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What is Inventory Management and why is it necessary?

inventory management

As ed tech advances continue to proliferate, schools are selecting school management software to handle daily chores. Managing an inventory system is a significant task that cannot be efficiently accomplished by manual bookkeeping. Institutions are required to keep track of a range of assets and resources. With the use of an inventory management system, the process of maintaining inventory can be digitalized. 

What is inventory management? 

Inventory management is a critical component of managing an educational Institute. The practice of maintaining a list of all resources used by students, faculty, and staff in educational institutions is referred to as “Inventory Management.” It offers unique features and capabilities to help with resource and asset monitoring for the school. Without inventory management, it will be difficult to evaluate inventory efficacy and cost. 

When we discuss maintaining an inventory for schools, we also include the following things:

  • Smart Devices and Tools (laptops, computers, projectors) 
  • Library Materials (books, magazines) 
  • Classroom Supplies (seats, desks, blackboards) 
  • School supplies 
  • Safety equipment (first aid kits, emergency kits) 
  • Sporting goods 

eGenius Inventory Management Software Features 

All Product  – This module is used to oversee the inventory of products. 

  • Product Family 
  • Purchase Order 
  • Store

Orders  – This module displays orders placed using the Purchase Order option from the All-Product module. 

Order Cart – This option allows you to view your cart and make an order for items for which a repurchase order was generated using the Store option in the All-Product module. 

Product Set Creation – This option lets you make a group of products from your inventory. 

Issue Product – Enables you to distribute to students the commodities from the inventory.

Store Payment – This is one way to collect money from students for the goods issued using the Issue Product module. 

Vendors – This module is used to add vendors to the database. 

Delivery Address – This module is only for updating the institution’s delivery address, which is where the order products must be delivered. 

Reports – We offer three different types of default reports In the Inventory Module. 

  • Product Issue Report 
  • Store Payment Report 
  • Store Issue Report 

Benefits of Inventory Management 

Tracking Assets  – Assets and school inventories can be transparently tracked. 

Avoids Human Errors – By eliminating human errors, inventory management software ensures the data is precise. 

Centralized Data – All data and information are kept inside one centralized database using inventory management software. 

Accessible – Data is available anytime, everywhere, thanks to cloud technology. 

Additionally, all data is secure, protected, and retrievable in the event of a calamity. The technology also gets rid of spreadsheets as a means of storing data. 

Asset Life Cycle – Movable, immovable, and intangible goods may require lifecycle management in an inventory management system. It guarantees the proper operation, upgrading, replacement, and disposal of an asset. 

Asset Maintenance – An institution’s task is simplified by inventory management software, which stores all data and information relating to every piece of equipment. Additionally, it aids in planning maintenance tasks and producing user alerts. Ultimately, the system helps the business thrive by spotting ineffective things and making the right choice. Regular maintenance of the equipment is essential and the software assists in monitoring maintenance. 

Asset Security – Schools, universities, and other educational institutions incur the risk of having their inventory and assets stolen. However, the number of missing assets can be found and controlled with inventory management software which guarantees increased security. 

Inventory Control   – In the world of education, inventory is vital. When an essential inventory is not in stock, poor planning is evident, which limits productivity. 

Vendor management – Vendor management gives you the resources you need to manage vendor data, security, performance, and payment in one platform for your entire institution. 

All the information gathered using inventory management enhances the ability to track every asset and makes long-term financial savings easier.  The software ensures correct recordkeeping and aids in stockout prevention. Inventory management streamlines these procedures by eliminating the manual component. An inventory management system is quite helpful in the educational sector. However, not many universities are utilising this technology. They still manage their inventory using the antiquated method of manual tracking. Set up a demo with us to start using inventory management software in your school right away!