Regardless of the nature of a business, if it is product-based, managing inventory in an effective and accurate manner is crucial for its success. Fortunately, with an aim to streamline inventory processes, a wide number of seasoned software providers across the globe are offering inventory management software with a number of perky features. Some of these packages even grant customers an access to their mobile inventory app versions.
The plethora of inventory software options the digital market can offer which usually vary in terms of features can make your choosing quite a challenge. While this may thrill you at first, more often than not, each additional feature has a monetary equivalent. Thus, unless your small business has enough budget, putting the following features on top of your priority list should be your ultimate move:
- Inventory Monitoring and Optimization
The main goal of the software is to efficiently track your inventory levels, including the inflow and outflow of products and whether each product has reached its reordering point. It’s important that your software is able to monitor your inventory in a way best fit to your requirements and ensure that they are kept on track. That can be achieved with the help of inventory tracking features like barcoding and barcode scanning, kitting, batch control, serialization, RFID tagging, and more.
- Automated Item Replenishment
Depending on the advancement of your inventory software, it can automatically create purchase requests and corresponding purchase orders or just raise an alarm come the previously set reorder points are reached. These reorder points are not flat zero. Rather, they are set at a minimum yet still workable level to give room for the processing and delivery of the replenishment.
- Order Management
Because an efficient inventory management also makes sure all inventory costs are regulated and overstocking that hinders profit flow is reduced, this feature also notifies the users if a particular item’s number of stocks exceeds the allowed limit.
- Easy yet Accurate Reporting
One of inventory software’s critical features is its report generation facility as this plays a big role in facilitating guided decisions.
Manual inventory management requires maintenance of piles of logbooks and correspondingly encoding the data in unsecured spreadsheet files. A small negligence can cause data loss and this may put the business at an unstable spot as lousy inventory can result to more unsatisfied customers. Thankfully, nearly all inventory management software already feature easy and accurate reporting facility where accurate data of supply and demand per product can be seen. More sophisticated programs display these data via visual charts which make it easier to spot which inventories need more replenishment and when. Apart from this, sales trends will also be visually presented along with common reports that include order history, transaction reports, and inventory totals. All these information can even be accessed via the mobile inventory app as long as the device is connected to the web.
- Regular Data Backup and Enhanced Security
Gone are the tedious and error-prone paper based inventory monitoring. In this digital age, inventory software solutions are already widely available which not only streamline inventory processes but also ensure accuracy, integrity, and security of data, keeping these away from threats of hacking or theft.
Data loss can jeopardize inventory workflow and can be very expensive to handle but with an inventory management software, potential threat is minimized as centralized storage of data is usually set up oftentimes via cloud or the internet along with regular data backup. This means that even if files were accidentally deleted or power interruption caused your computer to suddenly shut down, data accuracy is still not hampered and data can still be recovered and accessed via other devices as long as you are internet connected.
Just because your business is just starting up, it does not mean it is wise and economical to settle for lousy, low-key inventory systems. No matter the size of your business, your inventory management software must be growth-ready and scalable such that it is still able to handle and accommodate huge sizes of inventory data come upgrades and expansions happen in the future. Scalable systems may be a bit pricier but investing in these types will, in the long run, most likely pay off as you’ll no longer need to bear the additional cost required to buy a new inventory software
If your small business has already been utilizing other software solutions like POS, accounting, or warehousing, then your inventory software should be ready for the necessary integration. This will help achieve a seamless flow of information.
In terms of management and organization, inventory management software is already winning as it aids in the maintenance of inventory and ensure adequacy of supplies especially during peak seasons. It may initially appear like a pricy investment but the following perks will prove that such an investment is truly worth it:
An inventory management software helps prevent unnecessary wastes of inventory caused by overstocking. Shortage of stocks will also be prevented. These perks alone can potentially reduce expenses and losses. Besides, the software will also aid in the reduction of cost storage related.
Using an inventory management software puts an end to all the manual processes that can consume too much time and waste too many man hours. This saved time can in turn be used to accomplish other equally important tasks.
- Streamlined Process
Because all inventory tasks will be automated, overall efficiency in the process can be noticed. Tasks including data collection, records creation and maintenance, figure calculations, and a lot more will be efficiently and effectively carried out.
- Updated with the latest trends
A sophisticated inventory management app can visually present an insight of the present trends as well. This helps the management come up with a more guided decision for all future purchases.
- Minimal losses
Thanks to inventory programs, potential losses brought about by damage, obsolescence, or deterioration of old stocks will be significantly eradicated or minimized because the stocking and replenishment of inventories are now made in light of the presented requirement or trend.
Investing in an inventory management software may demand a significant portion of your capital at the present but all the featues and proven perks definitely make it worth it.