6 Features of an Excellent Inventory Management Software
One of the challenges many companies have today is getting excellent inventory management software. Managing your inventory isn’t as easy as you think it is. Sometimes, you’d run into an “out of stock” situation. Other times, you’d have excess inventory on hand which affects your margins of profit. These are just a few of the most common problems many companies face. But don’t worry. There’s a solution waiting to be discovered.
You can start looking for inventory management software that will help you manage your order and inventory processes. You need to find one that can help you put them under control. However, there are so many systems and software available. How would you know which software is the best for your company? What are the features you should look for?
What are the Six Features of an Excellent Inventory Management Software?
Recently, there was a survey conducted to ask company owners about what they want their inventory management software to have. The results show that there were six most-requested features. We believe that you should look for these features if you want your software to deliver the best results. These features include scanning and Barcoding, basic inventory control, accounting integration, demand forecasting, kits support, and lot tracking.
1. Scanning and Barcoding
It’s exciting to receive an increase in the number of orders daily. However, it can also be exhausting. Sometimes, there may be problems in terms of fulfilling the orders. Many retailers process a high volume of orders on a day-to-day basis. Because of this, they streamline the processes by implementing scanning and barcoding at the pick, pack, and ship stages.
To make sure you’re getting the most out of your inventory management software, you should always look for this feature. Scanning and barcoding should always be one of the first features you’d ask for you should have defined what your VMI supply chain is meant to deliver and how it is also supposed to do it.
2. Basic Inventory Control
This is the most-requested feature that company owners answered during the survey. Basic inventory control may sound so simple, but there’s a lot more to it. It means that your software has a systematic process in managing and controlling your inventory throughout your sales channels.
Startup companies often use spreadsheets. However, the formulas used in spreadsheets can break. Keeping a track of their inventory will require a lot of manual effort. And as these companies continue to grow, they will soon realize the need for a better and much more efficient way to track their inventory.
The same goes for your company, too. As your company grows, you’ll need a way to track your inventory efficiently. You’ll need software that can perform basic inventory control. So, when you choose a software, you need to look for this feature, to address your company’s needs.
3. Accounting Integration
Accounting integration remains to be an important aspect of any company. It may not be able to help you with inventory management, but it can still help you run your company.
If you want to be able to manage your orders and inventory efficiently, make sure your software can integrate accounting features. This will make a big difference. Not only will you be able to post to your ledger account easier. You will also be able to track your business expenses outside your inventory.
4. Demand Forecasting
Did you know that demand forecasting is the key to plan what you should order? This will help you spend your resources wisely. Using the right tools, you’ll understand which of your products are selling and which of the channels are performing.
Demand forecasting can help your business. If you can drill down and see your sales attributes, you’ll be able to keep accurate inventory levels. Knowing the scent, size, or the material of your sales can help you make the best decisions on how much and what to buy.
5. Kits Support or Bundled Products
At this time, stores have already added bundles or kits to their item mix. That means the stores sell them as a collection of products and not individually. For example, a collection of products in a set or a gift basket.
It’s kind of tough to manage these kinds of products, especially from a standpoint of inventory management. If your software can support products in bundles or kits, then you’ll be surprised with what it can do for you. It can improve the number of kits you can assemble, what products you can re-order, and more!
6. Lot Tracking
Stores that sell FDA-regulated items know how important it is to identify specific lots or stock items. Lot tracking works especially when an item is recalled for any reason. With this feature, you’ll know which of your items are still in stock, and which of them should be pulled from the inventory.
Lot tracking also allows you to know which among your customers have received an item from the lot. It will send them a notification to make sure that your customers are safe. You can do this using raw material or whatever is required by your company.
Make sure that your inventory management software provides this feature to help you do your work easier.
These are the most-requested features many company owners answered during the survey. These features all contribute to successful inventory management software. If you want to have an easier way of tracking and managing your orders, you shouldn’t miss any of them.
If you need help finding an excellent inventory management software, Shortly is your best friend. They can help businesses like yours to spend less time managing your inventory. That way, you’ll have more time to take care of your business. You wouldn’t need lengthy sales visits or a hundred-page guide to learn all about inventory management.
You just need a system like Shortly and you’re good to go! It will already be up and running in just a few minutes. Let us know your thoughts on the comments section below, and we’d love to answer them!