Real-Time Inventory Management Software for Multi-Channel Selling

The 80/20 rule in inventory management points out that around 20% of your inventory contributes about 80% of your sales. This is at the core of the ABC classification that exploits this phenomenon to your advantage. ABC inventory classification places these fast-moving goods close to workers for quick item pick up. Order fulfillment rate goes up as a result. 

WareGo has this and many other proven inventory methods to accelerate your warehouse operations.

The 4 types of inventory management systems are as follows.

Perpetual: Inventory is updated in real-time under perpetual systems. Inventory transactions and processes are all recorded by means of barcode scanning or RFID tracking. Workers don’t have to key in the data since data capture is automatic. Inventory data is updated automatically, worker productivity rises, and errors go down. 

Periodic: Under this system, inventory is counted manually. Hence, you won’t know your item numbers unless you count them manually. This process is slow and highly disruptive since operations must stop for accurate stock counts. Spreadsheets and legacy systems are often periodic systems, which are thus unsuited for modern businesses. 

Just-In-Time: Inventory levels are minimized under this system to cut inventory costs. Inventory is received only when it is needed. However, this requires excellent coordination with 3PL partners to ensure the timely delivery of stock. 

ABC Analysis: All inventory items are divided into three categories, with fast-moving goods being in the A class, whereas slow-moving goods go into the C class. Fast-moving A-class goods are placed close to workers for quick retrieval and faster operations. Slow-moving class C goods are placed deeper inside. 

WareGo supports a perpetual inventory system with real-time tracking and autoupdates for all SKUs. It also has built-in support for just-in-time inventory and ABC classification.

Inventory management software allows you to control inventory and warehouse processes for fast and accurate order fulfillment. Enterprise-level inventory management software like WareGo provides a vast range of features to this end, like real-time tracking, multi-location visibility, barcode/RFID scanning support, POS terminal support, intelligent inventory organization, and so on, for quick and precise warehouse operations. The software is designed to boost productivity, reduce errors, and empower you to deliver better service and achieve higher customer satisfaction. 

WareGo has everything you need to ship on time for high customer satisfaction and prevent problems like overstocking, stockouts, high inventory costs, and so on, which reduce profits.

If your business deals in inventory of any kind, it needs inventory management software. Even small businesses have a need for such software. There is a limit to how much spreadsheets can handle small business inventory. 

Spreadsheets are not scalable, unlike specialized software. They were never designed for real-time updates. They don’t even have built-in support for barcode/RFID scanning.

From small businesses to midsized concerns to large enterprises, all entities need inventory management software to cut inventory costs, simplify inventory, and speed up operations. 

Businesses in retail, food and beverages, wholesale, cold storage, restaurant, e-commerce, manufacturing, apparel, furniture, grocery, construction, automotive, and others all need powerful inventory software like WareGo that is built to serve the inventory needs of all businesses across the board. 

Although there is a strong overlap between the two, there is a fine difference between a WMS (warehouse management software) and inventory management software. 

Inventory management software is primarily concerned with tracking SKUs in real-time and controlling them. The WMS, on the other hand, goes beyond this by giving you control over warehouse operations as well, so that these processes become faster and more accurate. 

WareGo combines the best of both worlds by giving you complete control over your inventory and warehouse workflows thanks to advanced features.