Inventory management is serious business. Keeping accurate records is essential to cutting costs, improving buying practices and keeping track of sales, to name a few benefits. Despite its importance, many companies aren’t using the most efficient systems for inventory management.
Some enter information on to a sheet of paper or manually using graphing applications. Although these methods may be the most familiar and longstanding kinds for keeping records, they’re not useful. Proper inventory management should allow businesses to keep track of their sales, buying stats and trends to identify ways to save money quickly.
Truly understanding the pain and difficulty of proper inventory management, the EMERGE App was created to make managing inventory easier for companies. How does it work? This article will review the EMERGE App and explain how it’s the most straightforward inventory management system out there for users of all competencies.
What does EMERGE offer?
The five most significant things that the EMERGE App offers are real-time data, instant access to up to date product information, updated purchase information, accurate inventory levels and supplier-specific purchasing details.
The real-time data allows businesses to find customer, supplier and product information instantly in the app. Even historical and analytical data is available in easy to understand, graphical form which helps businesses immediately identify trends and review and track their spending over time.
Access to product information helps users locate the available products and their prices. Quotations can even be generated based on that information and then sent out directly to customers using the EMERGE App. These actions update other information in the app, in real-time.
Updated purchase information like purchase price and landed cost (the total amount of a product, accounting for the original price, transport fees, customs, taxes, etc.) helps businesses understand the actual value of their shipments and identify opportunities to lower costs. Since no manual calculation is needed, there are no mistakes in calculation, and enterprises waste less time and money.
Real-time inventory levels will help businesses keep track of their inventory in real time and avoid overstocking or understocking goods. In the end, this helps a company’s bottom line since they won’t run out of fast selling stocks, identify appropriate stock levels before repurchasing and alter prices to reflect an interest in a particular stock.
Lastly, purchasing details specific to supplies like supplier prices and lead time will help businesses buy stock items more efficiently. All of the supplier specific information will be saved to the same location so it can quickly be reviewed and accurate documentation can be generated.
How Does it Work?
Upon logging in, businesses will see the stunning visual graphs and purchase data on their Dashboard. The Dashboard and all other information are customized to the business so during the sign-up process, which is as simple as submitting an email, business address and company name, etc., the main user can set preferences. Among these preferences will be accessing information, which details who has access to the app and what they have access to.
Once those preferences are set, and product and supplier information are updated, the stats on the dashboard will match company purchasing and inventory trends. Various expandable categories are listed on the left side of the page, including Dashboard, Customers, Suppliers, Products, Sales, Fulfillment, Purchases, Inventory, and account specific options like Receivables and Payables.
When information is updated, or actions are done in the app (like creating a new sales order), the app updates all other categories automatically. So if a user creates a new sales order under the Products section by clicking on the drop-down list, the number of products added to that order is automatically deducted from the available inventory.
When looking at the "In Stock" figures, then, businesses can view their available stock excluding the purchase order that was drafted (even though it has not yet been received) as well as the available inventory including the purchase order but excluding any existing orders that are awaiting delivery. The former figure is useful to ensure that stock items are not depleted or replaced inappropriately by keeping up to date information on the items that will be available after all sales are finalized. The latter figure is useful when there are upcoming sales that have to be accounted for, but the delivery date is not yet known for the items included in the sales.
To issue purchase orders for new stocks, the user can go to the Purchases section of the app and click the appropriate drop-down options, that’s it! The app automatically updates stock and inventory information, so businesses always know how much they have. If a user needs to manually manipulate the inventory information, for instance, if stocks are damaged and must be thrown out or if stocks need to be rehoused in another location (yes the app even keeps track of stock location!), they can go to the Inventory option on the left.
From the Inventory tab, users can also see the overall number of items in inventory and their sales stock. All of this information can easily be transferred into official reports for record-keeping or auditing purposes, again saving time and money.
The Gift That Keeps On Giving
In addition to providing all of these features and updating information to the cloud, the EMERGE App also has a B2B eCommerce platform offered free of charge with every account. It makes B2B communication easier between wholesalers and customers so retailers can log in to their purchasing accounts, find goods they need and check out themselves, eliminating the extra hassle and intermediaries.
For just under $30.00, the EMERGE App provides businesses with an inexpensive and efficient way to keep track of inventory. It’s more than worth it if only for the ease of updating inventory and stock automatically in app, keeping accurate records and visualizing analytical data instantly.
The app is a real slam dunk for businesses who care about keeping accurate records, digitizing their data and making it easier for staff to access and update company inventory. In the end inventory management shouldn’t be difficult and tedious and with apps like the EMERGE, it’s impossible to continue making excuses to make it that way.
Image credit: EMERGE App