Inventory Control Software: Helping your business grow against all the odds
Why do companies hold a variety of inventory items?
According to a simple economic principle of profit functions, firms have a fixed amount of inputs in the short run. However, in the long run, they can adjust their levels of outputs through an increase or decrease in the input quantities. This theory depends extensively on the company’s ability to accurately predict future trends in the market. Say, for example, you are a smartphone company and you expect an increase in your buyers in the coming months. The best response would be to deploy more resources next time so that you can increase the production of smartphones. This series of actions follows from economic intuition. But, is this as easy as it sounds? Continue reading
How can inventory control software be useful for tracking perishable goods
Businesses dealing with perishable products like pharmaceutical and food industry struggle with unique challenges when trying to optimize their inventory. For instance, food and beverage business are at a constant risk of contamination and are susceptible to spoilage in case of improper storage conditions and short expiry dates. A powerful inventory control software becomes an absolute essential because of the sheer complexity that perishable inventory comes with. Perishable products require special attention. You need to keep a close watch on a product’s expiry date and make sure that you actually sell it before its ‘sell-by’ date. Unlike nonperishable inventory, you don’t have the privilege of running a year-end sale on perishable items to clear stock because by then your products will have already expired.
Most of the operations in such businesses are about having the ability to constantly match supply to demand. This can give a tough time to businesses that sell perishable goods. And so technology came up with methods for recognizing inventory for perishable goods. Goods that seem to have no value in the next period or in short ‘perishable goods’ are difficult to track for managers. An effective inventory control system for perishable goods can alleviate many issues involved.