and Understocking
Overstocking increases your operational costs. Having too much inventory stocked up than required will make it difficult for your business to divert its capital towards marketing, development or other useful areas. On the contrary, you will lose orders, credibility, and revenue by maintaining less stock in your warehouse than required. Understocking can turn your customers away. Eventually, customers will lose confidence in your business’s ability to meet their needs. You should clearly know when to replenish the stock to synchronize utilization of the warehouse space, spending on operations and to meet market demands. Real-time monitoring of inventory and data analysis will help you build a steady stock pipeline and disbursement across all the sales platforms.
Dead stock or dead inventory are items in your inventory that cannot be sold due to various reasons. It can include items that are damaged, leftover seasonal products or expired raw materials, products that have gone out of style or that have become otherwise irrelevant. Perishable items can quickly become dead stock because they have a short shelf-life and must be discarded after a specific time. Usually, an item is declared ‘dead’ after sitting on the shelf for more than twelve months. Automated monitoring and reporting of sales and inventory will help you recognize such items before you buy them. An efficient inventory management system from Phykon can help you order the right amount of items.
If you are dealing with items having an expiry period (like food items or cosmetics), they may get spoiled or unusable if not sold in time. Spoiled products can take your investments to go down the drain, along with your potential profit. A solid, inventory management system assisted with Phykon’s best automation software in Bangalore can act as a frontline of defence against spoilage. It gives you access to real-time data about the lifecycle of your stock. This allows your warehouse team to organize products in an efficient way to ensure older products get sold first.
Poor inventory management can shoot up your storage costs. It often happens when your warehouse has too many items at once or when you have products that are difficult to sell. An automated inventory management system can help forecast the items in demand and assess how well they are sold. It helps businesses make more informed purchasing decisions and thereby, avoiding high storage costs and saving money.
What Can Inventory Automation Do?
Automation-assisted inventory management solutions will help your business easily plan, organize, and control the flow of inventory across multiple sales channels and fulfillment centres.
The inventory management system embedded with the best automation software in Bangalore can automatically update all the inventory from offline, online and warehouses in real-time. It is capable of immediately tracking all stockouts and simultaneously updating inventory across multiple channels. It also provides automatic stock synchronisation which offers accurate stock visibility, improves sales and controls order cancellations.
Businesses with multiple sites and multiple sales channels might have their inventory in warehouses, transit, distribution centres, or store shelves. Automated inventory systems will help you easily track or identify the location of stocks.
Stock rotation is essential to avoid spoilage and handle dead stocks. It is the process of organizing or rearranging the inventory to mitigate the loss caused by expiration or obsolescence. Basic stock rotation involves moving items with immediate sell-by dates to the front and moving items with more span to the back. You should sell the older stock first and the newest stock last. This is highly recommended for perishable goods to avoid spoilage. Automation of your inventory will let you efficiently perform stock rotation by defining criteria and priorities to ensure regular stock rotation. You get flexibility and control over your inventory with the help of the best automation software in Bangalore.
Automated inventory management can help you with customer returns. Improper management of product returns increases the risk of holding unsellable stock. You may also miss an opportunity to put a sellable item back for sale. When a product is returned, it is checked to see if the item is damaged or defective. The system can automatically list the item to help you route it for repair or return it to the vendor as appropriate. If the product is in good condition, the system adds it to your inventory counts.
An efficient inventory management system can automate the process of data collection, analysis and report generation. Analysis of sales and inventory data will help you to predict future sales, growth and capital needs. These forecasts are vital for your business growth.
Power up your business with scalable, real-time inventory management that ensures high availability. Phykon will help automate your inventory management affordably with the best automation software in Bangalore. It doesn’t matter whether you are a business going through a few dozens or several thousands of transactions a day — Grow with ease and without the hassle. Phykon’s got your back!