An inventory management system will help organizations to manage all the incoming and outgoing stock for better customer demand and avoid the expense of overstock or loss of business with stock-outs both.
Opting for an inventory management system is always a crucial step. You need to be more attentive as inventory apps can have different features depending on the businesses it is serving to.
But the most important thing is, with all the available options for inventory management software today, how do you know which solution will work better for your business?
Trending Inventory Management Features
Inventory management software and systems have different features which will help your business manage, control, track and plan inventory. Let’s discuss what to expect from those features:
#1 Inventory Management
Inventory control will help you manage the products in the stock and will also help you to maintain the stock at the warehouse. Not only this, it will play a vital role in maintaining supply chain management. There are many specifications on which inventory management software can handle your product for instance; product type, audit data, generate reports in real-time and search, location and SKU (or serial number), filter and view products.
Top things which you can handle with an inventory management tool:
- Categorization of products in stocks
- Measurement of products
- Inventory/Products history
- Cycle counting
- Livestock reports
- Vendor management
- Total Inventory Management
#2 Tagging and Barcoding
One of the best features of an inventory management system is “Barcoding”. The barcoding option in an inventory management tool will help you to eliminate the data entry errors and automate the business functions that require communication with other parts of the system. Collecting inventory data digitally will make your inventory management quicker and more accurate. Barcoding software can easily integrate other features such as digital signature and paperless invoicing.
Here are few essential specifications that you can get with the barcoding and tagging modules:
- Scan barcode easily
- Faster performance
- Records things faster than the workforce
- Get precise details of products
- Locate products
- Barcode and Tagging
- Inventory Management System
#3 Inventory Tracking
To manage inventory you need to manage and track the status of products and materials in the supply chain. And so, inventory management can easily help with manual tasks. For example, the system will automatically generate a tracking number when it will create an invoice or receipt. This will help you to cut the cost of the warehouse workforce by managing the inventory module features which are Assets serial number, RFID, and other things important here. The things which let you know real-time data of everything inventory.
Things that will help you with inventory tracking:
- Product tracking
- Reports and audits
- Inventory Tracking Solutions
#4 Inventory Alerts
Many inverter management modules trigger inventory alerts that help in reducing waste, managing customers’ needs, and optimizing inventory finances. The inventory management software features include automated email or SMS messages that alert you to low inventory levels, shipment, and supply chain delays. Inventory management alert systems offer an added level of operational control for materials planning, sales forecasting, shipping logistics, and supplier management.
Here are some awesome benefits that you got with this feature:
- Reduced stock waste
- Optimized inventory levels
- Drive sales
- Maintain operational control
- Inventory Alert