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5 Key Features That Makes for a Competitive Inventory Management System

What Exactly Is Inventory Software, And Do I Need It?

If your business deals with a lot of stock on a regular basis then you probably already have an inventory management solution.

But the true question is – is your system as full-fledged as you believe?

The best solutions that a business can implement is either a one solution fits all or solutions that easily integrate with everything and can all work in sync allowing you to see exactly how your business is performing.

So what are the benefits of having an all-in-one inventory system?

It’s how you can easily navigate through the system to see how your finances are lining up with your sales and CRM, and how that can all tie into your inventory and stock levels.

The all-in-one system can give you a detailed report and estimates of how your business has performed or may perform in the future, giving you a full overview of which direction your business is headed.

This takes the heavy lifting off your shoulders and allows you to take a step back and ideate what steps to take next to take your business to the next level.

Having multiple solutions will allow you to focus on the different aspects of business by solely focussing on inventory, accounting and so on.

The key to having multiple solutions is ensuring that they all integrate with each other to give you a full overview of your business.

If the different solutions don’t integrate with each other then you are going to have a headache trying to figure out how your business is performing – and it could be very costly for you.

Here are 5 key features below that inventory management should have to transform your business:

  1. Integration

Integration is an extremely important aspect of any software.

It’s vital to get a full picture of what’s going on in your business different integrations are a necessity unless you have an all-in-one solution that can meet all of your business process needs.

It can dramatically increase productivity, reduce wasted time, and can help your business scale and grow as time progresses.

If you are using different software’s throughout your business, you will need to ensure that these are all integrated.

This can prevent overstock and eliminate wastage; it can also ensure that you are staying on top of your sales and deliveries and prevent understock issues in the future.

  1. Automation

The introduction of automation technology is a real game-changer for inventory management solutions.

It considers any stock that you have bought or sold and gives you updated stock levels – and it can also reorder stock so that you can keep an optimum level of stock so that you avoid any stock issues.

Along with reordering stock for you, it also considers any ageing inventory that you may have.

  1. Batch Traceability

Batch traceability is a great feature to have, especially in the Food & Drink or Medical industries, as it can track any products that may have an expiry date.

Saving on any food wastage by being able to track any inventory batch by batch can help companies avoid loss of earnings.

Batch tracking is a smart way to quickly identify and trace the batches of goods that you manufacture, distribute and sell.

Batch traceability enables you to quickly identify and locate goods in storage, during shipment, in stores or in the possession of consumers

  1. Stock Control

Stock Control is the process of ensuring that the appropriate amounts of stock are maintained by a business, to be able to meet customer demand without delay while keeping the costs associated with holding stock to a minimum.

Stock control is important in terms of being able to keep the equilibrium between the supply and demand of your customer’s needs.

If an inventory management solution doesn’t have a stock control system, then it isn’t an inventory management system.

  1. Stock Reporting

A stock report is a summary of a retailer’s existing stock.

It supply’s you details like how much stock you have, which products are selling fastest, category performance, and other information about the status and performance of inventory.

It also gives you insight into how much stock to order at a given time to ensure that you don’t have overstock or understock issues.

The reporting aspect of an inventory management solution is one of the most important aspects of the system.

Inventory management software can assist businesses of all sizes in automating inventory management and increasing operational efficiency.

Searching for an inventory solution with all of the above?

Book a demo with Enterpryze to get started.

Make inventory management a breeze.

Never lose sleep with multiple systems and lack of supply chain transparency.

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