Why do you need an Inventory Management System (IMS)?
Yes, we have it and can bring a part for you. And after five minutes: “it looks like we’re all out.” have you heard this before?
There is a chance you have been in this situation, either as a customer or a shop owner. It can cause customer loyalty and could get worse as you expand.
Therefore, to resolve this issue you need to upgrade to an inventory management system. So, you can track your inventory easily, putting less strain on you and your employees. Also, it will keep track of all the items you sell, purchase and quickly restock before you run out.
The inventory management system is also very important for a successful supply chain network. There are plenty of options available in the market, what are the key factors you need to consider while opting for an inventory management system.
Restocking Inventory Automatically
In your inventory, any key part or product is running low and you don’t want to waste your time until it’s out of stock to order again for a new consignment. Missing out on providing a product to a consumer only because you are out of stock will not only lose the stock but can ruin the consumer’s trust. They might have to look for the part or product from your competitor.
Some of the good IMS software features include the feature of setting up automatic restock of products. For this, you just need to set up a limit of the minimum products you need in your inventory. Once the products go below the limit, IMS software will place an order to your supplier to restore the low items.
Does your IMS software is accessible on mobile devices or only on desktops? You must be thinking about why it is necessary to check? Online e-commerce sites or shops may don’t need this but the offline retailers or running on multiple locations or need to work from different sites.
For instance, you are a packing moving service and one of your employees needs any packing material on site. Then anyone from the team can access the inventory list and make sure parts are available, either on their work truck or back at the office.
Synchronization with Existing Software
Almost all businesses use other software to manage their businesses. And so, your IMS software should be able to integrate with the other software used by the organization. Make sure to sync and share information with another software so it can “play well” together. Synchronization is necessary as it can be a huge time saver- why do you need to waste time on data transfer when you can save it all together?
Inventory Trend Analysis
Another main feature you need to focus on for your IMS software is the ability to tell you how much you have left of each product. However, there are many IMS software that can analyze your inventory history and check for future trends for a particular product.
For instance, it will check your sales history to predict when you will get a huge purchase, so you can buy extra inventory and prepare better for your peak season.
Pay for what you get. While selecting an IMS software you need to focus on features you require and pay for that only. As you can predict from before that an advanced IMS software is also the most expensive. But you need to grab an IMS software according to the requirements of your organization.
With a quality Inventory Management System (IMS) software, you don’t need to worry about being out-of-stock and return your customers saying “sorry”. Consider an IMS software with these features and you’ll be on your way to a better business.