Inventory management is hard for any firm, but it’s much harder during festive times. Businesses must be ready to meet client demands during these periods of high demand in order to avoid stock outs or excess inventory. Proper inventory management is necessary in this situation, and using Tally Prime makes it simpler.
Tally is a technology that lets companies efficiently track inventory across multiple locations; it is more than just accounting software. From the time an item is ordered and made to its storage and sale, Tally Prime makes it simple for users to keep an eye on their inventory. In this article, we’ll examine how to use Tally Prime’s capabilities and inventory management to help businesses overcome their obstacles.
Challenges To Handle Inventory at Festive Time
- Seasonal Demand and Forecasting : The demand for certain goods can suddenly gets skyrockets at festive times. It’s hard to predict exact demand for products and a wrong forecast can lead to major loss with shortage of stocks or having an excess stock.
- Multiple Stock Locations : As many types of businesses handles more than one warehouse for stocking. At times keeping track of stocks across multiple storage areas can get complicated, especially when there is a high volume of sales and frequent stock movement.
- Overstocking and Inventory Shortages: When demand is great, running out of goods can result in a loss. However, excess inventory might occupy storage space, and occasionally it ends up as garbage and is included in the loss. Due to the unpredictability of the holiday season, striking the correct balance between these is challenging.
- Demand Fluctuations: When transport services are overloaded, shipping and delivery may be delayed. The supply chain may be disrupted, making it more difficult to get new supplies on schedule and possibly leading to more delays.
Why Use Tally for Festival Inventory Management?
Because of the high demand and rapid variations in speed, managing inventory throughout the holiday season can be a laborious effort. Tally is a useful tool that can make this procedure easier for companies. It facilitates efficient supply management and stock tracking during peak hours. Let’s examine why Tally is the ideal option for managing inventories over the holiday season.
Real-Time Stock Tracking: Tally enables users to keep an eye on stock levels at all times. They may easily view the amount of goods that is available in various businesses or warehouses. This immediate access makes it easier to determine when to place new orders and guarantees that you are ready for any needs.
Helps Avoid Stock Issues: Tally allows users to configure notifications for low stock levels. As a result, customers will be informed when it’s time to place another order before the stock runs out. They can prevent squandering money on surplus stock by using it to identify it.
Managing Different Units: Goods are frequently purchased and sold in different amounts. Tally aids in the management of these various units, guaranteeing a constant and accurate inventory picture.
Stock transfers across locations: Tally makes it simple for companies with several sites to move stock to the areas where it is most needed. For the demands and bustle of the festival, this adaptability is essential. Products can be moved by businesses based on demand, which helps to keep customers happy.
During the holiday season, companies can better manage their inventory by utilizing Tally, which will facilitate customer service and guarantee seamless operations.
Inventory Management Add-Ons for Tally
Analysis of Material Needs (MRA)
An increase in demand during festivals frequently makes it difficult to determine the precise amount of stock required. Businesses can use the Material Requirement Analysis (MRA) add-on to analyze their production and purchasing needs by taking into account minimum stock levels, pending purchases, sales orders, and reorder points.
Planning for Production
It is crucial to make sure that output meets demand. By tracking material requisitions and issues based on client orders or inventory demands, this add-on assists organizations in managing their production operations, facilitating timely production and effective planning.
Indent Management Prior to Purchase
Stock shortages may result from procurement delays during periods of high demand. By handling vendor bids and expediting purchase orders, this pre-buy add-on streamlines the procurement process from indent development to purchase. This lowers the possibility of running out of stock by ensuring that supplies are promptly restocked.
Blocking of Negative Stocks
This keeps inventory records accurate and aids in maintaining control over stock levels by preventing transactions like sales invoices or delivery notes if there is not enough stock. Additionally, users can get around this if
Best Practices for Managing Festival Inventory In Tally
Track Sales Trend And Modify Stock: During holiday seasons, tracking past sales trends can assist determine the desirability of a product. To be ready for the increase in demand, use this data to set inventory levels. This will assist in preventing stock outs.
Reconciliation and Verification: It’s critical to compare Tally data with the real stock in warehouses. Maintaining an accurate inventory and identifying errors can be achieved by doing this on a regular basis.
Track Seasonal Goods Expenses: It’s important to keep an eye on expiration dates when managing inventory that has a short shelf life, such food and drink items. In order to guarantee that older goods is sold first, Tally enables users to track batches and expiration dates.
Maintain A Buffer: Businesses should make sure to set aside a buffer. This guarantees that companies have enough inventory to meet demand even if it surpasses projections. Tally can be used to monitor the buffer stock and send out warnings for it.
Businesses hoping to increase sales during the holiday season must practice effective inventory management. Numerous obstacles may arise due to the erratic nature of demand and the difficulties posed by having different sites. Businesses may make sure they are ready to satisfy client expectations by using Tally and putting best practices into effect.