10 Basic functions of Inventory Management Software

Getting your inventory management right can affect your entire business helping you keep your costs under control by contributing to managing your supply chain seamlessly. 

Automating all your inventory management functions, an Inventory Management Software is a computer-based solution that provides an organization with a comprehensive solution for their inventory management requirements. It will keep track of orders, inventory levels, sales and deliveries in point of sales and more for you making your inventory management process more streamlined. 

Inventory Management Software provides great value to an organization. Below we’ve listed 10 basic functions of the Inventory Management Software.

Simplified Inventory Management
One of the key functions of an Inventory Management Software is that it makes the process of managing your inventory a whole lot easier saving time and money. It automates the key business processes and guides you to make smarter decisions.

Increased productivity and efficiency
By automating the daily manual tasks that are required an Inventory Management Software enables to increase productivity and efficiency which aids in maximizing the growth of your business. It also saves countless hours and the software also creates the opportunity to print shipping labels, manage stock, process and dispatch orders, create and update listings all from the same dashboard.

Increase Profitability 
The software also uses marketing and production to increase profitability and to reach the maximum amount for the business investment.  With the ability to automate key business operations there is the possibility to efficiently and accurately fulfil tasks such as managing stock levels, updating listings across all selling channels and processing orders which will, in turn, reduce expenses and maximize profitability.

Avoid stock-outs and excess stock
The Inventory Management Software offers multi-level stock management. It is often a challenging task to manage and maintain the exact balance in inventories. Having too little stock can lead to a stock-out and disappoint customers and lead to a possible loss while excess stock can take up warehouse space. Either way, it is an additional expense to the business. An Inventory Management Software tracks low stock levels and set automatic re-ordering for each product. It can also be set to re-order points while estimating product demand, further reducing the risk of ordering excess.

Quality Management
This software identifies and tracks various issues that can occur such as delayed shipments, broken packages…etc. and through analytics provides guidance regarding the factors impacting quality.

Balancing Supply and Demand
Delivering demands at the exact time, for the least amount of money without a surplus is a feature of a quality Inventory Management Software.

Forecasting and planning
You can identify the viability of opening multiple regional warehouses located near key customers to increase efficiencies and improve service levels through insights provided by the Inventory Management Software.

Inventory Reports
The software will automatically generate reports. You will receive reports such as low-stock reports, perpetual inventory validation reports, and inventory forecast reports.

An all-in-one solution
It is a key feature of a reputed Inventory Management Software to include order management, listing management functionality and shipping management and will assist in streamlining the entire selling process.

Serial-number tracking
Another function of Inventory Management Software is serial-number tracking. The software manages a limitless amount of serial numbers from the time, the inventory is received and to the time it is issued. The data is recorded permanently in the system for further reference.

Investing in an inventory management system can reap you instant benefits in managing your inventory increasing profits and decreasing the complexity of processes. For businesses looking to taking their business to the next level, the software is a fundamental necessity to grow your business.