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What is inventory management software? A full overview

What is inventory management software? A full overview

Inventory management is an essential part of everything. If you are in a retail business, wholesale business, food delivery, household services, or any other such business, inventory, and warehouse management is essential. The inventory management software brings every aspect of inventory under one umbrella.

What exactly is Inventory management software?

Today, most business in order to succeed whether it’s retail or wholesale, take advantage of technology to plan for the upcoming spurts in demand based on the current market conditions.

Inventory management software is nothing but a solution that helps plan ahead, specifically in terms of sales strategies and monitoring capabilities, using the power of inventory automation technology.

inventory software What is inventory management software? A full overview

What are the benefits of using inventory management software?

Now that we have already discussed what an inventory management system is, let’s take a look at its uses. There are many benefits of using inventory software. In an ideal situation, your inventory management system will be hosted on the cloud, and will be well integrated with third-party tools and will be in a ready- to-use mode on mobile devices.

From accounting the inventory in the warehouse to receiving acknowledgment from a customer when they receive the product, the software manages everything.

Increased Efficiency

With an inventory management tool in place, everyday tasks often become easier. The reports regarding monthly and annual inventory can be generated in just a few minutes instead of a few days like before. Managing inventory manually is not only time consuming, but it also is more prone to errors as things can go wrong sometimes.

Reduced operational costs

An inventory management software keeps the company safe from financial losses due to human errors, excess stock storage, late deliveries, misplaced assets, and so on. You don’t need to spend extra money on inventory management if you have a centralized system where everything can be managed and overseen.

Additionally, you can also reduce the cost of hiring an inventory expert when the inventory management tool automates most tasks for you. Also, it can be easily taught to anyone as you don’t need any special skills.

Satisfied customers

With the help of inventory management software, you can ensure that all the necessary orders for customers are fulfilled properly using real-time information. You also have the ability to track the shipments until it arrives to the address provided by the customer. So, in the end, it helps to increase customer satisfaction for the services offered.

Accurate planning and forecasting

Inventory software makes you more proactive in forecasting your inventory needs in advance. With this tool information such as the most popular products, products least ordered by the consumers, the stock you need in advance for the upcoming season, and such other information can be fetched that could help your business become more productive.

features What is inventory management software? A full overview

What features Inventory management software offer?

The best way to know how the inventory management software works is to know its prominent features. The features can, however, vary depending on the type of software you are using, so we have listed features found most commonly in all the systems and are also essential.

Stock Management

The stock management feature helps record the stocks that have being moved from one place to another. When the goods are removed from the warehouse for delivery or when new inventory has been added, the system keeps a record of it. Also, forecasts can be made using the tool as of how much of the inventory is left and when it should be restocked to avoid low stock issues.

Procurement management

This feature comes in handy for the users and can save a lot of their time also. The users can set the minimum amount of stock and then set a notification that will alert the vendors when inventory has reached the minimum amount. The vendor can then automatically supply with new inventory without the user having to do it.

Barcode scanning

Most retail and wholesale dealers have implemented this feature in their stores. It allows the shop owners to quickly enter the data of inventory in their warehouse to their online database. Also, a speeding process is developed so that the owners can easily create new and unique labels for the products present in inventory.

Inventory reporting

Sound inventory management systems can provide automatic sophisticated report generation. It contains all data such as stock movements, stock quantities, stock valuations, inventory turnover, and other such information. Accurate reports with correct data help the stakeholders to make better decisions.

Shipment tracking

The products delivered to the customer can be easily tracked using the shipment tracking feature. Today many of the inventory management tools allow the customers to confirm that they have received the package directly on the spot using a mobile application.

Mobile Access

A good inventory software today must have the ability for mobile accessibility. It is not a feature that you may want to miss if you are running stores at multiple locations. Those who, on the other hand, have only one site to manage can, however, work without the feature.

Conclusion

Looking for a new piece of software for your business can be pretty overwhelming; therefore, like all other software inventory management tool also come with certain free opensource options. You can give them a try and get an idea about how it suits your business. You can always go on and buy more premium and feature-rich software later on.

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