Topics In Demand
Notification
New

No notification found.

What are the Advantages and Key Features of the Inventory Management System?
What are the Advantages and Key Features of the Inventory Management System?

803

3

 

Inventory management software

For every business, whether it is small or big, owners want to make the most of their investment. No business person wants loss due to expired or damaged products. They also don't want to be stuck in stock out or excess stock situation. Also, they don't want to feel cheated by any kind of theft.

 

Today, lots of ways are available to manage their business. But the best way is to use inventory management software.

Inventory management enables you to manage your inventory in the most organized way. It ensures that the customer gets the right goods at the right place, at the right time, and in the right condition.

This is the crucial prerequisite for running a successful business.

 

How Essential is Inventory Management Software to run Business Smoothly

An efficient inventory management system helps businesses accomplish their most crucial business functions.

These functions include shipment tracking, stock level tracking, sell/purchase status, order taking and fulfillment, tracking stock expirations, scanning barcodes, and much more.

Combinedly, they give us more significant results from product purchase to inventory handling to billing to final delivery.

Thus, inventory software and its features are equally important for the smooth running of the inventory business.

 

Key Features & Related Advantages of the Inventory Management System

An inventory management system comes with many features. Depending on the business, you can use these features or customize them. It helps in avoiding overstock and inventory shortages and improves the overall efficiency and productivity of the organization.

key features of inventory management

 

Centralized inventory management

One of the most important features of any inventory management system is that it allows business owners to track inventory in one place. You can call it – a centralized location.

It helps to track inventory levels. In addition, it includes product description, availability, shelf management, and more.

In this way, it enhances productivity and collaboration among the team members. It is beneficial if there is more than one branch in different places. Employees can easily interact with each other and know the status of a particular item.

 

Tagging and Barcoding

Another feature that any advanced inventory software offer is tagging & barcoding. It helps businesses reduce the time they spend counting/organizing the stock and eliminate human errors. It is beneficial when the business has bulk stocks with different categories.

This way, inventory management system software lets you track the products efficiently with the help of tagging and barcoding.  

 

Automatic Inventory Restocking

Inventory software automates the management task. It eliminates manual monitoring of stock data. It facilitates an automated set-up for the re-stocking of products.

It lets you set a limit on how many items you should have in stock. Once a product falls below the limit, your inventory management system automatically places the order or alerts you.

 

Inventory Alert feature

The inventory management solution comes with an inventory alert feature. This enables businesses to be able to find out the possible issues through email or SMS alerts.

You can set these alerts according to your preferences, like alerts on sales, purchase, shipment, issues, etc. This can help you reduce stock wastage, optimize inventory levels, improve visibility, maintain operational control, and more.

 

Inventory Trend Analysis through Reporting of the business activities

Inventory management software gives businesses the ability to do trend analysis. With the help of the trend analysis feature, you can better observe the most demanded products in the market.

The reporting feature plays a vital role in this. It helps businesses report various business activities and analyze the business demands based on the product's status, information regarding the shipment of the order, etc.

This way, you can predict future inventory needs and help you make better business decisions.

 

Backup and security of the inventory

Proper backup and security of inventory are essential for every business segment. It protects your business inventory from loss of any data or product due to theft and other reasons.

The software has essential features to protect businesses from any theft. If inventory software gets hacked, data can be backed up that business operators can access and use.

Hence, backing up and protecting the inventory prevents any loss.

Integration of Internet of Things (IoT) and Cloud computing

Now, most of the advanced inventory management systems come with IoT integration and cloud-based technology. It helps businesses to record all the details of their inventory intelligently. It keeps the list optimized and organized efficiently. It enables real-time updates and automates tracking and reporting.

 

Integration of inventory management software with mobile apps

Inventory management with mobile app

Nowadays, people are more mobile-friendly and want everything at their fingertips.  Business owners integrate their business with intelligent B2B/B2C applications to remotely manage and monitor their business.

This way, you will offer your customer better visibility on inventory items, contact-less ordering, and billing. This way, you will have the following benefits-

 

     ➤ It boosts your productivity.

     ➤ It gives 24/7 real-time access.

     ➤ It reduces manual work.

     ➤ It gives real-time data updates.

     

    Stock Returns Handling

    This is one of the essential features business owners need to deal with. Keeping track of returned stock manually is a tedious task. An efficient Inventory Management Software provides a system that efficiently handles return orders' creation, confirmation, or cancellation.

    This streamlines the tedious process of the withdrawal process. It gives you a competitive advantage, helps you save time and money, improves customer satisfaction, and reduces the chances of a wrong entry.

    A quick look into the Inventory Management Benefits

        ➤ It simplified inventory management by automating the business processes.

       ➤ It reduces the risk of overselling and protects the business from loss in sales.

       ➤ It eliminates the inventory costs associated with human error and proffers more significant cost savings.

       ➤ It maintains the right balance in inventory levels and avoids stock-out and excess stock situations.

       ➤ Through advanced technology, it gives real-time product availability visibility.

       ➤ Its reporting feature adds the ability to make more profitable business decisions.

       

      The Bottom Line

      The current business scenario and dependence on technology suggest the need for intelligent inventory management software. Otherwise, it can make or break your business.

      An inventory system is critical to success and gives businesses deep insight into their stock at any given time.

       


      That the contents of third-party articles/blogs published here on the website, and the interpretation of all information in the article/blogs such as data, maps, numbers, opinions etc. displayed in the article/blogs and views or the opinions expressed within the content are solely of the author's; and do not reflect the opinions and beliefs of NASSCOM or its affiliates in any manner. NASSCOM does not take any liability w.r.t. content in any manner and will not be liable in any manner whatsoever for any kind of liability arising out of any act, error or omission. The contents of third-party article/blogs published, are provided solely as convenience; and the presence of these articles/blogs should not, under any circumstances, be considered as an endorsement of the contents by NASSCOM in any manner; and if you chose to access these articles/blogs , you do so at your own risk.


      images
      Shubham Sharma
      Marketing Manager

      Shubham Sharma working in ERP software firm (SWIL) focusing on accounting software, GST software for Small and Medium Retail, Pharma wholesale and distribution.

      © Copyright nasscom. All Rights Reserved.