When considering inventory management, the hotel industry is occasionally disregarded. After all, what exactly do they sell? For hoteliers, their inventory consists of the rooms they rent out each night; for restaurateurs, it consists of the food and drinks they buy or prepare but do not ultimately sell to customers for a price.
The relatively ethereal nature of the hospitality industry’s product or the challenges involved in tracking it and taking stock can make inventory management challenging. In this article, ConnectPOS will demonstrate inventory management feature.
What is hospitality inventory management software?
Organizations may better fulfill customer demand and prevent overstocking or stockouts by keeping track of all incoming and departing products with the use of an inventory management system. Every crucial business function—including accounting, production, warehouse management, buying, selling, and customer service—is impacted by the system.
What features should hospitality management software include?
Inventory control is a crucial inventory management feature to supply chain management because it deals with goods that are already in stock at the warehouse. Products can be categorized by kind, location, and SKU (or serial number) using inventory control software. They can also be searched, filtered, and viewed.
The information from other system components, like inventory control, is governed by inventory management features. Not only that, but inventory management also deals with commercial operations that take place before the stock enters a warehouse and how the goods get to other locations.
These capabilities consist of tools for managing warehouses across several locations as well as connections to other programs or enterprise resource planning (ERP) platforms (for example, generating paperless invoices and purchase orders). Find out more about the distinctions between inventory control and management.
You must keep tabs on the whereabouts of goods and materials in the supply chain in order to apply inventory controls. Features for continuous inventory tracking assist in automating manual processes.
For instance, when a receipt or invoice is created, the system immediately generates a tracking number. By communicating what’s in stock or shipment timeframes, tracking integrations with third-party logistics (3PL) providers and an email solution help firms better manage customer interactions.
Utilize inventory optimization to advance the planning of your inventory. A simple inventory strategy can be made more sophisticated. You can employ systems that provide automatic reports, inventory trends, and a view of changes across the whole supply chain in place of typical ordering formulas and a simple ordering procedure.
You can better match supply and demand with the use of this information, allowing you to use your inventory management feature more efficiently.
Inventory alerts, an inventory management feature, are triggered by a number of modules, which decrease waste, improve inventory financials, and control customer expectations. These functions consist of automated email or SMS alerts that notify you of low inventory levels, shipment delays, and supply chain disruptions.
Inventory alerts provide an additional degree of operational control for supplier management, material planning, logistics of shipment, and sales forecasting.
By always having the products customers desire in stock, inventory management feature may streamline procedures, enhance inventory management techniques, and help keep customers satisfied. There are many options available to decision-makers, and choosing the best option requires time, research, and asking insightful questions.
ConnectPOS has solutions and numerous tools that can facilitate the process. A variety of inventory management and control functions are available with ConnectPOS, including cycle counting, lot and serial tracking, automated stock replenishment, and multi-location inventory management. Contact us right away!