An Overview of What is Inventory Management System
The advancement in technology and online computing has led to better ways of managing your sales & finances and has made it easy to fulfill customer requirements, with product handling and supply chain strategies that were not possible in earlier times with manual methods. An Inventory Management System is a solution for your organization to effectively manage/keep an account of the stock of products or inventory of your warehouse on a largely automated online platform. It helps you ensure that your stock is in sufficient quantity to meet the customers’ needs. The solution helps you store, manage, plan, categorize, and organize your stock data so that you do not encounter over-stock, or go out of stock. Modern Inventory Management System saves a lot of time, energy, and expenses for business owners.
A lot of problems are solved by selecting a perfect inventory management software. Here we will explain some must-have features for inventory management software that you always should be looking for in your solution. A lot of times there is a case when a standard inventory management software’s built-in functions do not keep up with a business’ demands especially while it scales up, so you would want some bonus features in your system like flexibility for customization that would allow the software to match your increasing requirements even as your business expands. It should also be easy enough to use so that your employees don’t have to go through a great deal of training to use it.
8 Key Features to Look for in an Inventory Management System
Below we have discussed 8 key features that your system must always have:
1. A Centralized System
Your software must be centralized for its inventory management operations because it would ensure that all the modules are interconnected so you would be able to access any information you want at any time on a centralized interface in an instant. It makes things easy to manage for your business when all its modules are connected.
Gone are the days of making each item entry manually. In recent years, barcode scanning, labeling & tagging has become the preferred method to collect and record the data much more quickly. It only takes you a few moments to complete this procedure, and it ensures full accuracy unlike the error-prone manual practice of doing the same which is now a thing of bygone times.
3. Real-time Alerts
Automated notifications or alerts reach you when the stock is running low or is higher in quantity than needed or alerts about other such stock-related information. This helps you keep updated on your inventory and maintain the right level of stock as necessary, as well as saves you the headache of manually checking the inventory for information on these aspects which is a tiring process.
4. Integration with 3rd Party Apps
A perfect inventory software solution must have the ability to be compatible for integration with other applications to give you the maximum benefit of it. If your business operations are also done through other platforms then there is nothing better than to have your software system integrated with those via APIs.
Security is very crucial for your solution. You would not want to get your software hacked or leak sensitive data so it is important you verify whether the software has the proper encryption and authentication methods to strengthen its security. It should also give you the option to see and control who has permission to use your software.
6. Real-time Tracking
With Real-time Tracking you can know the quantity and place of the products and supervise their movements in the organization.
Many solutions also offer the feature to keep track of the products as soon as they have been shipped for delivery. You can monitor them right from the time they leave the warehouse until reaching their destination of delivery. This is possible with the GPS function in the devices using the software solution that make the product traceable on your central database in turn connected with the device held by the sales carrier of the goods. Software App that works on mobile devices will also ensure you can take the order anytime from any place.
7. Inventory Optimization
The ability to keep the optimum levels of inventory with your software assists inventory planning with modern tools for an improved supply and demand process to optimize the supply chain and raises the productivity of your business big time.
8. Sales Forecasting
It is a great feature to have in your Inventory Management System. Forecasting or estimating the demands in near future with accuracy greatly helps a business control its stock. It helps you determine what products may be in high demand and also during what time period of the year, giving you an idea of what inventory levels to keep in the warehouse. This makes planning easy and drastically increases your profits. It is with the help of data from past and current trends that the Software is able to make these analyses and help you in your decision-making.
So those are some of the features and tools that your Inventory Management System must have in order to be of value to you. Synergy IT Solutions offers you the services of customized software development, a solution built specifically for your Warehouse Inventory Management needs. Our developers are well equipped with the experience and skills to develop cloud-based modern Inventory Management Software for you that can be integrated and collaborated with other apps easily to provide you maximum flexibility. We also pay special attention to the security features of the platform so you can work in an environment that is safe for you and your clients. Our experts are also always available for your help even later on in case you need any consultation or customization for your Inventory Management System Software. So Contact us now for your perfect Inventory Management System.