Inventory management software is changing the way businesses operate. It’s a modernised system, bringing benefits and positive results to companies big and small. Like all technology, this software is constantly evolving. Part of that evolution means it is becoming more and more adaptable to a variety of business scenarios.
Inventory management software allows businesses to closely monitor their inventory and supplies that they use to deliver end-products to customers. Through this monitoring process, it encourages a more efficient management system. Every business is unique, which means their inventory process will be too. Fortunately, inventory management software is diverse and can be applied in a number of settings. By highlighting some of the features of this software, it will be clear to see the benefits of its application.
This feature allows inventory stock to become more organised, allowing products to be searchable through a variety of identifiers such as product type, name, cost, date produced, popularity, supplier and copious other filters. This constantly tracks what inventory stock is where, how much is available, provides invaluable data for tracking demand, and can create reports to prompt automated ordering.
Since inventory management software is always tracking what inventory is in a warehouse and can identify when it needs to be replenished, it can change the way a business places orders. With constant real-time data about inventory stock levels, businesses can sculpt their new shipments based on the Just-In- Time philosophy. This system allows businesses to interact smartly with the supply and demand curve. Previously, businesses would order bulk inventory stock and keep it on the shelves for months on end. Now instead, they quickly order the additional inventory stock just before it’s needed in the warehouse. This process eliminates waste, as the tracking process is automated by the software, rather than depending on manual efforts.
Another software feature that allows the inventory management process to become smoother, it the ability to communicate with the shipping processes. If there are specific shipping companies or couriers that a business is linked to, the software can work closely and directly with those shippers. Since this is automated, it saves businesses a lot of time and manual effort coordinating the shipping process. As the manual handling and effort is decreased, it simplifies processes, keeping them more consistent and efficient.
Reporting is an integral feature to have in an inventory management system. Reports can streamline the workflow processes. In addition, it can easily identify the supply and demand of a product, aiding in the decision of how much inventory stock to keep on hand. Sales trends can also be highlighted through reports. With inventory management software, reports can also be customisable and provide up-to-date information to stay competitive.
Article by Melanie Chan in collaboration with our team of Unleashed Software inventory and business specialists. Melanie has been writing about inventory management for the past three years. When not writing about inventory management, you can find her eating her way through Auckland.