As the owner of a growing Retail chain, one of the most significant challenges that you face is managing inventory. Inventory management involves sourcing and storing the right amount of inventory to avoid any shortages and maintain a smooth flow of goods.
Thanks to ever-evolving technology, we have several inventory management software providing features such as warehouse management, stock control, catalog management, and payment reconciliation. With a multitude of inventory management solutions, it’s important to consider some of the key points, when choosing the right software for your needs.
1. Stock Management
One of the main features of inventory management software is to effectively manage and track the stock levels in the warehouse. This is a feature that each inventory management solution must-have. Moreover, it should also have some additional capabilities that include Real-time stock reports, effective categorization of the stock, and its measurement.
2. Bar Code and Tagging
All good inventory management solutions have the capability to print and read bar codes. But how does it help? Barcode tagging helps ease the identification and data accumulation of different products in your inventory. Moreover, it ensures a faster recording time and eliminates the need for manual tracking.
3. Forecasting and Reporting Tools
Inventory forecasting and reporting should be an essential part of the software. This includes real-time stock analysis, transport whereabouts, order status, shipments, and provides you a forecast of the current and future inventory needs.
4. IOT Integration
IOT i.e Internet Of Things helps to keep a check on inventory transportation and maintain an equivalent level of stock to fulfill the demand. IoT helps in automated tracking and management along with a constant Tab on the inventory movement.
5. Cloud-based Integration
A cloud-based inventory management system helps to access multiple warehouses and retail stores from anywhere, anytime. As all the data is stored safely on the cloud, you can have real-time accessibility along with enhanced efficiency and improved coordination.
6. Support for Mobile and POS
An inventory management software must have a mobile application along with support for POS devices at the sales desk. A Mobile App enables high productivity and saves on infrastructure costs. Just plug in any POS device to your mobile or access real-time inventory data at your comfort.
7. Dealing with Returns and Online shipping
If you are someone who deals in online sales, you must be aware that the ratio of returns and replacements is very high vis a vis sales. To ensure and eliminate loss of inventory or mixup’s a good inventory management software must be able to handle returns and replacements effectively. This ensures that there is no loss of inventory and the right product is shipped back to the right customer.
Overall An inventory management software must have the afore-mentioned attributes. It should be easy to use with an interactive UI/UX along with mobile app integration. Life becomes a lot easier as a smart phone ensures portability, high productivity and interoperability among employees, enabling paperless communication. One such product that has all these features and comes integrated with a bill desk is HDPOS Smart, by Hyperdrive.