An inventory management system utilizes a combination of hardware and software technologies to overlook processes and procedures that supervise, monitor, and manage the maintenance of products, whether it be stocked products, raw materials, supplies, or products ready to be sent to the customer. Inventory management uses a systematic approach to sourcing, storing, and selling inventory from purchase to the sale of products.
It helps the brands and companies detect and categorize which product to order and how much quantity at what time. In addition to this, it also helps the companies identify and respond to the upcoming and up-to-date trends. To guarantee that the stock present is sufficient to fulfill the customers’ demand and order. And provide a proper warning before a shortage.
How Does Inventory Management System Play a Crucial Role?
The process of tracking the goods throughout the entire supply chain from purchase, production to end sales is brought about by an inventory management system. Any enterprise or venture that exercises the use of stocks requires inventory management because, without it, the enterprise would run into situations where it would be overstocked or understocked.
One of the chief roles that inventory systems play is informing one about the number or quantity of ingredients. Also components required to achieve the desired product. Without this crucial information, one may end up with inadequate or excess stock, which cannot meet the customer’s demands.
Now, which inventory management system one uses is entirely up to them.
Why You Should Choose PackageX?
Let’s see how PackageX provides a valuable inventory management system for users. Well, as being part of your supply chain, Inventory by PackageX includes aspects such as receiving, storing, tracking, and managing inventory across businesses, buildings, or campuses. It offers to oversee purchases from suppliers and customers and uphold stock storage, regulating the number of products for sale and order fulfillment.
It offers a variety of features as compared to traditional inventory systems:
1. Dynamic Operational Tracking
PackageX delivers dynamic operational tracking, through which users can utilize the intermediary hops phenomena to trace their order through all the steps to get better control, understanding, and insight of the whole process.
2. AI Scanning
AI Scanning enables the users to scan any product through their mobile cameras, avail all the information regarding the product, and get it sorted, extracted, or stored in a secure database.
3. Smart Dashboard
In contrast, a smart dashboard delivers a comprehensive assessment of the complete project operation, giving a perfect overview of the critical inventory analytics, stock statuses, returned and damaged stock indicators. A user communication panel to create a communication channel between buildings.
4. Supply Chain Oversight
Supply chain oversight offers analytics that utilizes bright indicators to indicate what and when one needs to deliver and receive orders; it also maximizes efficiency and minimizes delays or shutdowns.
5. Customized Integrations
On the other hand, customized integration is the characteristic that supports PackageX suite apps that includes its package tracking software. It promotes future integrations and customizability for the integration of technologies ranging from ordering systems to the endpoint of sales as the business workflow, which paves the way for a better, smooth, and quick experience.
6. Visibility and Traceability
Increased visibility and traceability throughout the ecosystem are some of the amazing features of Inventory by PackageX. This unique feature allows the users to rationalize their business by reducing overstocking costs and product wastes. Through this, additional logs, timestamps, and employee ID of employees who scanned a product are upheld to manage a strict accountability system.
Benefits of Using PackageX
With all the extra features that PackageX offers, the users can auto-assign a shipment to its designated location through AI; shipments are more accessible to track by notifying all parties and the hop intermediary phenomena the retailers and customers can get an insight of what process the package is going through. It also allows to manage the quantities for storage and allocation and keep track of store levels. Meanwhile enabling the users to dispatch the stock with one click. And get real-time visibility of inventory across single and multiple sites and real-time analytics on requirements and lists. This correspondingly helps users to lower the response time for order procurement, placement, and replacement.
As a result, PackageX saves time for its users, reduces operational errors and costs and provides absolute time transparency. And assists the users to make smarter decisions on optimizing inventory use and its levels. It will benefit the users by providing a central database and point of reference for all inventory. Also the capability to analyze and manage data, generate comprehensive reports, and forecast future customer demands.