Tech Digital Inventory Management

Published on June 10th, 2023 | by Ali Dino


Advantages of Digital Inventory Management with Smart Labels

What is Digital Inventory Management?

Digital inventory management refers to the use of technology and digital tools to streamline and automate inventory management processes. 

It involves the use of apps, barcode or quick response (QR) code scanning, cloud-based platforms, and other digital solutions to track, monitor, and optimize your inventory.

With mobile inventory management systems, business owners can track their inventories in real-time.

Coded scannable stickers can be used to label products, and scanning devices or software applications can quickly update inventory records as items are received, sold, or moved within the warehouse. 

This provides accurate and up-to-date information on stock levels, locations, and movements.

Features of Digital Inventory Management

Automated Data Entry

Digital inventory systems eliminate the need for manual data entry by automating the process. 

Scanning barcodes, QR codes or RFID tags reduces errors and saves time compared to using Excel or other programs.

This ensures accurate inventory records and minimizes the risk of data discrepancies.

Centralized Inventory Database

Digital inventory management platforms provide a centralized database where all inventory-related information is stored. 

This includes product details, stock levels, purchase orders, sales orders, and supplier information. 

Having a centralized database improves data accessibility, reduces duplication, and enables efficient analysis and reporting.

Demand Forecasting and Analysis

Many digital inventory management systems offer advanced analytics and reporting features. 

These tools can analyze historical data, market trends, and customer behavior to generate demand forecasts. 

Businesses can use this information to optimize inventory levels, make informed purchasing decisions, and reduce the risk of stockouts or overstocking, according to Businesspally.

Order Management and Fulfilment

Digital inventory management systems streamline order management processes. 

They enable businesses to track incoming sales orders, allocate stock, and prioritize order fulfillment based on available inventory. 

This ensures timely and accurate order processing, reducing fulfillment errors and improving customer satisfaction.

How Do I Keep Product Inventories with a Less Budget?

Using simple computer programs like Microsoft Excel or Google Sheets to keep your inventories is simple and free.

Software applications or mobile apps are way more useful and robust but can be expensive, especially for small business owners.

However, you can bridge the gap between writing down inventory numbers and maintaining your inventory and the high cost of purchasing inventory software with Smart Labels stickers.

Smart Labels is a cheap inventory system. You simply purchase a pack of QR and color-coded adhesive tags you stick to your item containers, and scan the codes using your smartphone.

Smart Labels QR-coded stickers come in 3 types, original Smart Labels, Modern Smart labels, and Neon Smart labels.

Each type contains 48 labels in 4 different colors. Each pack of these color-coded scannable labels costs less than $16, and you can download the Smart Labels app free from Play Store or Apple Store.

After the first use, you can renew the app subscription for about $11.95 for the basic plan or $29.95 for the advanced plan.

To use these stickers and the app, tag your storage box with the stickers as you preferred. Make sure the surface of the box is clean and not too smooth to make it stick better and longer.

Launch the Smart Labels app, sign up, and start scanning the code. Fill in all the required data, and you can start tracking your organized items.

If you’re tracking a lot of boxes, you can use the search bar to search a container and it will pop out related data so you can easily find the location of your items without disorganizing your storage boxes.

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