The inventory management system is a software system that is used to track inventory levels, orders, sales, and deliveries. An inventory-based management system solely maintains records. But now, many businesses have more strategic inventory requirements to plan, project and fill customer orders and improve profitability.
Companies rely on an inventory management system to avoid product overstock and outages. It is an excellent tool for organizing inventory data. Before this, the inventory data was usually stored in hard-copy form or spreadsheets. To understand the inventory management system, it is equally important to understand the features of this software system.
Features of an inventory management system
It will also be interesting to see the role of MDM in inventory management. The inventory in mobile device management software can store a wealth of information about technology hardware, operating systems, software and services, settings, and provisioned accounts. There are certain features or critical components of the inventory management software system. These are highlighted below in the section.
- Barcoding & Tagging
- Inventory tracking
- Reporting tools
- Inventory forecasting
- Inventory alerts
- Inventory security and backups
- IoT Integration
- Cloud-based software with real-time updates
Barcoding & Tagging
This module helps to eliminate any human error, which mainly is the result of manual data accumulations. Barcoding improves inventory control and tracks things such as pricing and product details precisely.
The key benefits of barcoding are:
- Scanning is easy
- Faster performance
- Records things faster than the workforce
- Get precise details of products
- Locate products
Assets serial number, RFID, and other important things are crucial as they let you understand real-time data of everything inventory. There are a few things that you can do with inventory tracking; these are:
- Product tracking
- Reports and audits
If you are into inventory business, then you need to be updated with real-time data such as product status, driver’s whereabouts, order, shipment, and much more. You can enjoy the presence of various reporting tools and features streamlined into the inventory management system apps to carry out the reporting tasks smoothly. The benefits you can lift with optimized reporting tools are:
- Smooth and flawless communication
- Enhanced productivity
- Reduced common human error
Businesses who usually manage their inventory report to 2-10 % increase in sales.
It tells you about the products in and out of stock. With this feature, you can use the resources wisely and give your customers the best user experience.
Knowing and understanding the attributes like size, colour, event material, and other things can keep you more accurate. With this, you can yourself make smart decisions like what to buy and in what amount. The benefits of inventory forecasting are:
- Powerful future insights
- Align sales and marketing efforts
- Reduce the risk of stock-outs
- Lower holding costs
- Enhanced turnover rates
- Maximizes assets efficiency
With the inventory alert feature, you will be able to find out the possible issues that might occur in the future directly via email or SMS alert. Important aspects like what goes out, what comes in, the status of the shipment, and issue alerts can be recorded with the right and accurate inventory alert system. The awesome benefits that you get with this feature are as such:
- A decrease in stock waste
- Optimized inventory levels
- Improved cross-department visibility of stock data
- Manages your investment pattern
- Boost sales
- Maintains operational control
Inventory security and backups
Irrespective of what business you are running, maintaining the security of the assets is crucial. With mobile device management software solutions, you can easily manage and maintain the safety of all the digital assets remotely.
This system is in great demand as it, along with RFID, helps manufacturers outflank the problems faced manually. IIoT integration with inventory systems makes the data given by RFID readers into productive and meaningful insights. This integration will let you know about the item’s location, assets, live status, movement, and so much more. The other benefits that you can enjoy with this feature are:
- Automated tracking and reporting
- Keeps a constant tab on assets, location, movement, and quantity
- Keeps inventory optimized
- Lead time optimization
Cloud-based software with real-time updates
With this feature, you can access the system on any device, anytime, anywhere. This means that it will improve coordination with the staff. This feature will empower you to take the right and quick decision in no time. The other benefits are:
- Cost savings
- Ease of access
- Safety and security concerns
- Real-time visibility
- Enhanced efficiency
- Improved coordination
You must have realized that a sound inventory system will provide high visibility of all items right from the shelf to the bin remotely, if necessary. Having such a technology in place will allow you to replenish the stock in time without missing out any vital information.