Inventory Management Overview
Inventory management is a systematic approach to sourcing, storing, and selling inventory—both raw materials (components) and finished goods (products). Inventory management is the basis of a well-functioning retail business. Inventory management systems track the lifecycle of inventory and stock as it comes and goes out of your business.
In business terms, inventory management means the right stock, at the right levels, in the right place, at the right time, and the right cost as well as price. When you know how much inventory you have on hand, you can make smart reorder decisions.
“When businesses don’t have a handle on the activity of their inventory, or worse, track it with outdated spreadsheets and data entry, the rest of the pieces, like order fulfillment, don’t fall into place.”
Jack Trade is your ultimate inventory management system that provides immense value across your organization as:
Streamline and automate your inventory management process
Real-time tracking of stock levels and alerts for low stock
Accurate forecasting of future demand
Advanced reporting and analytics to identify trends and improve efficiency
Easy integration with existing POS and ERP systems
Mobile access for on-the-go inventory management
Improve customer service and reduce stockouts with up-to-date inventory information
Reduce manual errors and improve accuracy with automated data entry
Streamline operations, increase profitability, and improve customer satisfaction.
Key Inventory Features
Inventory tracking is the process of monitoring and managing the movement of goods in and out of a warehouse or retail store. This includes keeping track of the quantity, location, and condition of products, as well as managing orders, deliveries, and returns. Inventory tracking systems can be manual or electronic, including barcoding, scanning, and real-time reporting to provide accurate and up-to-date information on inventory levels. This information can then be used to optimize stock levels, reduce waste, and improve customer satisfaction by ensuring that products are always in stock and readily available. Additionally, inventory tracking can help identify and prevent theft, fraud, and other issues that can negatively impact a business's bottom line. Overall, inventory tracking is essential for any business that wants to keep its inventory under control and ensure that it is always meeting the needs of its customers. Know exactly where inventory is across the supply chain.
Order management with inventory integration is a comprehensive system that allows businesses to effectively manage and track their orders, inventory levels, and stock movements. This system combines all aspects of order processing and inventory management into one cohesive platform, giving businesses a clear and accurate picture of their inventory status and order fulfillment progress. Customize pricing, send quotes, track orders and manage returns.
With order management with inventory integration, businesses can easily create, track, and update orders, while also monitoring inventory levels in real-time. The system automatically updates inventory levels when orders are placed, ensuring that businesses always have accurate stock levels. This eliminates the need for manual updates and reduces the risk of stockouts and overstocking.
In addition, the system also includes advanced reporting and analytics capabilities that allow businesses to track and analyze their inventory movements, sales trends, and customer behavior. This helps businesses identify areas for improvement, plan for future stock needs, and adjust their inventory management strategies accordingly.
Overall, order management with inventory integration streamlines and simplifies the entire order and inventory management process, saving businesses time and resources, and ultimately increasing their bottom line.
Warehouse management with inventory integration is a comprehensive system that streamlines the process of managing and tracking inventory within a warehouse setting. It combines the functions of inventory control and warehouse management into one seamless system, allowing for real-time monitoring of stock levels, automated ordering and reordering of products, and accurate tracking of inventory movements. This system also provides valuable insights into inventory trends and patterns, allowing managers to make informed decisions about stock levels and warehouse operations. With inventory integration, warehouse managers can easily identify and resolve issues related to overstocking or stockouts, and optimize inventory management to reduce costs and improve efficiency. Additionally, the system can be integrated with other enterprise systems, such as financial management or e-commerce platforms, to provide a holistic view of warehouse operations. Overall, warehouse management with inventory integration is an essential tool for managing and optimizing warehouse operations and for achieving efficiency, cost savings, and growth.
Purchase management of inventory involves coordinating and communicating with suppliers, distributors, or manufacturers to ensure a smooth and efficient flow of goods and materials. This process begins with identifying the necessary inventory items, researching potential suppliers, and determining the best fit for your business. Once a supplier is selected, purchase orders are created and sent to the supplier, outlining the specific quantities, prices, and delivery dates for the requested items.
As the items are delivered, the inventory is tracked and updated to reflect the current stock levels. Any discrepancies or issues with the deliveries are communicated and resolved with the supplier. The purchase manager also monitors inventory levels and predicts future needs to ensure that enough stock is on hand to meet customer demand.
The purchasing manager works closely with other departments, such as sales and logistics, to ensure that all deadlines are met and that inventory is received in a timely and efficient manner. This may involve negotiating contracts, arranging transportation and storage, and implementing inventory management software and systems.
Overall, purchase management of inventory is a crucial function that ensures that a business has the right materials and products at the right time, and at the right price, to meet customer demand and run smoothly.
Reporting and Analytics
Reporting inventory products and materials in single and multiple locations across the company involves tracking and documenting the movement and availability of goods and supplies in various locations worldwide. This process includes monitoring the quantity and quality of items in stock, keeping track of purchase and sales orders, and identifying any discrepancies or issues related to inventory management. The information is typically collected and analyzed through various software systems that allow for real-time monitoring and reporting of inventory levels in different locations. This information can also be used to identify trends, identify potential issues, and make adjustments to the inventory management strategy. Furthermore, the reporting process enables management to understand their sales and inventory trends, purchase items promptly, and make sure they have adequate inventory on hand to meet their customers' demands. Overall, this reporting process helps ensure that inventory products and materials are readily available and accessible, thereby helping organizations meet their production and sales goals and stay competitive in a global market. Evaluate process patterns to forecast future demand and sales.
Shipping integration with inventory management is a process that allows businesses to seamlessly track and manage their inventory levels, while also integrating with their shipping systems. This means that businesses can automatically update their inventory levels when items are shipped out, and also can track the location of their products in real-time. This can help businesses ensure that they have accurate inventory levels and can avoid stockouts or overstocking. Automating shipping can reduce errors such as late deliveries or delivering incorrect packages.
Additionally, shipping integration with inventory management can also help businesses streamline their operations by automating shipping processes, such as generating shipping labels, tracking shipments, and updating customer orders. Overall, this system can save businesses time and resources, while also improving their overall customer satisfaction.
Inventory Management In Jacktrade
Jacktrade supports inventory management for businesses selling products and goods. Inventory management is integrated with a few modules in Jacktrade, more specifically - Quotes, Jobs, Products, Materials, Fulfillment, and Procurement.
All these modules are enabled once a business chooses to have inventory management as part of Jacktrades subscription packages.
Jacktrade supports different types of products as part of inventory management. Here are some high-level details and you will learn more as you go along
Regular product - Regular products are simple products with or without variations. For example - a T-shirt can be considered a regular product and it can have different variations in size and colors.
Package product - A package is a way to offer your customer's product choices under a single umbrella pricing. Example: Do you want to choose A or B? Product packages are configured to provide choices of items among different chosen Catalogs. The package is configured to have a selected number of selectable choices from a selection of items. For example: choose any 3 from Catalog Category 1 with a selection of 20 items, and choose 5 from Catalog Category 2 with a selection of 50 items.
Bundle product - Products grouped to sell as a single product. For example, Flowers and a Vase are bundled as a single product. Bundle products can be created through existing products and items in your inventory and bundling them together. Unlike Package Products - it does not give the option to choose among the products. Users don’t have a choice but to add the entire bundle to the cart, unlike packages. Another example - is a T-shirt and trousers can be bundled together.
Regular Materials - Regular materials work similarly to regular products and can be set up with or without variations. They provide a way to add cost to an order without showing the increase in the product cost. For example, Concrete was sold as material for HVAC installation.
Rental Materials - Rental materials are materials that the business can rent out on a daily basis, hourly basis, and flat costing. The time charges depend on the service time configured in ‘Estimate’ in Quotes.
Flexible Product Configurations
Jack Trade offers many different types of product configurations so
Simple Configuration: Products can be configured for ease of organization and fulfillment. If you want to keep things simple, this is very much possible with just a few clicks.
Product Options Configuration: Product options configuration refers to offering different options or variations of a product, such as different colors or sizes. This type of configuration has value in inventory management as it allows for more efficient use of space and can increase the perceived value of the product for the consumer.
Bundle Configuration: Bundle configuration refers to combining multiple products into one package for sale. This type of configuration has value in inventory management as it allows for efficient use of space and can increase the perceived value of the product for the consumer.
Custom Configuration: Custom configuration refers to the ability to customize a product based on the customer's needs or preferences. This type of configuration has value in inventory management as it allows for a more personalized experience for the customer and can increase the perceived value of the product.
Kit Configuration: Kit configuration refers to grouping a set of related products that are often used together. This type of configuration has value in inventory management as it allows for efficient use of space and can increase the perceived value of the product for the consumer.
Build-to-order Configuration: Build-to-order configuration refers to a manufacturing process in which a product is built only after a customer has placed an order. This type of configuration has value in inventory management as it allows for more efficient use of resources and can reduce the risk of overstocking or stockouts.
Financial Efficiencies With Inventory Stock Management
Managing inventory assets is an important aspect of any organization's financial management strategy. Inventory assets refer to the raw materials, finished goods, and work-in-progress that an organization holds in stock to meet customer demand.
Effective management of inventory assets can have a significant impact on an organization's financial performance. Proper inventory management can help an organization maintain optimal levels of inventory, reducing the risk of stockouts and excess inventory. This can lead to improved customer satisfaction, increased sales, and increased profitability.
In addition, managing inventory assets can also help an organization control costs. By monitoring inventory levels and managing inventory turnover, an organization can reduce the amount of money tied up in inventory, freeing up resources for other uses.
Overall, managing inventory assets is an essential part of any financial management strategy. By effectively managing inventory levels and costs, organizations can improve their financial performance, increase profitability, and enhance customer satisfaction.