InMan – An Inventory Management SystemBy Jain Software In Official Blog
InMan is an Inventory Management System which is a supervision of non-capitalized assets (inventory) and stock items. A component of supply chain management, inventory management supervises the flow of goods from manufacturers to warehouses and from these facilities to point of sale. InMan is the Inventory Management System – a process of efficiently overseeing the constant flow of units into and out of an existing inventory.
PURPOSE of InMan:
InMan does not make decisions or manage operations, they provide the information to managers who make more accurate and timely decisions to manage their operations. INVENTORY is defined as the blocked Working capital.
Inventory is a number of goods owned and stored by a business that is intended either for resale or as raw materials and components used in producing goods that the business sells. For example, motherboards warehoused at a computer company to be used in the assembling of its computer systems are the inventory of an organization in the form of materials.
InMan is an Inventory Management Software System for tracking inventory levels, orders, sales, and deliveries. It can also be used by Companies to reduce their carrying costs.
The software is used to track products and parts as they are transported from a vendor to a warehouse, between warehouses, and finally to a retail location or directly to a customer.
InMan software is used for a variety of purposes, including, maintaining a balance between too much and too little inventory.
- Tracking inventory as it is transported between locations.
- Receiving items from a warehouse or other location.
- Picking, packing, and shipping items from a warehouse.
- Keeping track of product sales and inventory levels.
- Cutting down on product obsolescence and spoilage.
Avoiding missing out on sales due to out-of-stock situations. It can be used in the manufacturing industry to create a work order, bill of materials and other production-related documents.
Manufacturers primarily use InMan- Inventory Management Software to create work orders and bills of materials.
This facilitates the manufacturing process by helping manufacturers efficiently assemble the tools and parts they need to perform specific tasks. For more complex manufacturing jobs, manufacturers can create multilevel work orders and bills of materials, which have a timeline of processes that need to happen in the proper order to build a final product.
Other work orders that can be created using InMan Software include reverse work orders and auto work orders.
Manufacturers also use InMan Software for tracking assets, receiving new inventory and additional tasks businesses in other industries use it for.
ADVANTAGES OF InMan:
- Cost savings: A company’s inventory represents one of its largest investments, along with its workforce and locations. InMan Software helps companies cut expenses by minimizing the number of unnecessary parts and products in storage. It also helps companies keep lost sales to a minimum by having enough stock on hand to meet demand.
- Increased efficiency: InMan Software often allows for automation of many inventory-related tasks. For example, the software can automatically collect data, conduct calculations, and create records. This not only results in time savings, cost savings but also increases business efficiency.
- Warehouse organization: As businesses move away from pen and paper processes to automated solutions, visibility becomes a key factor in inventory management.
InMan Software can help distributors, wholesalers, manufacturers, and retailers optimize their warehouses. If certain products are often sold together or are more popular than others, those products can be grouped together or placed near the delivery area to speed up the process of picking.
- Updated data: Up-to-date, real-time data on inventory conditions and levels is another advantage of InMan Software gives companies. Company executives can usually access the software through a mobile device, laptop or PC to check current inventory numbers. This automatic updating of inventory records allows businesses to make informed decisions.
- Data security: With the aid of restricted user rights, company managers can allow many employees to assist in inventory management. They can grant employees enough information access to receive products, make orders, transfer products and do other tasks without compromising company security. This can speed up the inventory management process and save managers’ time.
- Insight into trends: Tracking where products are stocked, which suppliers they come from, and the length of time they are stored is made possible with InMan Software. By analyzing such data, companies can control inventory levels and maximize the use of warehouse space.
Furthermore, firms are more prepared for the demands and supplies of the market, especially during special circumstances such as a peak season on a particular month.
Through the reports generated by the InMan Software, firms are also able to gather important data that may be put in a model for it to be analyzed.
BENEFITS of Cloud in InMan Software:
- Real-time tracking of inventory: For startups and SMBs, tracking inventory in real time is very important. Not only can business owners track and collect data but also generate reports.
At the same time, entrepreneurs can access cloud-based inventory data from a wide range of internet-enabled devices, including smartphones, tablets, laptops, as well as traditional desktop PCs.
In addition, users do not have to be inside business premises to use web-based inventory program and can access the inventory software while on the road.
- Cut down hardware expenses: Because the software resides in the cloud, business owners do not have to purchase and maintain expensive hardware.
Instead, SMBs and startups can direct capital and profits towards expanding the business to reach a wider audience. Cloud-based solutions also eliminate the need to hire a large IT workforce.
The service provider will take care of maintaining the inventory software.
- Fast deployment: Deploying web based inventory software is quite easy. All business owners have to do is sign up for a monthly or yearly subscription and start using the InMan Software via the internet. Such flexibility allows businesses to scale up relatively quickly without spending a large amount of money.
- Easy integration: Cloud InMan Software allows business owners to integrate with their existing systems with ease.
For example, business owners can integrate the inventory software with their eCommerce store or cloud-based accounting software.
The rise in popularity of 3rd party marketplaces prompted cloud-based inventory management companies to include the integration of such sites with the rest of a business owner’s retail business, allowing one to view and control stock across all channels.
- Enhanced Efficiency: Cloud inventory systems increase efficiency in a number of ways. One is real-time inventory monitoring.
A single change can replicate itself company-wide instantaneously. As a result, businesses can have greater confidence in the accuracy of the information in the system, and management can more easily track the flow of supplies and products and generate reports. In addition, cloud-based solutions offer greater accessibility.
- Improved Coordination: Cloud inventory programs also allow departments within a company to work together more efficiently. Department.
A can pull information about Department B’s inventory directly from the software without needing to contact Department B’s staff for the information.
This inter-departmental communication also makes it easier to know when to restock and which customer orders have been shipped, etc. Operations can run more smoothly and efficiently, enhancing customer experience. Accurate inventory information can also have a huge impact on a company’s bottom line.
It allows you to see where the bottlenecks and workflow issues and to calculate break-even points as well as profit margins.
Effective inventory management is all about knowing what is on hand, where it is in use, and how much finished product results.
InMan is the process of efficiently overseeing the constant flow of units into and out of an existing inventory.
An efficient, effective inventory management process is key to making sure your business remains profitable.
To walk you through how to put together your own internal system for managing inventory, here are a few steps you’ll need to take.
How to DESIGN your Inventory Management Process:
- Determine Customer Needs & Forecast Demand: This can be a difficult first step, but it’s absolutely necessary to a solid inventory management process.
Take a look at your past sales, inventory records, and seasonal selling patterns, and be sure to forecast future demand.
- Categorize Your Inventory: Categorizing your inventory can help you run your warehouse more smoothly and optimize the use of your warehouse space.
Organize your inventory by which items experience the highest sell-through, those items that sell at a more moderate pace, and items that are slower to move.
- Decide on a Method: Take a look at which inventory management techniques work best for your business.
For instance, you may choose to maintain minimum stock levels in your warehouse and replace inventory only when it reaches that minimum threshold.
- Figure Out How You will Track Incoming/Outgoing Inventory: It’s important to know the exact number and cost of all the items you have in your warehouse, as well as how inventory is moving in and out of that warehouse.
- Conduct Inventory Counts to Ensure Accuracy: Even if you have inventory management software in place, it is important to also figure out how you’re going to check the accuracy of your system.
This can be done by conducting physical inventory counts, and one of the most common methods is cycle counting.
This involves specifying a certain set of inventory to physically count each day and comparing those numbers with the records in your inventory management system.
We want to turn our inventory faster than our people.
An effective inventory system is an indispensable component of any retail or manufacturing operation.
The primary purpose of an InMan Software is to accurately maintain a physical count of products, supplies, and materials stored in a warehouse or storeroom.
Once established, an inventory system can be used to control and maintain the stored goods, ensuring that inventory is not lost to spoilage.
FEATURES of InMan Software:
- Reorder Point: Reorder Point Should inventory reach a specific threshold, a company’s inventory management system can be programmed to tell managers to reorder that product. This helps companies avoid running out of products or tying up too much capital in inventory.
- Asset tracking(Wireless Tracking Technology): When a product is in a warehouse or store, it can be tracked via its barcode and/or other tracking criteria, such as serial number, lot number or revision number Systems for Business. Nowadays, InMan Software often utilizes barcode, radio-frequency identification (RFID), and/or Wireless tracking technology.
- Service management: Companies that are primarily service-oriented rather than product-oriented can use InMan Software to track the cost of the materials they use to provide services, such as cleaning supplies.
This way, they can attach prices to their services that reflect the total cost of performing them.
- Product identification: Barcodes are often the means whereby data on products and orders are inputted into InMan Software.
A barcode reader is used to read barcodes and look up information on the products they represent. Radio-frequency identification (RFID) tags and wireless methods of product identification are also growing in popularity.
- Inventory optimization: A fully automated demand forecasting and inventory optimization system to attain key inventory optimization metrics such as
- Reorder point: the number of units that should trigger a replenishment order
- Order quantity: the number of units that should be reordered, based on the reorder point, stock on hand and stock on order
- Lead demand: the number of units that will be sold during the lead time.
- Stock cover: the number of days left before a stockout if no reorder is made
- Accuracy: the expected accuracy of the forecasts.Modern inventory software programs may use QR codes or NFC tags to identify inventory items and smartphones as scanners.
This method provides an option for small businesses to track inventory using barcode scanning without a need to purchase expensive scanning hardware.
The NEED for InMan Software:
- Tracking Inventory: A good system will help keep track of your inventory and offer a centralized view of stock across sales channels how much is in stock and where it will also allow you to allocate inventory to specific sales channels, which is important for you have warehouses and distribution centers at multiple locations.
- Control your Cost: Keeping the stock report about your inventory helps you understand what stocks are doing well, versus which are just taking up shelf space lack of the right inventory at the right inventory at the right time can mean back orders, excess inventory.
- Improve your Delivery: Late delivery due to stockouts is bound to give you a bad reputation for tracking. It is important you know when the vendor is shipping inventory and when it will arrive these help you many customers.
- Manage Planning and Forecasting: The software can help you improve demand forecasting by analyzing data trends from well-performing stocks, this minimizes your holding and handling costs, reduce the time for managing inventory.
- Reduce the time for managing inventory: With a good inventory management solution, you can reduce the time taken to keep track of all the products you have on hand and on order.
” Inventory levels learn, Meaning companies will need to pick up production”.
Want to know more about InMan, Visit InMan – JAIN SOFTWARE and get a free demo for the use of software for few weeks and then decide on your own whether you want to use it or not.
If any queries, contact?JAIN SOFTWARE by calling on +91-771-4700-300 or you can also Email us on Global@Jain.software.