Auction Inventory Management 101

Efficiently managing inventory is difficult for every business, but especially auction companies. For auction companies, new inventory comes and goes, and is ultimately up to other parties wanting to sell their used items.  There are also times where an auction company’s inventory can grow quickly and become disorganized, making it hard to manage. Luckily, there are inventory management systems that help businesses keep track of all of their inventory!

At InnovA, we offer an inventory management system within our back office auction management software. This system is designed to give companies the helping hand they need to effectively manage their inventory. Below, we discuss why inventory management is important and how InnovA’s auction management software can help!

Why do you need an inventory management system?

An inventory management system allows businesses to identify what items they have in stock, and track those items until purchase. With an inventory management system, you will certainly keep a more organized inventory, as well as be able to track it wherever and whenever. Ultimately, an inventory management system allows businesses to save time and money while keeping a more organized inventory.

How InnovA can help your business

At InnovA, our auction management system is efficiently designed for a more accurate inventory description. For every item that will be sold, we have created a step-by-step guide to verify the item title, any liens, validate the location, schedule inspections, review contract details, and request pricing valuations before accepting bids. This helps indicate to everyone involved which inventory needs processed, and which ones are in good standing order, ultimately minimizing the time it takes to go through your entire inventory.

Once you’ve completed your inventory process, the last step is taking it to auction. With InnovA, this is a very easy task, and you’re allowed to post auction items up to seven days in advance to give your potential buyers enough time to check it out.

Overall, inventory management is something no company should ignore, especially auction companies. By purchasing an inventory management system, your company will save time and money, while providing a more in depth and organized inventory that allows you to track every auction item until purchase!

At InnovA, we are here to help your auction company grow. Our back end auction management software comes with many features that make this happen. From inventory management to easy inspections, price valuations to simple registration and even marketing and website services, our software is right for you! Visit our website today to learn more about our auction management software and to schedule a free demo today!