Tracking inventory to manage them is an important process in your business. This monitoring by the traditional method often has inadequacies and limitations. In this article, we would like to provide information to help your business replace the traditional inventory tracker with state-of-the-art solutions.
What is inventory tracking?
Inventory tracking is the process by which businesses keep track of all the inventory they own. Inventories are raw materials, work-in-progress, and ready-to-sell items. With inventory tracking, you have access to data such as exact inventory levels, location of each item or SKU, updated delivery status, and inventory-related information. Inventory tracking takes place everywhere a business is concerned with inventory: manufacturing companies, warehouses, retail stores, and more.
Inventory tracker is the solution and software that help businesses track these inventory activities.
The problem with inventory tracker on paper
If businesses are implementing inventory trackers using traditional methods such as tracking sales and product listings on paper, it also offers some benefits but disadvantages compared to others in the digital era. There’s no denying the paper’s ease of use and universal compatibility, which is affordable, plentiful, and works with any pen or pencil. However, there have been major benefits to moving most of these tracking tasks out of analog (paper) systems and into digital systems.
Implementing inventory tracking on paper will have many limitations. First of all, analog (paper) systems will limit scalability, which means it is also very easy to run out of space on a single sheet of paper and, therefore, difficult to keep all the relevant information together.
Another obstacle with paper-based inventory tracking is the lack of easy backups. Data is so precious today that it needs to be kept in a system that provides multiple backups that are more resistant to risks. Besides, tracking on paper will cost businesses time because it has to be used to search and take notes.
Changing your paper-based inventory tracker
In today’s technology era, software solutions have been born to support inventory tracking to help businesses achieve many benefits. If your business still uses a paper-based inventory tracker, now is the time to switch it up. Inventory tracking will vary for different sellers and growth stages, so the right inventory tracker software will help businesses understand where their products are, and how much inventory they have at each location and where the product is headed next. Eliminating the limitations of traditional tracking methods, the use of the software will help track and manage inventory to save time, optimize and bring greater profits to businesses.
The Multi Source Inventory (MSI) by ConnectPOS is a software solution that is an efficient tracker tool for inventory management and tracking. This great tool will let you know where your goods are, and what condition they are in and help you give you the right direction for your investment and business.