It takes a huge amount of time to manage inventory manually. The chances of data mismatch leading to errors in calculation can also occur. This is why inventory management in educational institutions has become a major cause of concern. Be it keeping track of the stock or keeping the records in place all needs a centralized system. Store inventory management software is a perfect solution for taking care of the inventory as it not only reduces the time but also maximizes the efficiency of the whole process.
A store management system (or inventory system) tracks goods or books from the point of purchase through production and sales to the point of sale. It monitors inventory levels, orders, sales, take-up, and deliveries. You can use it to manage all your inventory for your institution.
MasterSoft's Store Management Information System
MasterSoft's store management information system is an advanced ERP module that provides a lot of facilities that help to automate the most elaborate and tedious tasks involved in tracking the inventory. The educational ERP software automates key functions related to the functioning of the retail department. Some of the vital operations which the software takes care of are generating receipt of goods, making stock book entries, generating bills, issuing materials for different departments, maintaining stock books regularly, etc.
The most notable functionalities of the store management system include:
- Maintains the details of multiple institutes
- Safekeeping of the vendor's details
- Automatic updates of transaction of supplies and purchases
- Generation of store MIS reports
Key Benefits of Store Management System
The following list depicts the major benefits of the store management system.
Automation of Inventory Management
Built with the latest technology framework, the store inventory management system automates the entire operation of inventory management & saves the effort & time of the administrative staff.
Improved Data Visibility
The store management information system serves to improve data visibility with respect to the number of stocks. The institutional administrator can easily keep a tab on the stocks with a few clicks.
Timely Delivery of Stocks
The store inventory management system ensures that the issuing personnel receives the right product at the right time for hassle-free operations.
Key Features of Store Management System
The following list depicts the key features of the store management system.
Inventory Tracking in Real-time
The system is capable of showing the amount of stock present within the store as well as it shows where it is kept. This helps to keep track of the goods and commodities that are brought into the institution. Sales orders are automatically indicated in real-time helping the administrative staff to keep track of the consignment stock.
In case of maintaining important information such as the addresses of the stockholders, names of the stockholders, date of stock issued, etc all can be done with the help of the store management software.
Supply and Issuing Management
If a teacher from any department is looking to issue any material for educational purposes they can do this by informing the store department. The software can proceed to generate and autofill the requirement that has been issued by the concerned department of the university.
Stock Keeping Unit
It can get challenging to keep track of multiple orders when it is done manually. The store inventory management software is capable of keeping track of multiple products which are being ordered by different departments with the help of SKU(stock keeping unit) which is a scannable barcode.
Maintaining the Records of Purchases
For educational requirements, the institute purchases many resources for several purposes. Maintaining the details of these purchases in a detailed and error-free manner can be carried out by the store management information system. The date when the products were dispatched, when they had arrived at the institution premises, the bills of the respective products all are maintained with the help of the software.
Invoices which are basically the statement of the goods that have been delivered and procured are sent to the buyers; the software also helps to keep track of these invoices. Hence if there are any discrepancies found later with the product the institute can deal with the vendor by showing the invoice.