What is inventory management? It is nothing but managing the stocks of the company. It is a crucial part of supply chain management. And what is investors management software?? This software helps to order, analyze and store all the inventories-related data.
You might be aware that handling the investors and keeping an accurate track of them in any business is not a single-hand task. It required lots of effort and time to do so. But in a world full of the internet, this tedious job can also be easily done, if you know what to choose. Yes, I am talking about the features you require according to your business needs in inventory management software. The software lessens the labor-intensive work in real-time and is a user-friendly interface. When you have an inventory manager in the form of software, you very well know the position of your stocks in the business, when to order to avoid overstocking which freezes your capital as well as stocking which hampers your customer base. So, the benefits of this software are quite high. The best part is that it can be used for every product line business. It has made the work of the business owners easy and even helps to earn greater profits.
The important must-have features of the software are:-
Centralized inventory management
As per the workings of the software, the very first feature must have centralized inventory management. Software is not about one foundation. It must have a real-time tracker to track all the units centralized in one. Good reliable software enables all the modules and aspects of the business into a single cohesive unit. The real-time movement tracker of the stocks helps you to get the required information about which stock is in which warehouse units. Few key points are:
- Centralized database
- Multiple units under one roof
- Enhances data collection
- Stock tracker
- Reduce the chances of error.
Barcoding and tagging
It is the other important feature a software has, the bar code provides a faster solution for inventory control and price tracking. It reduces the training coat of the employees, and it eliminates the losses due to human error. This feature helps in recording product details in a few minutes. The traditional way of making the employee learn how to record the product’s details are no more in use. The software does the work more efficiently and effectively. A few features of this module are:
- Scan barcode easily
- better performance
- fast recording saves time
- Get precise details of products
- Products are located easily.
Cloud-based software with real-time updates
When you have a cloud-based inventory management system software and are liked with real-time, the data can be accessed from anywhere and on any device, this is the feature that helps you get the real-time update about the stocks in and out, and stocks availability, it enhances the ability to track. It builds a cordial relationship with the staff where you can guide them, and have a look at their work from anywhere. It will help you to make decisions accurately and In very less time. In short, it saves me, improves coordination, better accessibility, improves efficiency, and better real-time visibility.
Handling Stock returns
It’s not only the stock purchased and stock sales the part of business, but stock returning and handling this can also prove to be a tedious job. In the business of e-commerce, it is a daily routine where the orders are placed, or goods are dispatched but returned due to various reasons. Keeping proper track of the good’s returns is important to handle the stock accurately. Understanding the reason to return is also vital to keep the tracking of the stocks classified. Broken products, size differences, poor quality, expiry products in case of medicines. This feature helps in
- Better combination with the partners
- Improves customer satisfaction
- Saves time
- Reduces wastages
- Reduce the chance of wrong entries.
Control over access and permissions
The reliable software provides you the features with which you can restrict your software access for a particular department or person. The accessibility and permission to every employee are not necessary, if given to all may risk the security of the software. In such a case, anyone can alter the data and manipulate the workings of the business. The employee looking after the department must be permitted to access only that department. Few key benefits are:
- Provides security
- Data integrity
- Provides ownership to the employees
- Avoid losses
- Avoids illegal happenings
Support Multiple sales channels
Your business doesn’t need to deal only with B2C, what if your business deals in both B2C and B2B, different software is needed to handle different sales channels and this might be difficult to handle. So, the software must have the features to integrate the different sales channels. In today’s era, just depending on a single sales channel is not advisable even. The companies are following different channels to boost their sales. So, these features are in demand. The key intakes are:
- Boost sales
- Manages multiple sales channels
- Integrate the customer base
- Highlights the stock
- Reduces multiple channels of data work
- Highlights better sales channel
Mobile support
Your software can have all the new updated technology, and features but even then it is not the one people will prefer. The software must have the feature to be monitored on mobile through mobile apps or mobile supporting websites. It must be Android and IOS based. The stock data can be monitored from anywhere. Mobile is such a device that is always available in the person’s pocket. So this feature of mobile support becomes essential to have in inventory management software. Key points are: –
- Boosts productivity
- Reduces interdepartmental paperwork
- Easy accessibility
- Convenient to use.
Managing inventory is difficult, so here is inventory management. The software comes in handy, it not only manages stocks but also helps in recording order details, stock details, and sales details. It provides under-stock alerts and prevents overstocking. The software is quite beneficial, but investing in any software is not advisable, proper research on its features, and the cost is required. The above discussion will help you out choose the best software according to the features it must have.
