Top Features of Inventory Management System
An inventory app can have distinctive features, depending on the businesses it is serving to. You can integrate the end number of elements as per your industry and use. However, there are some standard features that every inventory management app should have in place.
1. Inventory Management
The module or feature is all meant to keep your essential and necessary warehouse functions centralized so that you can keep track of every single inventory details like stock level, product history, along with other product specifications. Importantly, the data syncs with all other modules in the inventory system which helps you operate the inventory accurately enhance productivity and help increases collaboration among team even if they are working from different places with their systems.
With the Inventory Management module, you can have many sub-categories and features to get real-time reports for all necessary inventory. The automated shortage reports will help you control any issues quickly and timely manner; alerts and reports let you efficiently manage with any unfortunate inventory mishaps and with inventory management you successfully build eCommerce presence to various locations.
- Categorization of products in stocks
- Measurement of products
- Inventory/Products history
- Cycle counting
- Livestock reports
- Vendor management
2. Barcoding & Tagging
The barcoding module helps you eliminate standard human error, which often occurs due to manual data accumulations. Scanning barcode provides fast and reliable solutions. It saves ample time that of entering data manually. At the same time, having barcoding in place reduces employee training time, requires no more than a few minutes to master. Traditionally, it required a lot of efforts and workforce to train an employee on how to record product details.
Barcoding improves inventory control and tracks things such as pricing and product details precisely.
Here are some of the most essential things which you can get with the support of the barcode module;
- Scan barcode easily
- Faster performance
- Records things faster than the workforce
- Get precise details of products
- Locate products
3. Inventory Tracking
Warehouse requires a workforce to keep a tab at every step. Barcode, which we have understood earlier in this article, plays a significant role in letting you track your inventory accurately. Assets serial number, RFID, and other things important here as these are the things that let you know real-time data of everything inventory.
- Product tracking
- Reports and audits
4. Reporting Tools
Having an inventory business requires you to be updated with real-time data such as product status, driver’s whereabouts, order, shipment, and much more. You can have various reporting tools and features integrated into the Inventory Management apps to carry out the reporting tasks smoothly. The feature is essential for hardcore inventory businesses.
- Smooth and flawless communication
- Enhanced Productivity
- Reduced common human error
5. Inventory Forecasting
You would never want to disappoint your customers with their favorite products out of the stocks, would you? Inventory forecast, as the name suggests, lets you find out which products are going to out of stock soon and what’s in abundance. That’s a great way to keep your customers provide an excellent user experience. One of the most significant benefits of inventory forecasting is that you can spend the resources wisely. Knowing and understanding the sales attributes like size, color, scent material, and other things can keep you more accurate. As a result, you make decisions such as how much to buy and what to buy smartly.
- Powerful future insights
- Align sales and marketing efforts
- Reduce the risk of stock-outs
- Lower holding costs
- Increased turnover rates
- Maximizes asset efficiency
6. Inventory Alerts
Gone are the days when you had to waste your valuable business time and money on manually monitoring the critical stock data. What if it directly is alerted via a low stock inventory alert? With the right inventory alert feature, you will be able to find out the possible issues which might occur in the future directly via email or SMS alert. What goes out; what comes in; the status of a shipment, issues alerts, etc. important aspects of running a business accurately will be easily managed by getting reliable inventory alerts.
- Reduced stock waste
- Optimized inventory levels
- Improved cross-department visibility of stock data
- Helps manage your Investment Style
- Drive sales
- Maintain operational control
7. Inventory Security and Backups
No matter what business you are in, having the right security for your inventory is essential. If you have Inventory Management apps, the proper protection should be put in place. Right from protecting your assets to the data, it accumulates should be safe and adequately backed up. Generally, the inventory should be securely optimized, so that intact protects our data from hacking.
8. Cloud-Based Software with Real-Time Updates
When you have a cloud-based inventory system, you are supposed to access the inventory app into any device. It empowers you with the ability to track inventory in real-time. You are able to access the system into any device, anytime, anywhere, which means it will improve the coordination between staff. Having accurate coordination will lead to taking a quick and perfect decision.
The following are some benefits of integrating your inventory with cloud support
- Cost Savings
- Ease of access
- Always Safe and Secure
- Real-time visibility
- Enhanced Efficiency
- Improved Coordination
Now, let’s begin with the benefits of using Inventory Management Applications for your business.
In short, having an inventory application requires having the right features to fit your business. Understanding the right features for your business requires having the precise concept of your business and the purposes you want to serve with the applications.
More than that, once you are done with research work, you also need to find out the right inventory management app development company which will help you get the right solutions. When you select the company, you need to check if the company is well capable enough to deliver the required project in the deadline.
Having conformed everything from your side, such as the cost of the Inventory management app, duration, and requirement, you are good to go with the projects.