To maintain retail, manufacturing, or even logistic business, an inventory or merchandise management system is a must, isn’t it? The best software can solve a lot of problems and open up the doors of lots of opportunities.
So how can you know which one will be the best? Well, in this article, I’ll explain the top features of the inventory management system.
After going through all of them, you can easily justify whether a system is good or not.
What Is Inventory Management System?
At the very beginning, let’s see what an inventory management system is. Basically, it’s software that automates the core activities and stores the important data of customers, orders, storage, and many more.
The benefits of this software are simply great. It reduces manual work, saves time, prevents data loss, and many more.
Since it’s a big part of your business, you should be extra careful while developing one. So, let’s have a quick look at what a perfect inventory management system comes with.
Top Features of Inventory Management Software
In this segment, I’ll mention the top features that an inventory system must-have. See them at a glance.
1. Inventory Management
This one is the most basic and necessary module to manage your whole business operation. It controls everything from product arrival at a wirehouse to product discharge towards its destination.
The inventory management feature will let you know the product specifications, history, stock levels, etc., in detail.
An ideal software will also alert you when you are about to run out of any products.
2. Inventory Tracking
The inventory Tracking feature deals with product tracking. This function allows you to track your product by barcodes, serial numbers, RFID tags, etc. With this, you will be able to track the situation in the supply chain.
This feature is especially important for the food or makeup business as you have to monitor things like expiry dates. Hence, you will be able to manage your product before they become wasted.
3. Purchase and Supplier Management
One of the best ways to make your business efficient is to stop buying needless things. With this feature, you can see what exactly you need to buy, the worth of the purchase, as well as where to buy.
On the other hand, if your inventory data and purchasing process are in a different place, there is a high chance you will make a mistake while copy-pasting the supplier details.
The system will let you handle all the processes accurately and easily.
4. Barcoding and Scanning
Manual data collection has a high risk of human error. But the barcode makes everything super easy. Just scan the barcodes, and you will get the exact information of the price and product details.
The process is way too fast than doing this manually.
5. Inventory Analysis and Reporting
Real-time data is essential to come with a future plan and work accordingly. Good inventory software comes with analytical tools that create a pattern in the overall business operation. Therefore, you can vividly see the future demand and play a safe game.
6. IoT Integration and Mobile Application
To give your inventory system a modern touch, the system must have IoT integration as well as mobile application-based development.
The IoT integration will provide you with more control in reporting, digital marketing, GPS and RFID-enabled tracking, and many more.
Meanwhile, a mobile application will let you control your business no matter where you are. You will see the real-time data and get instant alerts and notifications, even if you are not in your store in person.
7. Cloud Infrastructure with Real-Time Updates
Cloud-based software is a must when you are looking for a scalable and cost-effective option. The infrastructure automatically backs up all your data and collaborates with multiple business locations.
It also secures access to your system. Hence, you can be safe from data loss and data theft both. And luckily, maintaining the whole system is easy too. You don’t have to hire a dedicated person for this purpose.
8. Unlimited SKUs
SKU or stock keeping unit is a number that retailers assign to products to keep track of. Your inventory management system should allow adding unlimited products, customers, transactions, and everything.
This will help you to scale up your business in the near future.
Well, these are the most crucial features that you must include in your system.
So far, you have seen the top features of the inventory management system briefly. Proper application of these features indeed gives you a complete insight into your business.