5 Must-Have Inventory Management Software Features

5 inventory management software features
 | Updated on: February 17, 2023

What is inventory automation?

Inventory automation is a software solution that enables you to track and manage inventory in real-time. Once configured, it replaces the repetitive manual tasks that are prone to human error, such as miscounting and miscalculations. It reduces the human intervention required in managing inventory and simplifies workflows, thereby saving considerable time.

Inventory automation is similar to inventory management. Automated inventory solutions include inventory control, reporting, and generation of purchase orders. The automation software provides a user-friendly interface to set up the various parameters, after which the software works on auto-pilot. It counts computers and reports according to these parameters to provide better visibility into your inventory. 

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How does automated inventory management software help a business?

Increase revenue through profits

An inventory management system enables businesses to understand what is available and when. This allows you to better sell what is in stock and create a better profit margin, thereby improving revenue and profits.

Inventory visibility

Inventory visibility is the key aspect of an inventory management system as it gives a real-time view of inventory in the various warehouses. Additionally, with an inventory management system, you can instantly get insight into your stocks, thereby eliminating redundant processes.

Higher accuracy

An inventory management system is highly accurate as it minimizes human error considerably. This gives you a clear picture of the actual number of inventory items stored at each warehouse. It also ensures that your website reflects the correct number of products rather than incorrectly displaying them.

Improves customer perception

Your customers are your bread and butter. If they are unhappy, your marketing strategies, among others, are a waste of money and time. This can trickle down to every aspect of your business, causing revenue loss. With an inventory management system in place, you can improve customer perception.

Enhances cash flow

Let us say you have three distinct product lines. If you are launching them in the market, you want to put a metric in place to measure which product line is doing the best. Without an inventory control and management system in place, this is difficult to do. You simply don’t know what is selling, or perhaps you find out too late.

Saves time

Imagine a person using physical counts of your inventory compared to software that keeps tabs on your products. Of course, the second option is faster and easier. Inventory management saves time as people no longer need manual processes to manage inventory counting.

Cost savings

An automated inventory system cuts costs across the board. It ensures that only optimum inventory levels are maintained at each warehouse, thereby saving on storage costs. It also makes fulfilling orders simpler and more efficient, cutting costs where possible. This cuts down considerable overhead costs.

5 Must-have features of inventory management software

When looking for inventory management software, you want to consider the cost, the reviews, and the vendor's reliability. Once you have looked at these, ensure the software has these 5 features.

Centralized inventory management

Centralized inventory management allows for better inventory visibility as you can view how much stock is stored, where it is stored, and when it is stored. The stock movement is also visible through this method making inventory management simpler.

Reporting of the business activities

Reporting gives businesses an idea of how well they are doing, what is working for them, and how they can change the outcome in the future. Inventory reports give you information about which products are selling the fastest and which are selling the lowest, thereby showing you which products to stock and which to pull out from the market.

Adaptable to your business needs

The inventory management software should be flexible to adapt to your business needs.An adaptable software should be scalable because as your business grows, the needs will change even if it is by a small margin. A scalable software such as TallyPrime ensures your business is ready for future growth and the challenges that come with it. Scalability is at the same level of importance as adaptability. 

Enables maintenance of optimum inventory levels

Every business will benefit from maintaining optimum inventory levels and inventory software helps you achieve that. With its thorough reporting capabilities, you know what optimum means for your business. In this way, you can maintain sufficient inventory levels thereby preventing dead stock, understocking, and overstocking.

Functional and accessible on every device

An accessible software solution will allow you to access your business data from any place you wish. As long as you have an active Internet connection, you are good to go, as you can access the essentials of your business activities. Whether you want to see the stock at any given moment or pull out an inventory report, you can do so easily when the software is accessible from anywhere.

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