10 Essential Features for Your Inventory Management System

Get the best possible features for managing your inventory. You can get your hands on the best possible solutions designed specifically for you. You have to think about the right kind of combination to make your inventory heroic.

You always keep an eye on your inventories. You are always on the edge when you deal with it. You like to check how much stock you are supposed to order and when. It’s a race and you are aiming for the bull, it is tiring to keep up with supply and demand.

It steals all your attention from other tasks. You want to focus on the good practice of ensuring your stock is full while your customers are happy with timely deliveries. There are a lot of companies out there; you do not want to lose out to them.

So why not fast forward this lengthy process of supply chain management? You have realized that time is too precious. You want to avoid risking stock outs and manual errors. It is time you get a developer, automate, and score a knockout.

“In SMEs, inventory is the most vital element in nearly 60% to 70% of the total capitals used for existing resources.” – according to a study published on Allen Institute’s Simantic scholar.

Which are the Best Features That Can Make Your Inventory Invincible?

Here is a list of some features that you might regret not having in the future: -

1. Get Inventory Control

Inventory control will help you to simplify warehouse processes. You can track orders and shipments. It will help you cut costs to make your process efficient.

The inventory control software will help you with financial accounting system integration. You can track inventory in multiple locations. You can check SKU conversions, manage purchase orders, and handle bulk, batch, and serial consignments. You can also check the expiry date of your products.

You can get customized software for inventory management even if you cater to a rare industry. For example, an Ottawa-based company, Cash for Trash, used our expertise to fulfill their needs for a niche industry like recycling. Our best-in-class custom-made inventory management software will help you lower inventory investment. You use every dollar spent on inventory with the highest returns.

2. You Track Your Inventory

When you visit malls and grocery stores, you see the sales rep using a machine on everything you bought during billing. You can use this bar-coding to your advantage. Bar code will inform you about the product, cost, when it was picked up, shipped, etc.

You can also use Radiofrequency identification (RFID) to track inventory. You can use active RFID for real-time tracking information and security. For example - you should go with Active RFID to get a live location for delivery. You can use passive RFID when there is no threat to security, which is why you see it in malls and shops.

3. Optimizing Your Inventory

You want to maintain the right amount of inventory required to meet demand, keep logistics costs low, and avoid common inventory issues such as stock outs, overstocking, and backorders. 

• Inventory Forecasting

A company has a 30-day forecast for cookies. If they sold 43 units over the previous 30 days, the base demand would be 43.

It gives a starting point to show you how you can increase accuracy. You can gather trends like these from your data that may influence demand.

• Demand Planning

A grocery store wants to prepare its inventory levels for next year at the end of Thanksgiving. They look at sales, competition, and growth. They can now plan and launch new deals to position themselves as the go-to Thanksgiving destination.

Your inventory may need different optimization and planning. For example, you ordered the exact amount of raw materials. Later on, with variation in supply, you wish you had extra safety stock.

You need to assess the supply and demand to stock the perfect inventory. You have to minimize costs and improve customer service with prompt delivery.

4. Machine Learning and AI

You can use machine learning to improve stock tracking, optimize inventory storage, and offer transparency.

Use Machine learning to customize the software to suit your business. Take the example of Amazon; with Artificial Intelligence (AI), they have tens of robots in their warehouses worldwide. These robots are helping them to pick and pack parcels and fill orders efficiently.

5. Cloud Inventory

Cloud-based inventory management software will help you to reduce errors in stocks. You can log into the system with any device, get data, reports, complete audits, and access stock movement history. All the while, you can relax in your car en route to your next sales meeting! Cloud will help you manage your inventory and prevent stock from going missing.

6. Automated Order Management

You can control your order placement, fulfillment, and invoicing process with a system of your own. It is easy to gain clarity on control of the order. An automated system collects sales and customer information. It will help you improve the customer experience and make better decisions.

7. Lot Tracking

Lot tracking can track product lots from start to finish. Lot numbers can help you trace quality control, recalls, reporting, and other information like production faults.

Businesses involved in food or medical-related products need to track a product from its origin to the end consumer. They have to follow regulations. They can assign track-specific inventory by a lot number. It helps them to track the lot.

8. Inventory Alert

You get notified automatically as inventory items fall below a minimum stock. You will get a notification; it will help you decide if you want to reorder stock. The alert can also you after an event. You can use it to set a task list or work order for a person.

9. Mobile Systems

You can track assets and inventory using your iOS or Android smartphone. With an app, you can replace traditional barcode scanners for scanning; and manual data entry.

10. Security and Backup

You have to make sure that your inventory is safe to be in control of stored goods. You need security for warehouse management as safety and efficiency lead to good performance. To help keep operations running smoothly, ensure you address supply chain and inventory control strategies and have backup plans in place before there is an issue.

Summing Up -

You have a better grip on your inventory with inventory management. Here is an interesting stat for you. 57% of companies believe that supply chain management gives them a competitive edge to develop their business (GEODIS, 2019). You can re-invest savings in other business areas. You gain helpful business insights to boost your decision-making ability. You can remove unwarranted mistakes, mishandling products, avoid mishaps, and cut costs. You simply need to unravel the Gennie by hiring a developer, and the jackpot is yours!