5 Must Have Features of an Inventory Management System

 

Effective inventory control is no simple task, as you are well aware. This is particularly true if the management of the associated tasks in your company is done manually. The administration of your company's supply chain procedures also heavily relies on inventory control. However, the needs of every business vary. In order to select a product that fits your needs, you must be sure to establish the requirements for your inventory management system.

It's a good thing that there are options for managing your inventory more effectively so you can save time and money. Software for managing inventories gives firms a number of options to manage their inventory procedures.

Let's look at the specifics of the inventory management system before we go over a list of 5 of the most common requirements.

Tags and Barcodes

Because manual data accumulations frequently result in human error, the barcoding module aids in removing this problem. As opposed to manual data entry, scanning barcodes offers quick and dependable solutions. The time needed for employee training is also decreased by the barcode system, as it just takes a short while to learn. To train a worker on how to record product details, the conventional method called for a lot of work and labour.

Barcoding enhances inventory management and accurately tracks factors like pricing and product information.

Analytics and Reporting

Use IM analytics to analyse patterns in your processes and project future demand and sales to grow your business. Utilizing demand forecasting can help cut back on carrying costs and safety stock. When you have excellent insights into how much you'll truly need, keeping inventory around only for safety's sake is no longer necessary.

Many systems provide simple-to-use dashboards to help you visualise your data.

  • Report Integration
  • Customized Reports
  • Drill-Down

Backup and inventory security

For any business sector, proper inventory backup and security are crucial. It safeguards your company's inventory against loss of any information or merchandise due to theft or other causes.

Essential elements in the programme guard against theft and keep organisations safe. Data that business operators can view and utilise can be backed up in case inventory software is compromised. So any loss is avoided by backing up and safeguarding the merchandise.

Inventories' forecasts

When business supplies run out, it may be a very uncomfortable scenario. You may monitor which products run out of stock and which are widely available in the company's inventory by using an inventory management system. This is a particularly advantageous method for preserving a positive user experience and judicious resource use. Therefore, business owners make wise and informed decisions when buying their goods.

By reducing stock out risks and assisting managers in satisfying customer expectations, this element of the inventory management system is beneficial.

Useful and reachable on every device

One of the features of inventory management software is the mobile access to corporate data. It's unlikely that you'll simply use your work computer to access your inventory management software. If you need to access the software when travelling or at home, you should be able to do so without any problems. As long as your device is online and connected to the Internet, eWAY enables you to access any inventory-related data.

You can access the business reports using a web browser on your tablet or smartphone.

eWAY: Software for SMEs to manage their inventory

Every essential aspect and feature of inventory management is offered by eWAY. Inventory management for SMEs is one of the greatest business management software solutions offered by this company. Businesses with numerous storage facilities and a variety of product lines would likewise benefit greatly from it. For effective stock management, eWAY enables units of measurement that are flexible. In addition, it includes functions for job work that offer information on the status of both jobs and materials. The software solution provides automation in the preparation of re-order status reports that contain data on the required quantity orders.

Conclusion

You can not only boost efficiency with the capabilities of inventory management software, but you can also significantly reduce costs. Saving money has a favourable effect on the bottom line.

With the use of inventory management software, you can view all transactions on a single screen, which simplifies understanding. In addition to creating and maintaining a list of consumables and replacement parts, you can check the stock levels across all locations from a single view point. Software for asset or inventory management has the potential to advance your company to new heights.

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