Retail Inventory Management Software Profitability

What exactly is inventory management software ?

Inventory management software is software solution for digital age build in a way by software development company so that retailer can effectively manage , order and track inventory on the go thereby replacing traditional methods like spreadsheet . With the use of advance automation technology , software aids retailers to even predict the future sales and demand without even a single loss of inventory .

Smarter Inventory Tracking Eliminating Dead Inventory

Before the rise of the digital revolution , managing inventory was a mess . A shop concern person was to manually reconcile every sales receipt with inventory and then gets the gross output out of it . This whole process which has been explained to you in one single line was a lot more cumbersome process for store owners. This indeed results into inventory loss and replenishment which is almost next to impossible to avoid loss of inventory and goods .

With the rise of digital era , it has also given rise to automated inventory management software and with the high demand of mobile apps , there has been also rise in demand of retail industry app development which focus on consumer centric solution and helps managing inventory and reports from the mobile devices as well .

Lets quickly look at some of the smarter inventory tracking solution :

Sales Forecasting Module

Although sales forecasting module is important for all business , but when it comes to retail industry it is two way situation for shop owners , as firstly they have to maintain the sufficient stock to meet their future demands and at the same time they have to take care of the inventory which are getting expired to be sold first in order to avoid inventory loss due to expired goods .

It’s a well known fact that fumbling stock is the quickened way to business disappointment—the overhead skyrockets without the expansion in deals to match .

Hence the key to consistently meeting stock demands and not exceeding more than the demanded quantity is made feasible due to future forecasting of sales .

Automatic Stock Replenishment

Automatic stock replenishment is software solution that works automatically thereby eliminating the human intervention and hence in turn reducing data corruptions . It is a computer assisted software system that helps generating the purchase order from historical data which is entered in the system automatically with bar / QR code scanners , thereby reducing labour cost and improving data accuracy .

Inventory managend software solution aids you analysing when do you actually in need of stock and when you can take care of controlling the cost in order to avoid loss of goods that’s get expired even before the purchase order has been released . The good automatic stock replenishment software is known to be one who has the highest capability of :

Establishing minimum stock allowed
Establishing maximum stock allowed
Operating a replenishment timing system

These add on alerts allows managers to compute economic order quantity ( EOQ) . As per the need a custom reports can also be generated with use of this software that can help you measure cost of goods sold (COGS) , overall turnover and net profits arising out of it .

Custom Inventory Integration

Track receipts , invoices , purchase order or any other things that was earlier the task of your accountant or personal assistant on real time basis which has been made possible because of inventory management software . These software system can be integrated as well with ERP software system that can directly help in creating a chain with other applications , grocery store , convenience store that is used to manage business which is not limited to human capital , supply chain , sales , CRM , accounting function and more .

Cloud Based Storage

The best part of retail inventory management and other software solutions are their data are stored on a cloud based system thereby giving power to merchants to access inventory from anywhere with internet connectivity – visibility from desktop , mobile or wearables devices .

Revitalising Quality With Automation

Inventory management software bridges the gap between supplier and consumer by helps them with satisfying their emerging market demands . Implementing a custom inventory system software helps business in numerous of ways thereby helping then in monitoring stock and trends and cutting loss .

So in case you are looking for development of custom inventory management software , you can contact the experts team of Winklix who can help you in maximising profits .

December 28, 2018

What Mistakes To Be Avoided While Hiring A Custom Software Development Team

Are you searching for custom software development company for your next big project ? Choosing a right software development company should be taken with utmost care as it will directly affect the outcome of final product . Let’s quickly look at some of the common mistakes that everyone should avoid while hiring a custom software development company .

Choosing Company On Pricing Factor Alone

Although cost always plays important role in decision making for most of the enterprises when it comes to selection of software development companies . But always keep in mind there are other factors also which need to be focused on before giving your free flag for hiring decision .

The biggest mistakes that companies do is they priories price over the skills . For instance you have choose partner who have offered you lower prices and you are expecting highest level of quality from them ! Does it make sense ? They will surely not be able to deliver it .

Cultural Fit

Any enterprises actual role starts after hiring a software developer . Effective communication between the two is the only key to maintain a consistent level of communication and regular exchange of ideas so that you and your partner are on the same stage of expectation .

Poor communication is usually seen in the case of hiring of developers in different country which creates geographical boundaries , language barrier , vocabulary and unspoken assumption which indeed result in communicant gap between the two .

Poor Contract

Drafting a detailed contract by software development companies with covering of all modules in it required tremendous attention . Any lack in the contract leads to series of additional task which any company will not be willing to do without any additional cost . If any software development company lacks proper contract then it will surely create unexpected contingencies , extended project completion period and demand of various additional module by clients . In present scenario when technology is continuously changing , it’s crucial to have an efficient contract management in order to avoid any disputes in future .

Not Clear About Goals And Objectives

Setting up your business goals well in advance always yield more flexibility and presumed returns . It is always crucial to tell your goals clearly to your service partner and leave the development part role on your service partner . If you are unclear about your objectives and goals , then you will get nothing more than confusion and chaos in future .

Not Getting NDA

It is always beneficial to sign a NDA ( Non Disclosure Agreement ) to assign all the rights of software to your company . Imagine if you have a great idea and you without thinking has exploded your idea in front of your IT partner and they after hearing your idea build there own product which is same alike . You obviously can’t do anything as you have not signed off NDA .

Not Owning Source Code At The End

The source code is like a product you are paying for . At the end it should be yours as you have made an investment for it . Without having the clear rights of the source code , you can not avoid the risk of competitors for stealing your idea . In addition to it , owning a source code also implies the freedom to change your software development vendor anytime in future .

December 6, 2018

Why To Choose Custom Software Development Solution Over Buying Packed

custom software development company delhi

As the world is getting digitalise , every business needs a software to run and manage their business operation successfully . But when it comes to choosing a software development solution for any enterprises – it probably has two option . Either buying a pre existing packed solution or you can hire a custom software development company to build custom software solution ! Each of the solution has their own pros and cons , but at Winklix we recommend ” Build , Don’t Buy ” approach . Want to know why ? Read our detailed biog below :

Problems That Arises With Packed Software

The most obvious reason that influences business decision maker to choose packed software is with very little investment per user per month , they will have access to complete software package . At the same time it is easy to integrate , install and implement and also facilitates third party software integration with ease . In short is it a ready go solution for your employees after viewing a short tutorial video of the software .

Unfortunately , when you are choosing a packed software solution , you will get the things that is built to cater the needs of as many companies as possible . A mass vendor packed solution offers general solution to your companies most specific problem , although latest packed software also offers customisation buy obviously it can’t be rebuilt as per your custom needs .

Another major drawback is if the software is perfect for your organisation at initial stages , as the organisation grows , your software will remain same and can’t get diversified according to your growing needs . Modifying the packed software has been deliberately made difficult task . There are certain regular updated provided by a packed software vendors , but it will be released when their developers actually decide to release them , rather than at the time when you are actual need of the same .

Also Read : How To I Need To Know Custom Software Development Need

Custom Built Solutions

What deviated the mind of people from custom tailored solution is price . It is intact true that custom building of software right from the scratch will be the costlier solution in comparison with buying it from the shelf . Companies are ready to face challenges and problems that arises during use of packed software because it save little money for their company . But it is fact that custom software development is just like investment in long run .

Custom software can be tailored according to the needs of your company keeping in mind to figure it out even the unique issues that may your organisation face . It can be moulded in such a way that it perfectly suits your requirement . You don’t have to sacrifice for particular feature or use unnecessary features that is of no use for your company .

Custom software development also offers customisation and expansion as your business grows , and can be developed in a way that it can be integrated with your current resources . That improved efficiency turns around in lower development cost in long run and thereby increased revenue . At the same time it will help you to stay ahead with your competitors who are saving small chunks of money by using a packed software .