Manage Your Inventory with Batoi CloudSpace
Overview
A business's inventory consists of goods, usually finished products that are held for the purpose of selling. Inventory management is an important part of the Organizational process since it can save a considerable amount of time and effort. This is typically done through maintaining extensive records of incoming and outgoing stock. The records (of inventory) provide specific details like item summary, category, sale price, stock quantity etc., that you can use to quickly analyze your inventory items.
Create and Manage Inventory in Batoi CloudSpace
Create an Inventory
Inventory items in Batoi CloudSpace can be added via the Inventory app.
It is possible to add and manage inventory items in Batoi CloudSpace in two ways.
- Manually adding inventory items
- Bulk importing inventory items
Manually Adding Inventory Items
The Inventory app allows you to manually add inventory items into your CloudSpace. From the dropdown menu, you can choose from three options: Add Inventory Item, Add Multiple Inventory Items, and Import Inventory Items from Spreadsheet. You can begin entering details for the first two options.
Bulk Importing Inventory Items
A lot of organizations have their inventory teams or staff record inventory items that they receive. Bulk imports of inventory item records can be performed in these cases.
The Batoi CloudSpace makes it simple, since you can download a sample template with the data and the column labels, edit, save, and then import. This ensures that every column has been input correctly. It also helps save you time.
Defining Inventory Item Details
You can define an inventory item by filling in general information such as the 'Cost Price', 'Sale Price', 'Unit of Measurement', 'Has Shipping', 'Minimum Stock Quantity', 'Select a Vendor', etc. Once you have this information associated with the inventory item, you can save the record.
However, before adding an Inventory Item, you need to configure the Inventory Category Settings.
When creating an inventory item, you should try to define as much information as possible.
One of the critical benefits of using Batoi CloudSpace for your Inventory Management is the ability to connect merchants (vendors) and track stocks in the Inventory application. It is an efficient tool and an effective method for keeping track of data that will be useful for dealing with your stock. So when you are selling, the stock gets naturally depleted and when adding, the stock gets automatically replenished under the Inventory App.
Working with Activities
Somehow, most of the work expected to manage stock is done through associations with the vendor. This work is kept in Batoi CloudSpace as an activity. Activities can be added for individual inventory items.
To call and discuss an inventory item with a vendor, create an activity, and describe what the phone conversation must involve. After the phone call, mark the activity completed. You may also download them as CSV files for future reference and usage.
Managing Stocks
Managing stocks has become one of the essential tasks. Most businesses need to have robust Inventory Management systems that help decide the right amount of stock you should keep to meet customers' demands and not overstock and increase inventory carrying costs. You can also keep different stocks for the same item type on the Inventory App. If you choose to keep them serialized, you can track your inventory items as stocks automatically update as sales happen. You will also get alerts once the stock depletes the minimum quantity. You can also download them as CSV for your reference and use.
For example, you can have Design Papers as your inventory item under which you can have two stocks from two different companies. If you keep them serialized, then when a thousand pieces of design papers are sold to a customer, a thousand pieces of paper are automatically deducted from the total stock number and updated in real-time.
Managing Files
There are many documents relating to inventory. With Batoi CloudSpace, you can upload files for each inventory item and view or download them. All files will also be available in the Cabinet App of Batoi CloudSpace.
Archive Inventory Item
Excess inventory might result in substandard goods, deterioration, and increased carrying costs. If you have a lot of extra stock, you probably have a poor inventory turnover, indicating you don't flip all of your products regularly. So it is necessary to archive unwanted stock.
Summary
As you might have known by now, Batoi CloudSpace helps organizations better manage their inventory by providing a wide range of inventory management capabilities. From creating inventory items manually to importing them.
What's Next? Exploring Other Apps and Their Functions
The next steps are to learn about managing your customers and vendors using Batoi CloudSpace.
