What is an inventory management system? What type of features does it offer? Read this article and discover everything you need to know!
Being better and more professional at tracking the things you sell is really a great way to make more money! When you track the items you have in your online store, you can easily predict how much exactly you will sell today, tomorrow, and one week from now and reorder more items before you run out of products.
It is proven that one of the best ways to do all the tracking, planning, predicting, and reordering is to use an inventory management system. In this article, we will look at what this means exactly, what type of features come with system, what type of features you need, and what you can accomplish with implementing a good inventory management system.
A good inventory management software follows items through the supply chain the business operates in. This chain covers everything from production and warehousing to shipping and delivery. In other words, the business, as well as, the business owner can see all the moving parts of its sale operations and this will help him make better investments and business decisions. You should know that different inventory management systems focus on different parts of the chain. The small businesses are often interested in the sales and ordering information as this is something that concerns them the most. The inventory management systems also vary in cost.
Let’s talk about the features that come with the inventory management tools. The inventory software you will choose to manage and control your inventory could offer lots of features. Each business industry and niche has its own unique requirements, however, all inventory management systems include inventory alerts, inventory forecasting, barcoding, accounting tools or tie-ins, and reporting tools.
➢ Manufacturing inventory management:
The manufacturing process usually revolves around bills of materials and work orders. The inventory management at this point is about controlling the work orders, as well as, the bills to your current materials. This type of system will provide you with automatic reordering, inventory levels for parts and finish products, materials tracking, and integrations with maintenance software or ERP. By properly tracking the work you are doing, as well as, the materials needed to produce that work, you will be able to make more money. It is almost impossible to build and run a profitable manufacturing business without implementing an inventory management system.
➢ Warehouse inventory management:
You probably know that managing a warehouse is quite different than everything else and requires various system features. The warehouse inventory management system includes features such as multiple location support, order picking support, advanced barcode systems that support QR and other standards, and shelf & bin tracking systems.
➢ Retail inventory management:
➢ This type of system help retailers keep their company running profitably and smoothly. A good inventory software system can keep your shelves full and always accessible. There are lots of features that come with this software system and the most important ones are barcoding support, automatic reorder, inventory forecasting tools, and order picking support.