What is an Inventory management system and why is it important?

A good inventory management system improves the accuracy of inventory records and reorders. It also helps to optimize inventory and free up capital that would be otherwise tied up in slow-moving stocks or dead stock.  Planning for high seasons in advance becomes easier with an inventory management system. This will avoid product shortages and allow you to keep just enough inventory to be efficient and effective in the growth and expansion of your business.

Xoko POS provides great inventory management features such as :

Bulk uploading of Inventory to save time.

Add Products:

Imagine having to upload 5000 products one by one, tiresome and time consuming right? Xoko POS come with an Ms Excel or CSV template that you can use to enter your inventory and their various variations easily.

Add product categories: It’s possible to add product categories in order to have an organized Inventory list, which in turn makes it easier to find items. An example of product categories would be beverages, desserts, lunch items in the food and beverage industry, in wines and spirits one could have alcoholic and non-alcoholic beverages. In retail, you can batch tops, bottoms, innerwear, coats together. This makes it much easier to find Inventory items on the POS

Variants: This is when products are grouped together because they are similar with slight differences such as by color or flavors

Add store outlets, Many retailers have multiple outlets, Xoko enables owners to transfer stock items between branches/outlets.

Add Suppliers and automate reordering with Xoko’s superior Inventory Management system.

Some retailers sell portions of Stock units such as bars where liquor is sold in tots, Xoko allows the store to upload product items and organize them according to kits.

Others who may benefit from kits are restaurants looking to manage expenses by tracking Ingredients and recipes usage. This allows more control and avoids wastage and shrinkage from in-house theft. It also enables restauranteurs to manage their profit levels per plate and make sure that they are making profits, not losses.