How SaaS Inventory Management Automate Processes

October 10, 2023

Blog, Inventory, Technology

Image by Funtap from Getty Images on Canva

What is SaaS Inventory Management?

SaaS inventory management refers to the use of Software as a Service (SaaS) applications or platforms to efficiently and effectively manage and control inventory within a business or organization. SaaS, in this context, refers to cloud-based software solutions that are accessible over the internet on a subscription basis, rather than traditional software that needs to be installed and maintained on local servers.

How SaaS inventory software automates inventory management:

1. Real-Time Tracking

SaaS inventory software continuously tracks inventory levels in real-time. As soon as a product is received or sold, the system updates the inventory count automatically. This ensures that you always have an accurate picture of your inventory on hand.

2. Automated Reordering

Many SaaS inventory systems allow you to set reorder points for products. When inventory levels drop below these predefined thresholds, the system can automatically generate purchase orders or replenishment requests to restock items. This prevents stockouts and ensures you maintain optimal inventory levels.

3. Forecasting and Demand Planning

Advanced SaaS inventory solutions use historical data and algorithms to predict future demand. This helps in automating the ordering process, ensuring you order the right quantity of products at the right time.

4. Supplier Integration

Some SaaS inventory software can integrate with your suppliers’ systems or electronic data interchange (EDI) systems. This allows for automated communication of orders, shipments, and invoices, reducing manual data entry and errors.

5. Barcode and RFID Scanning

Inventory systems often support barcode and RFID scanning, enabling automated data capture during receiving, picking, and shipping processes. This reduces human error and speeds up the inventory management process.

6. Batch and Serial Number Tracking

SaaS inventory software can automatically track batches and serial numbers, making it easier to trace products in case of recalls or quality control issues.

7. Alerts and Notifications

These systems can be configured to send alerts and notifications when certain inventory conditions are met, such as low stock levels, expired products, or pending orders. This helps teams proactively address issues.

8. Integration with Sales Channels

SaaS inventory software can integrate with various sales channels, such as e-commerce platforms and point-of-sale (POS) systems. When a sale occurs, inventory levels are automatically adjusted across all channels to prevent overselling.

9. Inventory Valuation and Accounting

These systems automate inventory valuation methods like FIFO (First-In-First-Out) or LIFO (Last-In-First-Out) and sync inventory data with your accounting software. This ensures that your financial records are always up to date.

10. Customizable Workflows

SaaS inventory solutions often allow you to define custom workflows and rules. For example, you can automate the approval process for purchase orders or set rules for allocating inventory to different sales channels.

11. Mobile Accessibility

Many SaaS inventory systems offer mobile apps or web access, enabling warehouse staff to update inventory information and perform tasks like receiving and picking using mobile devices.

Conclusion

By automating these aspects of inventory management, SaaS inventory software helps businesses reduce manual errors, improve efficiency, optimize inventory levels, and ultimately save time and money. It also provides real-time visibility into inventory, enabling better decision-making and improved customer service.

Looking for a SaaS Inventory Management System? Look no further than Axacute.

Axacute is a Cloud-Based (SaaS) Inventory Management System that enable businesses to efficiently manage inventory processes while harnessing barcode technology.