Features of Inventory Management System

Category: Business

What is an inventory management system? An inventory management system is a tool that allows you to track products as they move through your supply chain. It optimizes the entire spectrum, from order placement with your vendor to order delivery to your customer, mapping the entire product journey. Features of inventory management software The software you choose should include all the features required for effective inventory management operations. Barcode scanning: Inventory management software integrates with barcode scanners for instant product identification and labeling, allowing you to easily identify and track your products. Inventory optimization: Inventory optimization means keeping just the right amount of inventory on hand for each product, without overstocking or understocking. It's especially helpful if you sell products that have seasonal demand fluctuations. Stock notifications: Receive alerts and notifications when stock levels exceed a predefined threshold. This helps you to place orders or offer discounts. Report generation: View your sales history as a list of your most popular products. This feature also allows you to manage inventory items that haven't sold as well as you expected, by offering discounts on them. Multi location Management: Multi location management means overseeing multiple warehouses and points of sale (POS). All locations can share a single inventory management system. Managing Stock Returns: Manage returns more efficiently by reducing return time by automating the entire process. Material Grouping: Sort your inventory into predefined categories so that you keep up to date on the quantity and details of the components that make up your product stock and manage their recycling schedule as needed. Purchase Order Record: Create an integrated view of the Purchase Order Record. You can easily identify which products are in high demand permanently and in season and plan accordingly to meet the needs of your customers. RFID-based tracking: This feature is useful if you are supplied by a third party. This feature provides real-time tracking while your inventory is in transit using RFID technology. Warehouse Management: Use this feature to optimize your warehouse stock and keep an accurate log of the location of each product. This will give you an uninterrupted view of where all your products are stored. Demand Estimation: With this feature, you can use past data to predict future demand. It's not always available on all platforms, so if the forecast is important to you, be sure to ask the vendors on your shortlist about it. Choosing an inventory management system If you are considering purchasing an inventory management system for your business, browse the Sundata directory to compare options across hundreds of products. You can narrow down products based on the number of users you want, popular features, deployment types, and more. You can also check out Sundata.in website, which can be a great starting point for new businesses. Find the option that works best for you and start working smarter.