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. This is 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, in turn, will avoid product shortages and allow you to keep just enough inventory. This is necessary for your business to be efficient and effective in its growth and expansion.

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 comes with a CSV template that you can use to enter your inventory and their various variations easily.

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 are products that you group together because they are similar with slight differences such as by colour or flavours. For example, Sodas from Cocacola where you have Fanta, coke, sprite, Krest among others.

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. For instance, enterprises such as bars where liquor is sold in tots or restaurants selling wine by the glass. On Xoko you can upload product items and organize them according to kits.

Furthermore, 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, therefore, ensuring that they are making profits, not losses.

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