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Summary: India Inc. has recently witnessed an unprecedented surge in the percentage of young entrepreneurs, as compared to the previous generation. Nevertheless, only a few of them are in the conventional lines, and many factors contribute to this biased mentality. Space and capital intensive endeavors are difficult to carry on with, particularly with limited seed capital. Fortunately, some easily available software tools for inventory management can help production-based businesses to run smoothly. Body: Lately, a flurry of start-up has been observed in India. Some of them have successfully tapped resources and networks to attract venture capital, while others are poised to scale the steep slopes on their own. Interestingly, a major percentage of these young and passionate entrepreneurs have shown a little knack for the traditional businesses involving products that have a physical existence. One probable reason for this tendency of shying away might be slower projected growth, or space and capital intensive infrastructure that demands more investment as compared to ideas based on the technological advancements made in the field of computing. They can’t really be blamed for the phobia concerning prospects and viability of core enterprises, especially when market conditions do not incentivizes such brave and much-needed attempts within a short span. However, to create a balanced business ecosystem that encourages and accommodates all sorts of ideas, it’s imperative to nullify the myths and rationalize the facts, and look for feasible and affordable solutions at the same time. Some unavoidable, complex facets of ‘physically dimensioned’ product based businesses are the inherent chaos along the interfaces of infrastructure, tools, and processes required for tracking of assets, identification of products, order and service management, stock of items, and report generation & circulation.Thanks to programming wizards, integrated solutions for all of these criticalities are quite easily available, and at reasonable prices too – a thing to cheer for businesses that are even remotely connected to tangible goods. Inventory Management Software, or simply Inventory Software, as the category is commonly known, are application suites that can be exploited by manufacturers, wholesalers, retailers, e-commerce businesses, and a wide variety of other organizations and institutions. Depending on the scale and purpose, such software is available in different packages, and is designed to satisfy the requirement of providing a coherent approach for the systematic organizationand assorted items and processes at designated locations, besides uplifting professional standards with increased efficiency. Another significant advantage of Inventory Software is the seamless integration of the hardware and software components of modern product identification techniques, by tagging them with unique barcodes that can be read by an appropriate scanner. On the top of all these, some vendors also customize their packages to incorporate some additional features like multi-user access from multiple locations, tracking of consignments which can be both incoming and outgoing, linking financial and accounting aspects with quantitative and chronological parameters of stock inflow & outflow, purchase orders, sales related invoice generation, etc. Thus, people have the flexibility to pick from a wide array of options, according to their specific business requirement and intended investment. However, the popular notion that managers can rely on anautomated report on the status of the entire range of operational procedures is somewhat an exaggeration about the transformative impact than an Inventory Software can possibly have on a business. Thus, at this point, it would be apt to conclude that software like this can definitely help in some way to take informed decisions, manage assets, and streamline operations by plugging loopholes in the mutually dependent methodologies; thereby increasing organizational efficiency, and reducing resource wastage. Inventory Software is indeed acting as a compulsory aid for contemporary business, and improving control and management of inventory on a global basis. Author’s Bio: Steve Jo, who has recently been in discussion for his article on Retail Software, has made a humble attempt to make an impression by writing a well-balanced piece on Inventory Software. He is an associate of Swadesh Softwares Pvt. Ltd., and is in continuous pursuit of excellence.
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