It’s hard to have escaped noticing the technological improvements that were made and summarily integrated into society over the past few years. For instance, smartphones and tablet devices have become remarkably commonplace in a relatively short period of time. Indeed, as CNN Tech reported earlier this year, research from the Pew Internet and American Life Project revealed that nearly half (45 percent) of surveyed cellphone owners said they owned smartphones. What’s more, according to projections made by Forrester Research, 1 billion global citizens will own smartphones by 2016, many of whom will be professionals who use their devices for business purposes.
However, mobile devices are far from the only form of technology that has undergone significant advancements in recent years. Technology plays an important role in virtually every type of business, as it can help streamline processes, free up workers’ time by automating tasks, integrate increasingly up-to-date and accurate record-keeping methods and much more. Because error and inefficiency may get costly, technology has the potential to save money as well as time.
How technology can benefit inventory management
The realm of inventory management has particular potential to be streamlined by the integration of technology-related improvements. With inventory software, business and warehouse operations can track the amount, location and status of inventory items, which provides more insight and transparency into the supply chain. The Sage BusinessVision Inventory modules are no exception. The Inventory Control, Order Entry and Purchase Order modules each have different functions that come together to form a comprehensive inventory management software offering which supports unlimited orders, three costing methods (average cost, FIFO and LIFO), indefinite purchase history retention and automatic calculation of taxes, revenue, cost of goods and receivables, to name a few.
As the holiday season approaches, these types of capabilities are becoming increasingly important for many manufacturers and retailers. Inventory technology allows companies to determine items’ popularity and zero-in on when each product will reach its peak level of demand. Businesses with this information at their fingertips can engage in more informed, proactive planning for the winter shopping season and beyond, which will help them avoid situations such as shortages and surpluses that can cut into their profit margins.
Read the CNN Tech report here and a New York Times article on the Forrester projections here.
| Summary: | Technological advances such as inventory management software can save companies time and money. |
