5 Must-Have Features of Inventory Management Software

Managing the inventory effectively is no piece of the cake without using the software. But choosing the right inventory management software is a tough task as well having so many variants in the market. So, which software is apt for the organization?

The primary step to take while choosing the perfect software for your organization is to make a checklist of the requirements. Based on the checklist, you can determine which features are available in the software and prevent you from getting a system with features that are way more than what you need.

Key Features of Inventory Management Software

In the next section, we have dug deep into the top 5 features that all inventory software should have to fulfil every little organizational requirement in streamlining the business flow.

  1. Managing the Inventory is the primary requirement.

    This must be the primary feature for any inventory software, but it is crucial to note, what functions this feature will perform.

    • Firstly, centralizing the primary and essential warehouse functions and accessing the inventory information like stock level, product history, and other product-related specifications becomes easy.
    • You can automate reports for shortages of materials so that you can address that issue immediately.
    • It will also help you determine the product category, product measurement, stock inquiries, collaborative inventory, and many more.
  2. Must be able to track the inventory.

    From accessing stock level updates and locations to mounting the inventory valuation and estimating turnover, inventory management software performs a vital role in the tracking of the inventory at every stage.

    • Several systems offer to track the inventory through bar codes, RFID tags, and other tags.
    • Inventory tracking helps in synchronizing orders, ensuring visibility of the product life cycle, multi-location tracking, and sound inventory tracking.
  3. Managing the Transfer of the Inventory Products

    Businesses with multiple sites have the upper hand in transferring their materials to the most productive site. Customizing the products at certain times of the year can be an attractive site for customers. The transfer management feature helps in coordinating the workforce in removing any confusion in streamlining the business. It offers solutions like multi-location tracking, stock transfer, order picking, and many more.

  4. Creating and Managing Purchase Orders

    The purchasing feature is a very important feature for any business that must rely on vendor goods to produce their goods. This feature in inventory management software is used mainly to manage and create purchase orders.

    • Several software has a template for this feature which uses the existing data from other systems and populates it into one.
    • Another valuable feature is sending the reports via email to the suppliers which would remove the hassle of shuffling multiple screens.
    • Few inventory software offers the advantage of using barcode scanners for adding items to the purchase order.
    • One of the essential features of the system is that it can automatically send purchase orders when it can detect a dip in the stock level preventing an outage.
  5. Keeping the Inventory Software Mobile-Friendly

    Interesting research by App Annie shows that 3.8 trillion hours were spent using mobile applications in the year 2021. On the other hand, Mary Meeker researched that in 2019, an average person spent 3.6 hours per day on mobile as compared to 2 hours on a computer.

    This feature speaks on the hardware the user will be used to manage its processes, and whether they can do it remotely or not. Several systems have a website that is accessible from any desktop. If the user uses a tablet, phone, or any other mobile device, they need to check if the vendor is offering a native application.

    Mobile support mostly is OS-specific, so it is also necessary to keep a note of it. Although most vendors offer applications that support all popular platforms, however, it is not a mandate. Hence, it is important to check whether the inventory app is workable on your existing hardware while purchasing.

Ending With!

So, I guess you have understood that while purchasing the system, you need to look what are the primary features that are there in the inventory management software and whether your business has these requirements or not. Once, the requirements are determined you need to select the best inventory management software for your organization. See what features we are providing in our inventory system and assess how they would going help your business function efficiently. If you are interested, book a schedule by dialling the number provided on our website. We will be going to assist you with every query you would be having regarding the functioning.

So, I hope you have enjoyed our article on the 5 must-have features of inventory management software. Feel free to write to us in case of any suggestions from your side.

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