5 Things to Consider for Inventory Management Software
Inventory Management Software is mandatory software for any retail business. It is highly recommended to manage your business inventory with a single point integrated POS & Inventory Management system.
With that software, you can get all the reports in a single click, without even looking up any records or excel sheets. That single software may cost you a little bit but will bring you freedom & peace of mind.
You don’t need to count the products in the warehouse and the software will automatically remind you when stock is going to be out very soon.
The inventory management world is constantly changing and for the better. Having a software-based inventory management system that eliminates ledgers, physical documents, and even Excel sheets is widespread and extremely suggested now.
The inventory management software we are talking about provides the end-user with liberty and peace of mind that is no longer connected to a clipboard and relegated to the depths of the warehouse.
Inventory management software incorporates a range of attributes that are designed to optimize transparency, accessibility, accuracy in an all in one easy-to-grasp package. Read on to learn more about some of the common features good inventory management systems possess.
Keeping track of inventory through Inventory Management software
Inventory management denotes the practice of ensuring inventory stock is always in balance with goods receipted in and the product being sold. This is, of course, to minimize storage and holding costs and maximize sales and profits.
Therefore, in a balanced system, it is imperative to know exactly where inventory stock is in the supply chain so that decisions can be made around the replenishment of stock through ordering or prediction of sales for budgeting purposes.
But how is this achieved? Most commonly, this accurate level of tracking is achieved by using barcodes and barcode scanners. This enables each item to be ‘named’ and tracked with a unique identifier.
Now, this can also be done through the use of RFIDs (radio-frequency identification tags), batch or lot control, and kits to name a few. The sole purpose across all methods remains to accurately track the inventory stock through the supply chain and manufacturing process.
As soon as commercial or personal data is uploaded to the internet, it is of enormous importance to protect it and ensure its integrity remains intact. Therefore, inventory management software must have security at the fore of its focus. It must protect and uphold customer data always from increasing global cyber threats.
In tandem with this is the provision of daily backups which are essential to have especially in times when the system fails and information is needed to be retrieved. Ensure security and backups are a feature provided by the provider offering its services.
Grows with you
A good inventory management software package should have built-in scalability that allows it to grow with the business. By putting in the hard yards with research at the start, it is a lot easier and cheaper to upgrade a dynamic system to suit the company’s needs rather than a completely new package is required.
Learns to share
An inventory management system needs to be good at communicating (integrating) with other systems to prove its worthiness and effectiveness. Data often needs to flow from inventory management software to CRM, ERP, accounting, and other management systems.
If all this sharing happens automatically with few errors, then the system starts to become optimized and the need for manual corrections and control is kept to a minimum. Unleashed Software integrates with other best of breed software to give you a holistic business solution.
With the newly developed software systems incorporating multi-channel stock management technology, it is possible for the software to generate a purchase order based on inventory stock levels. This saves time for the user who would otherwise be required to take stock of the warehouse and bill for the product they may require.
Often, the inventory management data of a company is used to increase efficiency and identify gaps in the process so as to create a smooth workflow. This reporting ability is also beneficial to shine a light on the buying practices of the customer-base so that their choices regarding product purchase can be somewhat pre-empted.
Some of the reports software systems should provide include the following: inventory summaries and totals, transaction reports, and order history. Of course, it is also essential that any report generated can be understood and acted upon if need be.
The Inventory Management software system can generate a lot of data based on inventory stock. However, it is the manipulation and report generation of the data which translates it into something practical from which staff can make informed decisions regarding ordering and stock control to optimize storage and sales.