Understanding Inventory Management

If you are starting a new online business, you must have a comprehensive understanding of inventory management. It is important to know, how it applies to your store. So, in this article, we will discuss some of the basics of inventory or stock management.

What Is Inventory Management?

Inventory management is any system that allows you to track current item inventories.  As well as sales, deliveries, and new products added to your stock.

Ideally, an inventory management system allows you to get an idea of the value as well as the specific number of the items that you have in stock. The right method of managing your inventory is useful for tax purposes, accounting, and business insights.

How Can I Manage My Inventory?

In the past two decades, inventory often had to be managed by hand. Shop owners were using paper spreadsheets and forms, and physical inventory counts. Today, digital or online management is much more common.

Using advanced software like ATUM for WooCommerce, business owners are able to keep track of every item they have in stock. Correct management allows for higher profitability, more accurate online inventory listings, and better overall business.

Do you know the benefits of using a software?

Using a software like ATUM can be a game changer.

  • Saves time – Manually logging and recording each piece of inventory can be an incredibly time-consuming process. Digital software allows you to automate this process. Going digital may allow user to add information and new inventory automatically.
  • Increases efficiency – Digital inventory management software allows you to focus on running your business, not just continually updating stock counts and evaluating.
  • Fewer product outages and overstocks – Inventory management software allow you to quickly re-order favourite products that are flying off of the shelves. Also, using auto manager will enable you to identify products that are not popular or are overstocked.  So, that you do not order additional unnecessary stock.
  • At-a-glance reporting – If you are using WooCommerce as your e-commerce solution, ATUM Inventory Management can give you an “at-a-glance” report.  It shows your total inventory and its cost, your most recent stock movements, incoming purchased items, and much more. ATUM allows you to run your business more efficiently, with real-time data.

Streamline Your Inventory System With Modern Digital Tools

The days of recording stock with spreadsheets and paper are over. Today, digital inventory management is king. So don’t get left behind. Businesses of every size can benefit from robust inventory management systems such as ATUM is growing to be.

You can preview the features of our every growing manufacturing add-on Product Levels here.

Once again, thank you very much for finding time to read our blog post. Feel free to comment below, or use the contact us page for any questions or suggestions.

Yours sincerely,

Pavel

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Pavel Minarik

Author Pavel Minarik

CEO @ LIVE UK DEALS LTD, the company behind Stock Management Labs™ and creator of ATUM Inventory Management for WooCommerce.

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