One thing that you need to know is that having too much inventory on hand is a liability because it ties up capital that you need to handle more urgent business expenses. On the other hand, running out of stock will translate to loses in sales. You find that this software will help you to automate the stock management process allowing you to keep the right amount of inventory required to optimize sales and make the most of the available storage space. In this article, we are going to look at the features that make a good stock control system.
The first thing that you should consider is scalability. One thing that you should know is that your stock management system should have a groom to grow. For instance, a scalable system can handle more users, the larger capacity of inventory and upgrades. This way you will eliminate the cases where your business if forced to change stock management system to accommodate the growing business. One thing that you should know is that changing the system will interfere with your inventory and website as this process is always time consuming and expensive to rework.
Apart from that, you should also check to track feature. Here you are required to have a system that will be able to track your inventory at every stage using barcodes, serial numbers, RFID tags among other IDs. This is vital as it makes it easy to process data from the moment products make way into your warehouse. Besides, it will also give you an accurate audit of product movement. You find that this inventory software company provides traceability software that is built with pick and tuck away in mind feature. One good thing with this is that it will reduce loitering in your warehouse and boost productivity and security.
Besides, there is the demand-planning function. You find that inventory management requires forecast into what consumers’ want, when they want it and the best time to ship the products. Therefore, it is vital to have a system with real-time demand functionality as it will use the past and forecast data to predict the demand. As a result, it will maximize the productivity and reduce wastage of time and resources.
Another feature that you should look out for is the event monitoring tool. One good thing with this feature is that it generates real-time notifications about the events procedures. With this you will be in a position to run reports from the most updated data. This way you will be able to make better business decisions because of the immediate availability of vital business information.