GOIS PRO

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Cut Inventory Management Costs

Inventory management is the stock of any item used in an organization and can be –

Raw materials

Finished goods

Component parts

Supplies

Companies may be selling the inventory directly to customers or using to manufacture finished goods. Inventories also exist to smoothen the flow of goods through the production process for dependent work centers. However, the biggest reason why companies maintain inventories is to act as a buffer against supply uncertainties.

Cost of Holding Inventory

There are two costs involved in inventory management –

Cost to carry inventory -  this includes:

Unit material cost

Inventory holding cost

Storage cost

Fire/ theft insurance

Warehouse administration costs

Besides the above mentioned there are several intangible costs involved such as opportunity cost whereby inventory investment could have been spent for other profitable ventures

Cost of not carrying inventory - this includes:

Cost of ordering fresh inventory

Cost of reordering inventory

Loss of revenue

Loss of customer goodwill

Cost of not carrying inventory can get escalated if the shortage of goods or stock out gets related to other potential customers.

When to order and how much to Order?

Inventory management basically resolves two questions –

When to order?

How much to order?

Inventory is ordered when demand rises or supply dips. Inventory level is the function of lead time, daily demand and safety stock. How much quantity is to be ordered is determined by the current demand, the time it will take to relay the order and for the vendor to fulfill it. One may adopt the fixed-order quantity model or the fixed time period model for ordering inventory.

Controlling Inventory with GOIS Pro

Inventory management basically deals with inventory planning and control. GOIS Pro is designed as an inventory control system and monitors inventory levels with effective systems and functionalities for inventory management. Broadly, it can be used to –

Classify inventories

Maintain accurate inventory records

Inventories can be tagged with appropriate measures, currencies and timelines using a mobile device such as the smartphone or tablet. The device camera will be used as a scanner to scan the barcodes and accordingly tag the product. It gives the freedom to choose if the parts must be dispatched fully or in instalments.

GOIS Pro is available as a web and mobile app which saves all the data on a secure cloud space so that users can access real time data anytime, anywhere.

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5 Ways of Improving Business Using GOIS Pro Inventory Management App

Software technology has made inter-linking various retail management process simpler, thus plugging a lot of gaps that arise from not being able to look at the bigger picture. As technology has advanced, mobile devices and cloud computing are allowing businesses to move beyond boundaries to reach out to a larger market. GOIS Pro app has been designed as a complete inventory management solution that can be used on mobile handheld device as well as desktop. We discuss 5 ways of improving business using GOIS Pro inventory management app

#1 Collect Sales and Marketing Input

Since the consolidated inventory status is aware on a secure location on the cloud, anyone with authority can access the data. Inventory status is the best indicator of sales levels and sales is the best measure of marketing effectiveness. Sales reports may be analysed to get an indicator on how well the marketing and sales plan has succeeded.

#2 Develop Demand Plan

Based on the sales and purchase reports a demand plan can be drafted. The demand plan will give an idea of how much inventory must be purchased and what levels of stock has to be maintained for individual products offered. The demand plan will be an excellent guide for seasonal products. For instance, streamers and lighting will be in much demand in Christmas, hence, the stock levels can be increased for the same in the November-December period.

#3 Inventory Scenario Analysis and Planning

The quick business reports and analytics that can be generated using GOIS Pro can be used to view stock levels, profit/loss, sales order and inventory and stock adjustment. One can track order history and current status at different stages. Stock levels for single and multiple store locations can be planned and stock transfer and adjustment can be adjusted on the main database immediately giving the actual picture of inventory status at all times.

#4 Measure New Plan Success

The key to business success is constant reinvention and applying new plans and measures. For retail business the best measure of new plan success is the sales figures and fresh orders that have been placed for a product. The data garnered from GOIS Pro can be used to measure success of new plans and programs.

#5 Receipt, Storage, Issue, and Disposal of Items

GOIS Pro is a one stop solution for all the inventory management needs. It can be used to record receipt, storage and disposal of items from single as well as multiple store locations. Any issues arising in inventory movement can be viewed and adjusted if one has a comprehensive record of inventory status, which GOIS Pro provides.

Inventory management tools for SMEs and online stores have developed to provide advance solutions which enable the business to grow limitlessly while offering streamlined processes. GOIS Pro has been enhanced with features that can be used to manipulate inventory status even while one is away from the business.