Inventory Control Challenges
Growing companies that rely on manual inventory systems often find themselves struggling to keep up as their number of products increase and the movement of those products accelerates.
Managing a growing inventory with inadequate tools places significant strain on an organization. Tracking, counting, and management issues often lead to problems with fulfillment. Customers and suppliers become increasingly aggravated, tensions increase between sales and fulfillment divisions, and employee morale sinks. The bottom line is that inventory growth, if not managed correctly, has the potential to seriously damage an organization.
Addressing the Challenges
An effective, automated inventory system is one of the most important investments that a distributor can make. The gains in margin, sales, and overall customer satisfaction that can be realized from proper inventory management can make the difference between a struggling business and a prosperous one.
Mastermind has developed a sophisticated and easy-to-use inventory system as a central part of our Q-File software platform. It is a cornerstone of the business solutions that we provide, and it creates a key competitive advantage for our customers.
The Q-File inventory system is built around a central database that tracks every product line and part that a business deals with. It stores key information about the product line, as well as vendor availability, pricing, and stock levels.
Q-File's Inventory Control Features
Advanced Pricing Formulas
Customizable pricing formulas are included in the system, allowing both automatic and manual adjustment of pricing levels based on a myriad of criteria. Standard criteria include:
- Currency exchange rate
- Landing factor
- Assembly cost
- Retail markup factor
- Automatic cent rounding (i.e. $9.95)
Barcoded Tracking System
Products in the Q-File inventory system are automatically assigned barcodes, making them quickly and easily trackable at both the warehouse and retail level.
Q-File keeps track of inventory levels in real-time, and allows proper stock levels to be maintained at all times by notifying purchasing agents when product levels drop below the minimum specified threshold.
Bill of Materials
Products that are assembled from various parts can be defined in Q-File's inventory system. When an order is placed for a product that needs to be assembled, the purchasing agent is given a list of component parts to be ordered, and assembly staff are provided with assembly instructions.
Products can be listed as available from multiple vendors at different price points. This allows staff to make informed purchasing decisions at a glance, based on the price and availability levels for any given product.
Q-File includes built in support for folder-based categorization of products. Items can be divided based on any criteria that fits your business, and each product may be placed into an unlimited number of folders. Users may choose to organize products by type, season, customer preference, or even provide personal folders for each staff member based on their area of specialty.
The product database can store marketing materials for each product, including pictures, diagrams, and catalog information. Marketing catalogs can then be generated on-the-fly, at the click of a button.