Importance of inventory management software in food and beverage industry

Importance of Inventory
Management Software in Food and
Beverage industry
Torqus is a Cloud + SAAS
based
Supply Chain Management,
POS, CRM, Analytics &
Ordering platform company
for F&B industry.

The food and beverage industry is one of the
confronting businesses when it comes to
amending their inventory control. The arduous
intricacy of having to control an array of
perishable components and assure that the
customer service targets are constantly met
means that powerful inventory management
software (IMS) is crucial.
Torqus is a Cloud + SAAS based Supply Chain Management, POS, CRM,
Analytics & Ordering platform company for F&B industry.

The right IMS is a key to promoting better
efficiency, profitability, productivity for
businesses. Food and beverage manufacturers
particularly can limit or eliminate unnecessary
losses by virtue of inventory management. It
can also aid in faster and efficient growth that
is adjusted to assisting the business scale.

Traceability – The significance of visibility of
the supply chain
While handling short shelf life products, it is
important that the inventory managers hold
the ability to trace, track and account for each
inventory item at any time.

Complete visibility into the migration of each
inventory item through the supply chain
builds a ripple effect which develops greater
efficiency along every node – starting from
demand forecasting, purchasing,
manufacturing, distribution, and sales.

By enabling to locate each inventory item in
real-time leads to a reduction in the loss as a
result of misplaces, mismanaged and
mishandled inventory. Inventory can be kept
at optimum levels through protecting the
business against the risk of under and over
stock issues. These issues usually include: tied-
up cash flow, usefullness, off-target forecasting
and purchasing and missed sales due to stock-
outs.

Highly Customizable
The capability to modify and refine critical
components of an IMS to align and integrate
with the business’s supply chain is beneficial
in many ways.

With the right IMS at their disposal, managers
are better able to consolidate their data with
their suppliers. This assures that lead times are
preserved to a minimum and the
communication lines are clear, open and free
of misconception. This results in a marked
decline in over and under supply of inventory.

Efficiency + Automation = Boosted
Profitability
A smart IMS is able to influence the power of
automation to improve the efficiency of
production, procurement, distribution, and
sales. With no capability to trace, track, and
account for inventory from source to sale,
managers have no accurate and dependable
way to enforce inventory control protocol set
by a particular restaurateur.

In particular, loss due to wastage is to be kept
within the lowest margin or eliminated as a
whole by setting up an inventory flow from
purchasing to manufacturing to distribution &
final sale in such a way that goods which are
more susceptible to wastage are used
efficiently.

One final advantage for food and beverage
setup owners is – the ability to alleviate against
the probability of a product recall, and in the
situation that a recall becomes necessary, the
capability to carry out the recall as efficiently
as possible. The ability to trace, track and
account for inventory in real time allows
businesses the convenience of containing the
threat quickly; while planning and acting
strategically.

Scale for Growth
Greater productivity and operational efficiency
leads to a successful business and growth.
Static or fixed IMS can impact a business’s
ability to transit to the higher level of
profitability. The most vital component of IMS
is the ability to evolve and adapt ahead of the
business requirements and needs as it scales.

In food and beverage industry where every
second counts and every inventory item has a
sell by and use by date, the margin for error
when enforcing a powerful inventory
management solution is merely tenuous.

Importance of inventory management software in food and beverage industry

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Importance of inventory management software in food and beverage industry