Features to Look for in Inventory Management Systems
Inventory management systems form a major part of any business, be it big or small. Having a clearer picture of your inventory levels provides you with more control, thereby setting the supply chain management in place. When you’re looking into cloud based inventory management or field inventory management software, there are certain elements you should be hunting for. We at Cloud Inventory provide you with the best cloud inventory management for manufacturing and more.
What to Look for in an Inventory Management System
So, what should you be looking for in an inventory management system? Here’s what:
Barcoding and Tagging
Manual data accumulations can cause human errors. With a barcoding module, however, these errors can be eliminated. In comparison to manual data entry, scanning a barcode leads to reliable and quicker solutions. It also helps in reducing employee training time since it barely requires a few minutes to learn. Barcoding helps in keeping a track of prices and product details along with improving inventory control. This allows you to locate your products, get their precise details, and record things faster than the workforce.
Inventory tracking is another feature your inventory management system should have. Barcoding helps you track your inventory effectually. In order to have real-time data of your inventory, some of the essential things include RFID and asset serial numbers. With the feature of inventory tracking, you can also have access to tagging, product tracking, and reports and audits.
To make the most of your inventory management, you must have real-time access to order status, shipment, product status, and so on. Optimized reporting tools can help with reducing human errors, flawless and smooth communication, enhancing productivity, and increasing sales.
No business wants to disappoint its customers with a product being low in quantity or out of stock, which is why inventory forecasting is a vital feature to have in an inventory management system. It gives you control over spending your resources, allowing you to provide a positive user experience. Businesses can, therefore, become more aware of sales attributes such as material, scent, color, size, and other features. It enables you to be more aware of the purchased quantity required. Forecasting reduces the risk of stock-outs, lowers holding costs, increases turnover rates, maximizes asset efficiency, and aligns your sales and marketing efforts.
Do you remember a time when businesses had to manually monitor their critical stock data? You can now save your precious time and money with an inventory management system that instantly alerts you regarding low stock inventory.
When the right inventory alert feature is involved, you can find out any issues regarding your inventory through text messages and emails as well. You can receive alerts regarding the shipments that come in, the shipments that go out, the status of shipments, and any other related information. These inventory alerts help with maintaining operational control, driving sales, managing your investment style, improving cross-department visibility of stock data, optimizing inventory levels, and reducing stock waste.