Key Features Of Inventory Management System For Your Business

By Author: Bhrungaraj Sahoo
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Inventory management is a tedious process in every kind of business that deals with inventories and slows down your

business activities and growth. Right inventory stock and store management system can help you. The inventory management system is a must whether you own a cement and brick store, a supermarket, e-commerce company, or a logistics company. You can have insights about every aspect of our products every time.

Inventory stock management system:

Inventory stock and store management system is a tool for tracking your inventories across your supply chain.
It boosts the performance of the entire process from placing an order to complete the order of the product. Inventory software tool optimizes your inventory management.

Inventory management software has a pretty good mix of all features for managing the inventories of your business. But what are the basic features that you need to perfect Inventory management?

Here is a list of features and inventory management solutions that you need to consider.

Inventory management software features:

Inventory management provides transparency and up to date information that has a great impact on your business goals. Inventory stock and store management systems can provide you accurate tracking, analyzing market trends, knowing customers, minimizing waste, and making correct business decisions.

The below-given features are the essential features that you require while managing your inventories.

1. Stock notification

Notification pop-ups for alerts when there is overstock or understock beyond the defined threshold. It helps you to place new orders and clear old stock by providing discounts.

2. Barcode scanning facility

Products with labels and barcodes are easily identified and tracked with prices. Inventory management software with barcode scanning facilitates easy identifying and tracking of inventories.

3. Record of the purchase order

This feature enables you a single view of your purchase order. It helps you to know the demand for the product in the market (Evergreen demand or seasonal demand) and meet the customer's demand.

4. Handles stock return

The software handles stock return effectively through an automatic process and thus saves time.

5. Management of multi-location

Multi-Location helps to manage the stock of multiple warehouses. Various locations can be integrated with this feature.

6. Material grouping

This feature enables the grouping of products into predefine classification and you will always be updated with quantities of different materials. You can always rearrange and reorder schedules as per the requirements.

7. Report of history

You can have a report of sales history and a list of products that have higher market demand. It helps you in managing your inventories and stock clearing.

8. Optimization of inventories

It helps in maintaining the right quantity of inventories. You will not have over or under quantity stock. It is very much useful in case of a fall in demand and seasonal demand.

Inventory stock and store management system/software has other various attractive features that help you to manage your assets. While purchasing software, you can look out for your required features according to your business and can filter out specifications.