Inventory management is a crucial aspect of the supply-chain network. Without it, there wouldn’t be a balance between supply and demand and might even result in a business closing down. In this aspect, inventory and stock are tracked in and out of your warehouse.
And with a proper inventory management system, your business will be more efficient in its products and processes. Simply put, the main objective of the inventory management system is to make you aware of the processes like the location of your materials and products and how much supply you should create to meet the demand.
What is an Inventory Management System?
An inventory management system helps a business with its organization’s account on all its stock to better meet the demand of its customers. It also helps you to avoid the expense of overstocking or loss of business due to stock-outs. With this system, you can better enhance your production, accounting, sales, warehouse management, purchasing, and even customer service.
This is primarily due to the features that inventory management systems have that make it easier for a business to do business. That said, there are several types of inventory management systems you can choose from. They have their pros and cons, of course, so it depends on your business which of them is better suited for it.
Since they have their pros and cons, it’s also natural that they are more suitable in their element, which is to say that they are the most useful when used correctly and according to their functions. If you’re considering getting an inventory management system, here are some features you have to look for in general.
Inventory Control Module
The module is meant to keep your warehouse processes centralized. With this, you can track every detail of your processes, like stock details, history, and even specifications. Not only that but the information will also be accessed by your other modules in the inventory system. This can help you accurately perform inventory management by working with other team members in different locations.
Also, this module enables you to have sub-categories and allows you to give and receive reports all across your systems in real-time. Moreover, it has automated shortage reports, which can help you act on problems whenever they arise the moment they happen.
Barcoding and Tagging
This module can help you eliminate human error as much as possible due to manual data accumulations. Barcode scanning is much more reliable and faster when compared with manual data entry. Even software in the market lets you use your smartphone as a barcode scanner like the Fishbowl inventory software.
With barcode scanning, you’ll spend less time training your employees because all they have to do is scan a barcode. Barcode scanning enhances inventory control and tracks data, such as product details, pricing, and stocks.
This feature can allow a single system to be set up and configured by two separate entities so
each of them can have its uniqueness. In this way, more comprehensive systems will be successfully implemented across industries and companies without much customization.
But while all kinds of inventory management systems have their configurabilities, what are their general abilities?
An example is a product of different colors and sizes that may be configured to show total sales and stocks on-hand by style or even by its stock-keeping unit. Also, it can have the ability to control different types of hardware or interfaces that are connected to the inventory management system.
You should avoid letting it happen as a business owner to disappoint your customers by having their products out of stock when they need them. As the name suggests, inventory forecasting lets you find out which products you have will run out very soon and what you have on-hand at the moment.
This is a great feature to have if you want to keep your customers happy. The most significant advantage of this feature is that it can allow you to adjust your resources accordingly to meet demand consistently.
Also, with this feature, you’ll always be notified of your products and their specifications like color, sizes, material, etc. This will give you a better judgment on which aspect you should put your resources in and how much time you have before the customer gets frustrated.
Not only that, but it will also help you with aligning your sales according to the demand on the market. This is especially true if your company’s products rely on seasons like the Christmas holidays or Halloween.
There are several more features that inventory management systems can offer, but the ones listed above are some of the most common yet most important features. These features will manage your inventory more and have a more balanced supply and demand. With a suitable inventory management system, you’ll have a much more efficient production and faster processes.
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