An inventory management system is an amazing system that keeps track of sales, orders, inventory levels as well as deliveries. Such a system is useful for the management of inventory in the manufacturing industry, production-related documents, and material bills. An inventory management system helps business operators with the execution of the most important tasks. For example: tracking shipment whereabouts, sales, orders, scanning of the barcode, purchases as well as many other important business processes.
For businesses, it is very important to regulate work efficiently to meet deadlines. The productiveness of the entire system of the company increases with the help of an inventory management system. All in all, an inventory management system helps in keeping inventory organized and sorted, no matter how large or small your business is.
In today’s article, we’ll walk you through 10 essential features to look for in an inventory management system.
Functions of the inventory management systems
- Increase productivity: An inventory management system enhances the productivity of the company to a greater extent.
- Avoid stock-outs and over-stocks: An inventory management system assists companies with avoiding over-stocks and stock-out scenarios. So, the company never stops functioning.
- Manage quality and Inspect products: This system is responsible for quality inspection and management of the product. Thus, inventory software potentially manages the inventory of the company in a planned and convenient manner.
10 Essential features of an inventory management system
Centralized inventory management
One of the most important functions of the inventory management system is that it tracks all of the information about the inventory. An inventory management system effectively keeps a good track of the stock levels, history of the product as well as many other product specifications. One of the greatest features of the inventory management system software is that it syncs with other modules of the inventory system. This assists in the operation of the inventory system accurately.
A centralized inventory management system increases productivity and collaboration among the team members. Thus, team members from different places can interact with one another and work in sync.
The Multi Source Inventory (MSI) management system by ConnectPOS allows you to automate your inventory management process with multiple warehouses and make stock-taking much easier!
Tagging and Barcoding
Another great feature of the inventory management system is the elimination of standard human errors. Manual data functioning can cause errors, but scanning the barcode saves ample time for workers. The barcoding feature reduces employee training sessions and budget value. Traditionally, recording the data of the products requires so much effort. The inventory management system has made it easier by offering barcoding and tagging features. Now, the bulkiest work is completed in the least amount of time.
Thus, inventory management system software lets you track the products efficiently with the help of tagging and barcoding.
Reporting of the business activities
One of the most advantageous tools of an inventory management system is the reporting of various business activities. Management of an inventory business demands people in charge to remain updated regarding various business activities such as the driver’s location, the status of the product, information regarding the shipment of the order, etc. You can integrate many tools in the inventory management app for carrying out the reporting of tasks efficiently.
Forecasting of the inventory
It is a quite discomforting situation when company products go out of stock. An inventory management system allows you to check what products get out of stock, and what products are abundantly available in the stock of the company. This is a uniquely beneficial way of maintenance of a good user experience as well as spending resources wisely. Consequently, business owners purchase the business inventory smartly and intelligently.
This feature of the inventory management system helps managers in meeting customer expectations and reduction of stock out risks.
Alerts regarding the inventory details
The manual work inventory supervision days are bygone. Now, managers do not have to spend a good amount of time and energy on the management of the stock data. A great inventory management system is one with a stock-out alert feature. In the alerts, the software describes various consequential issues that may occur due to the reduced stock of a particular item.
Backup and security of the inventory
No matter the type of your business, proper backup, and security of the inventory is critical for the functioning of the inventory. Inventory management systems software has good security layers that make hacking impossible. In case inventory software gets hacked, the data has a backup that business operators can access and use. So, backup and security of the inventory prevent any hiccups.
Internet of Things (IoT) and Cloud data software
The inventory management system is cloud-based software, which can be accessed from all types of devices. Also, inventory management system software is IoT-driven, which makes it easier to record all the details of the inventory intelligently and smartly.
IoT keeps the inventory optimized and organized efficiently. All of the employees of the company can get real-time updates.
Integration of inventory management software with other systems
Nowadays, companies have installed an ERP system that has increased the productiveness of the companies to a greater extent. If inventory management systems software can be integrated with ERP, the company can benefit a lot from the integration. Data can be retrieved relentlessly from the system.
Another great feature of the inventory management software system is that it optimizes and organizes the inventory of companies. It becomes easier for the managers to function and meet deadlines with the optimized inventory.
Demand and supply of the product
Business owners manage their inventory well with the help of inventory software. Managers balance the demand and supply of the company products efficiently. This is why businesses are capable of generating a huge amount of revenue on an annual basis.
To wrap it up
An inventory management system offers a good insight into the stocks of the company with the help of automated workflows. Thus, you can manage the entire inventory of the company with help of an integrated inventory management solution efficiently.
We, ConnectPOS, are proud to be capable of offering business owners and operators like you a POS solution that makes your life much easier. Our POS is one of the best cloud-based POS software with numerous features, including inventory management, to ensure a smooth operation of your business.