Inventory is at the heart of any business or industry. Inventory management entails a series of processes such as ordering raw materials and components, storing them, selling them,and finally tracking their availability for future use. It is the tracking of components from the time they are purchased until they are sold. You can keep track of your supply, better manage your inventory, fulfill orders on time, and many other benefits by implementing inventory and order management software in your business. The inventory management system’s main purpose is to keep track of the availability of stock in the company so that it never fails to meet demand. Keeping inventory manually is nearly impossible due to the enormous costs in terms of money, effort, and time. It can lead to mistakes that no company can afford. This is where Inventory Management Software comes in handy. As a result, when making a purchase, we must pay close attention to the features of inventory management software.
Let’s take a closer view of the must-have features of Inventory Management Software:
1. Real-time Tracking:
This is the most important feature to look for in any Inventory Management Software. We get a minute-by-minute update on what’s going on with the inventory with real-time inventory tracking, which is a completely automated process of recording purchases and sales. Real-time tracking reduces process delays, improves decision-making, and allows for meeting changing demands on time.
2. Accurate Reporting:
Accurate reports are critical in decision-making. Inventory Management Software should generate reports that are as accurate as possible. Inaccurate reports on stock status, order status, and so on can have serious consequences in decision making. The optimal, accurate, and up-to-date report allows for the analysis of gaps in processes that require attention, assisting the company in making wise decisions, and increasing overall productivity. Multiple reports that Inventory management software can provide are:
- Inventory Forecast Report
- Inventory Control Report
- Inventory Valuation Report
- Inventory Analysis Report
- Overall Analysis
3. Data Security & Backup:
Data backup and security are equally important in any business. The primary function of inventory management software is to keep inventory-related data safe and properly backed up. In the event of a data loss, the company should be able to recover its valuable data using its backup feature.
4. Barcode Scanner:
A Barcode scanner is yet another important feature that inventory management software should have. The Barcode scanner has an inbuilt scanner that allows to scan barcodes and add products as fast as possible without any error. Barcode scanner speeds up the entire process of product entry, improves process accuracy, and makes real-time data entry possible.
5. Stock Alerts & Notifications:
Manually tracking the entire inventory is time-consuming and nearly impossible. Inventory Management Software relieves the company of this heavy burden by providing flawless and simple inventory management. Imagine getting updates about low stock details ahead of time, how amazing would that be? Stock alerts and reminder features can help you with that. Companies are notified of low stock levels via SMS or email, which allows them to plan ahead of time for future steps to be taken to meet delivery deadlines.
Wrap Up: Inventory Management Software is a prime example of evolving technology that produces flawless, accurate, and up-to-date supply chain results. It is a fully automated process that enables businesses to work smarter and produce better results for themselves, including better decision making, improved processes, increased efficiency, and, last but not least, customer satisfaction.
