Purchasing And Inventory Management: Five Must-Have Tools

If you are able to manage the purchasing and inventory of your business for just months, I must say you deserve to be referred to as a genius. Purchasing issues can make the proper management of inventory very complicated. 

The world’s advancement in technology has made many things a lot easier, and the purchasing and inventory management are among them. Different kinds of software have been designed for the use of various tools in managing purchasing and inventory. What are these tools? Below are the must-haves.

Tool 1: Order suggestion

As a mere human you are, no doubt is will seem quite difficult for you know some of the goods which are not in stock especially when you have a wide variety of products you deal in. This will consequently make you not know the orderable goods for your business at a particular point in time. Therefore there is need to have an order suggestion tool that will aid you in doing that with less work.

Using software is the most efficient way and it has a lot of benefits. The most significant benefit is that it can help you analyze data dexterously, something that can take you a whole lot of time to get out of the way. You will need to analyze previous demands so as to know the order that you need to place at a particular point in time and this requires a purchase order system.

This can also help you track the past suppliers of a particular product for you to order it at the same rate escaping paying the extra cost that might have been added.

Tool 2: Highest and lowest amount setup

This can be very useful to you. As a good purchase order tool, it can help you create a maximum and minimum quantity for each item in stock. It at the same time gives you room to know the items that need to be ordered and as well those that are still available in very large quantity and therefore needs to be cleared off as quickly as possible.

Tool 3: Item ordering flexibility

This tool can be of great help to you if for instance you wish to buy an item in just one unit and intend to sell it in diverse units. Here, it allows you place orders in so many units of quantities. Another situation where this tool can be helpful is in a situation whereby you have different item numbers with your supplier and wish to use his/her own numbers to place your order. It will enable you to use the both numbers to create and print orders. You are to benefit from this as well as your supplier.

Tool 4: Drop delivery

At least once in a while due to some reasons, you require your supplier to ship goods directly to one of your customers. This tool will need to be available. Knowing fully well that these goods in question are not to be delivered to you but directly to your customer, a different delivery address has to come in. This tool helps you keep an accurate delivery data.

Tool 5: Receive partial orders

Have you at one time or the other place an order and it wasn’t completely delivered? Of course, you should have unless you are new into the business field. This tool helps you cancel the remaining undelivered items or still keep them open depending on which you have chosen instead of doing that manually.

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