What are the benefits of School Inventory Management Module?

https://www.paatham.in/paatham-inventory-management-system

We have briefly described the process of using school management software to manage your inventory above. It is clear that process-driven inventory management and the use of school management software are a great fit. Below we explain in further detail how school management software benefits schools and colleges who want to better their inventory management process and see better outcomes:

1. Better Organisation of School Property

The first highly visible benefit of using inventory management module to manage school tools, resources, infrastructure — just all of an educational institution’s assets — are that you will immediately see this entire process becoming more organised. When educational institutions use school management software they are forced to first make an accounting of all the assets they possess and register them within the software. This means there is one place they can turn to to get a comprehensive and detailed reckoning of all their assets.

2. Superlative Tracking of Assets

Since all requests for use, requisition, procurement and disbursal of assets go through a inventory management module and all school property is closely tracked. This cuts down on one-time borrowing or informal exchanges — which is invariably how schools lose track of their assets. This also means that there is a drastic reduction in the loss or theft of expensive school property. It is apparent within one glance where any given item, tool, resource, or asset is with the school management software since it cannot be signed out by an unauthorised person.

3. Anytime and Anywhere Accessibility

No more standing in queues or filling out forms in triplicate for administrators managing inventory or the students and teachers trying to access them. The process of inventory management is far quicker and simpler than ever for all stakeholders — all thanks to the use of school management software. Students and teachers seeking to check out an item can only do so through inventory module in school management software. They can only do this if they are authorised to do so, which rules out an unauthorised misuse of school inventory. After this, they have to place a request through the school management software to procure the item in question.

Unlike before when this would have to be done with the inventory manager in person, after following a laborious and time-consuming process, teachers and students can log in any time into their school management software and raise an indent or a request for a certain item that they need. This does not need to be done within school hours but at any time or place of their convenience. This anywhere and anytime accessibility thanks to school management software means that school inventory is actually helping the very people it was meant to help while also being used appropriately — a win-win for all stakeholders!

How to manage effectively School Inventory Management system?

How to manage effectively School Inventory Management system?

Like every successful commercial enterprise, managing inventory is important in running a business productively and efficiently. Similarly, successful schools should emulate their business counterparts during this regard.

Why is it important to manage inventory properly? When a school maintains an inventory, the school makes a choice of buying products at a fixed price with the aim of selling them at a marked-up price from the buy price. The objective is to move these products quickly in order that the school can earn profit and recoup the expenses of shopping for the merchandise. They can identify fast paced stocks and replenish them immediately. Failure to account inventory could mean loss of income for the school and will be prevented in the least cost.

In order to avoid the scenario of getting slow moving inventory, here are 5 ideas to effectively manage your school’s inventory:

Vector Poster of Inventory management System - Paatham

1. Ensure all products are tagged and assigned a singular number.

Accounting for all of the things in your inventory is crucial because this enables your school’s store admin to remember of products you’ve got (or don’t have). Not having proper and efficient Inventory Management System makes it harder to sell long standing products and can sit longer on the rear shelves to be forgotten. In order to stop this, confirm all products are tagged and assigned a singular number.

Many POS systems like Paatham have built-in Inventory Management System that will help with the task of assigning a unique number for each product with the use of a compatible barcode scanner. Whenever shipments arrive, confirm that products are scanned and properly tagged.

2. Perform regular inventory audits

Conducting inventory audits regularly is differently to manage your school’s inventory effectively. This is the time once you and your staff discover discrepancies within the report as compared with the particular products on your shelves and rectify them on the spot. The longer you or your store manager defer and postpone initiating inventory audits, the more likely errors will occur thereby making it harder for everybody to reconcile what products you actually have versus what you’ve got on paper.

3. Keep accurate records and be consistent

As a result of performing regular inventory audits, you and your staff now have accurate records you’ll be confident with, which allows you to run much needed reports for financial analysis as well as give you a real-time snapshot of what products you have on hand, what products needs replenishing, what products need selling, and so on. On the recording part, confirm to stay consistent especially when categorizing or classifying your items. This way, you can account for the products in the same category. For example, under Food, you’ll have a subcategory for light snacks and under it, you’ll include products like potato chips or cookies. This seems tedious initially but organizing your product category meticulously will assist you when it’s time to try and do your inventory accounting.

4. Generate reports regularly

Similar to other POS software, Paatham allows you to run reports that will help your store maximize profits while minimizing costs. Some of the reports include:

Projecting future product replenishment consistent with past sales (by assuming modest or conservative projections)

Identifying your store’s product bestsellers vs. product duds and organizing them accordingly. You can decide what proportion discount to supply for those products that are shelved the longest or, as a final resort, write them off as a loss if you can’t unload/sell them.

Analyzing your store’s financial statements by running a profit/loss report and sales revenues report. These reports are very helpful in evaluating whether your school’s store is profitable or not, who among your staff had the foremost sales over a given period, and what were the top three major expenses for your school’s store.

5. Backup data in case of emergency

It’s not only important for your school’s store to stay accurate records but equally as important, to keep a copy the information just in case of emergency. If you would like to keep paper records, also include digital versions of these same records on external drives and/or back them up within the cloud. In case of Paatham, it has its own servers and backup the stored data nightly.

Summary

The importance of managing your school’s inventory effectively cannot be overstated enough because having a well-run store inventory equates to a successful and profitable school store. Having the right tools such as Paatham online system can help you keep track and manage your products efficiently. Check out our website and try our demo. We’d love to hear from you!

Benefits of managing school inventory using school management software

What is inventory management?

In general, inventory or asset management is inventory or stock management. These would be assets such as stationary, mobile facilities such as chair, tables, desks, blackboards, teaching aids such as overhead projectors, televisions, video players, DVDs, library resources such as books and magazines, etc. in educational institutions such as schools and colleges.
Inventory management in schools, therefore, is managing these tools and resources to guarantee that they are correctly cared for, used in the perfect fashion, and there are high returns on expenditure and labor on them. Inventory management therefore impacts a school’s various issues – ensuring their investment has excellent yields, but also ensuring that all of their stakeholders profit from everything the school or college has to offer.

inventory management, inventory management system, inventory management software

Why do we need inventory management?

We often speak about how to support schools with a solid infrastructure and a wealth of resources–in fact, inventory management takes care of the implementation of these values. Thanks to inventory management, in our classrooms and on a larger scale, in our academic organizations such as schools and colleges, we are able to make full and effective use of all the resources at our disposal.

Failure to manage inventory in our already underfunded and under-resourced schools and colleges would be a enormous waste of economic resources and procurement efforts. A carefully planned and coherent strategy to managing these funds would guarantee maximum use is made of them while maintaining their longevity as well. Inventory management guarantees that we in our schools and colleges get the greatest return on our spending on much-needed assets, tools, resources, and infrastructure.

How can school management software help with inventory management?

School management software was designed to streamline the process-driven elements of running a classroom or college. Inventory management would then be right in its wheelhouse, which is a extremely process-driven feature. In many respects, when the correct one is selected, school management software is useful to this process. For instance, with a school management software such as Paatham, schools and colleges can better organize their inventory at the very incept. School management system insists that a store be created that defines the type of inventory to be added to the school management software.

For example, if you select stationery, all products linked to stationery should be added to the store. Imagine this for a school’s entire stock–from cleaning supplies to teaching aids to electronic products. As a first phase, it forces academic organizations such as schools and colleges to get organized, which is where half the fight lies. After that, school management software insists on a defined process for fresh inventory procurement, asset seizure, tracks where all items are at any specified moment, and avoids theft and inventory loss owing to supervision. Therefore, the marriage between inventory management and software for school management is ideal.

What are the benefits of using school management software to manage inventory?

We have briefly described the process of using school management software to manage your inventory above. It is clear that process-driven inventory management and the use of school management software are a great fit. Below we explain in further detail how school management software benefits schools and colleges who want to better their inventory management process and see better outcomes:

Better organisation of school property

The first extremely noticeable advantage of using school management software to control school instruments, resources, infrastructure – all the assets of an academic institution – is that you will see this whole method becoming more organized instantly. When educational organizations use school management software, they are compelled to first account and register all the assets they hold within the software. This implies that they can turn to one location to obtain a thorough and detailed accounting of all their assets.

Superlative tracking of assets

Since all applications for use, seizure, procurement and disbursement of assets go through a school management software, all school property is tightly monitored. Those with the power to inspect products must use the school management software to do so. This reduces on one-time borrowing or casual exchanges–which is how colleges are constantly losing track of their resources. This also implies that the loss or theft of costly college assets is drastically reduced. It is apparent in one glance that any given item, tool, resource, or asset is with the school management software because an unauthorized person cannot sign it out. The individual responsible for an asset is evident, and account and access history characteristics of school management software assistance facilitate this monitoring.

Anytime and anywhere accessibility

No longer standing in queues or filling out three-fold forms for inventory managers or students and educators attempting to access them. The stock management method for all stakeholders is much faster and easier than ever–all thanks to the use of classroom management software. It is only through the school management software that students and educators wishing to check out an item can do so. They can only do this if they are allowed to do so, which excludes unauthorized classroom stock misuse. After that, they must submit a application to procure the item in question through the school management software. In contrast to when this would have to be done in individual with the stock manager, educators and students can log into their school management software at any moment after a laborious and time-consuming process and increase an indent or request for a certain product they need. This does not need to be done within college hours, but of their comfort at any moment or location. This, thanks to school management software, availability anywhere and anytime implies that school stock actually helps the very individuals it was intended to assist while being properly used–a win – win for all stakeholders!