Inventory management is a very important process in supply chain management. It involves planning and controls the storage of goods, items, and other crucial information in the storage and transit of goods. The entire process has to be carefully executed from point of origin of the goods to the point of consumption in such a way that the customer is satisfied with the transaction. Inventory management makes use of various data and information to track the flow of goods within the line of transit. There are various aspects of inventory management that need to be implemented well in order to realise the importance of inventory management.

• Avoid product spoilage: Inventory management provides for modern technology driven methods to avoid spoilage. It provides access to real-time data that intimates the lifecycle of stock, and your warehouse staff can then begin to organize items to make sure that the older products get sold first. It can be stored in that manner for further distribution. An effective inventory management system enables forecasting of what items sell quicker and what doesn’t, as well as how many are sold. Hence, we can determine how much to stock up and at what point of time of the year. Overstocking could lead to spoilage and this can be avoided.
• Avoid deadstock: Besides expiration dates, there are other factors that render stock unusable or inconsumable. Stock that has gone out of style, out of season, or the goods become otherwise irrelevant is known as dead stock. An efficient inventory management system in place will help receive the knowledge needed to order the right amount of these particular items at the right time. With the help of sales reports, deadstock can be avoided.
• Increases your profit and improves cash flow: An efficient inventory management system will tell you how much stock you have on hand and how much you should sell. It also gives you reports about what you need to purchase. It helps a Shipping and inventory management company identify how much cash they have at hand when sales are synced into an inventory management system. It also helps you plan your purchase ahead appropriately. All of this helps you increase your cash flow and increase profits.
• Improves customer satisfaction: Your customers are the ones who make you grow in the market and this is mostly based on how much they trust you. If you deliver good quality goods to them in a timely manner they will all turn into repeat customers. However, badly delivered products will have a negative impact on your clientele. Proper inventory management improves Inventory Planning and Ordering and helps get your warehouse organised so that you can have many happy clients. 

With the use of inventory management systems by inventory storage solutions in Goa, supply chain management gets more operational and productive in all fields of shipment. The systems help to maintain the supply of required materials continuously, it reduces the risk of under and overstocking of goods and helps reduce losses damages and misappropriation of materials.