What Are The Features Of Inventory Management Software You Should Know?

Posted by : Admin / On : 13-09-2021 /

Managing your inventory is a crucial step for you whether you offer warehouse services or run a retail business. In your inventory management, you keep track of the quantity of products and estimate what products in what quantity you need to procure/reorder to avoid having product shortage. Earlier, around 40/50 years ago, you had to do this job manually. But now, you have inventory software to assist you. Know here what features it has:

Inventory management

This feature or module allows you to keep your stock management work centralised. It helps you track every inventory detail – product history, stock level, and product specifications. With this feature, you can:

  1. Categorise your products in stocks
  2. Track product availability – quantity
  3. Count product cycle
  4. Get live product stock

Barcoding & tagging

With this feature, you can stay away from human errors that take place at the time of data accumulation. In data accumulation, barcode scanning gives you more reliable and fast solutions in comparison with manual process. This feature of inventory management software enables you to:

  1. Scan barcode easily
  2. Record things faster and more accurately
  3. Locate your products
  4. Do barcoding & tagging

Inventory tracking

Warehouse or your product store needs a workforce to keep everything tracked. Barcoding mentioned above helps you track your inventory more accurately. With this feature, you can:

  1. Track product quantity
  2. Tag your products
  3. Generate audit reports

Reporting tools

You need to have real-time data on product status, shipment, etc. to make your warehousing, shipping, or retail business successful. An inventory system comes with the capabilities of providing you a report on real-time data. With this feature, your inventory management tool helps you have:

  1. Flawless and smooth communication
  2. Improved productivity
  3. No human errors
  4. 2-10% increase in your sales

Inventory alerts

Earlier, you had to invest your valuable time in calculating and monitoring what you have in your stock and what you need to procure/reorder. It was, as you had to do this manually. In today’s world, you have a sophisticated inventory software tool, which send you inventory alerts. With this feature of this software, you have:

  1. No stock wastes
  2. Optimised inventory
  3. Enhanced visibility of stock data across all departments
  4. Control on your inventory
  5. Increased sales

Apart from the above, inventory management software has features like inventory forecasting, security & backups, IoT integration, huge data storage, and integration with other devices.