Introduction
Inventory management system plays a crucial task in e-commerce, retail, and wholesale industries which need to keep the record of order details, sales, tracking details, and much more. Both the inventory’s software and hardware are equally important in running the business smoothly.Â
Let’s have a look at Inventory Management features:
1. Inventory Management
The feature of inventory management is all about keeping your data functioning organized so you can easily find the details like stock level, product specifications and history of products. Importantly, the data must be synced with other modules that help you run the inventory correctly, which eventually boosts the productivity level and builds a spirit of collaboration among teams.
VMI permits vendors to operate the inventory remotely, and it is helpful for those who are planning to associate with vendors for long-term business plans so that vendors can manage the deliveries part and you need not to worry about it.
2. Inventory Tracking
Keeping records of your inventory is important, there is software that helps you record the data by RFID tags, serial numbers, and many other IDs.
There are systems which have in-built traceability features. The feature helps us in informing you about the exact location of stock in the warehouse.
This is used for improving the pickup and drop process by making important routes for your employees, which ultimately reduces the labor cost and enhances your productivity.Â
3. Reporting Tools
If you’re planning to boost your business sales, then analytics and reporting are some of the finest tools that help you check the patterns in the aspect of demand and sales.
Analytics will give you proper information about the demand and supply. Reporting delivers data in a simpler form, easy to understand and share.
There are many tools available that will help you in creating reports or in finding the information regarding the modules.
3. Barcoding & Tagging
It is one of the most essential features of inventory management technology, which processes an enormous amount of product’s information into data. Barcoding methods help reduce the chance of human errors, which most of the time happen when data is filled manually. Scanning barcode offers fast and secure solutions. Along with this, having barcodes reduce the training and meeting time of employees. Traditionally, it consumes a lot of time and effort to train an employee regarding the procedure of how to record product details.
4. Cloud-Based Software with Real-Time Updates
When you integrate the cloud-based technology with an inventory management system, then you can access the inventory mobile app through any device. It allows you to track the listing in real-time. You can access the system into any device remotely that improves the harmonization between employees. Some major advantages of integrating cloud systems with inventory are: safe and secure, easy to access, and improved efficiency.
5. Inventory Forecasting
Just imagine how much your customer will feel disappointed when they’ll find that their favorite product is out of stock? The inventory forecast gives you the prior information about the products which are soon going out of stock. That’s one way to fulfill your customers’ needs and to provide an excellent user experience. One of the most important advantages of inventory forecasting is that you can spend money sagaciously. Knowing the detailed information about the products, keeps you more precise in decision making. Inventory forecasting reduces the chance of stock-outs and increases the company’s revenueÂ
6. Inventory Security and Backups
No matter which business you are in, security is the topmost priority nowadays. If you have Inventory management systems, you must take care of protecting data. Right from protecting your data to keeping your data backup safe, the inventory management system is secure and protects your data from hacking.
7. Inventory Alerts
Those days are gone when owners waste their valuable business time and money on storing the stock data. With the inventory alert features, you can find the actual problems directly via email or SMS alert that will help you in the future. Some important aspects of business like shipment detail, issue alert, and shipment status will be easily managed through instant inventory alerts. Along with all this, inventory alert helps maintain operational control and drives sales.
8. Inventory App Integration with Other Systems
Companies who are using software related to enterprise resource planning can easily integrate with an inventory management app and provide amazing features. Though you can also choose not to integrate ERP into the inventory system.
There are advanced and standard features which you will use in inventory applications, integration of other technologies into inventory systems helps you in customization.
9. Mobile Support
The mobile support feature solely depends on the hardware that you are using and how you remotely manage things? Several systems offer mobile web pages to permit users to access data from any system.
 If you are using a mobile phone or tablet, then it is important for you to check that your vendor is offering you a traditional mobile app or not? Because mobile support only a few operating systems which you need to keep in your mind during the development of the app.
Most owners try to make apps for all platforms so that the inventory management app runs smoothly on any hardware.
Final Words
In simpler words, it is important to understand the right features you’ll require for the business and the purpose of using that feature. More than that, doing proper research should be the first task that you need to do. After the completion of the research, you need to find an inventory management software development company that offers amazing solutions. When you are selecting the company, you need to evaluate if the company can do a project or not. After confirming everything like development procedure, time duration, cost of inventory management app, then you are ready to start the work.