Perfect Inventory Management is the backbone of any successful business - “Maintaining an accurate Inventory status of any company manually in computer or Excel was so time consuming and always full of errors and mistakes. You can see people often reorder the products or manufacture some parts they already had in their store, and the reason is simple because they didn’t know that already had them, which can be referred as unnecessary cost or blocked company funds”. Inventory generally means the overall materials present in the company at any given time that includes raw material, in-process and final products that any business generally store or sell in order to generate revenue.
The most important part of inventory is "keeping track of inventory" rather than just having or not having inventory. As "keeping track of inventory" is the key to run an efficient and profitable business. Whereas the "Poor inventory management" is one of the top reasons that why small and unorganized businesses fails. According to the latest survey, Even after considering that inventory management software is an effective and very essential tool for the business owners who were engaged in any kind of manufacturing, export-import or trading business still 46% of SMB’s upto 500 employees don’t track inventory or just using a manual inventory process.