Inventory management is one of the most crucial steps in the supply chain cycle. The inventory management system can help you track inventory & stock coming in and going out of the warehouse.

The main reason for inventory management software is to centralize the essential warehouse functions. Why centralize? Because this can help optimize the operations by tracking each & every detail of inventory like product history, stock level, etc.

All the data collected & stored can also be synced with other modules of the inventory system. This helps to operate the warehouse smoothly & also promotes productivity by enhancing collaboration among different teams working from different locations.

In today’s time inventory management is empowering businesses in the eCommerce industry, especially the ones operating & dealing at multiple locations.

6 Features You Must Have In Your Inventory Management System

1. Inventory Tracking

Inventory tracking is a major factor that helps keep warehouse operations running smoothly. Several things such as barcode, asset serial number, RFID, etc help keep accurate track of the inventory and provide real-time data.

2. Reporting Tools

Reports help us understand what’s working and what needs to be worked upon. And to make any inventory business efficient, it is crucial to stay updated with various data regarding product delivery status, delivery agent’s whereabouts, and much more.

So, how do you make an inventory business efficient? By integrating various reporting & analytics tools that make real-time & historical data analysis easier.

Here are some benefits that reporting tools bring to any core inventory business:

• Better productivity

• Streamlined communication

• Reduced human errs

• Enhanced inventory management system

3. IoT Integration

IoT is highly demanding in today’s time when automation and cross-platform integration is on the rise. Manufacturers use IoT with RFID to solve blunders & errors, otherwise faced manually. IoT along with RFID has enabled real-time access to inventory, filling up details of the inventory automatically and whatnot!

Inventory management becomes smart with IoT integration. With the help of RFID, IoT-enabled devices display valuable & meaningful insights into the data. Also, other important tasks such as Items’ live status, location, etc are easily accomplished.

Here are some additional benefits:

• Automated real-time reporting & tracking

• Consistently monitors assets, items’ status, location, etc.

• Helps to better manage the inventory

4. Cloud-Based Software with Real-Time Updates

Cloud-based solutions have revolutionized how businesses operate and how managerial personnel access data. When you incorporate cloud solutions into your inventory system, you get the ability to track inventory in real-time, through any device. 

It will empower you to access the system any time, anywhere and through any device, improving communications between you & the staff and among the staff. This, in turn, helps to make better decisions & makes great turnaround time.

Here are some benefits of cloud-based inventory system:

• Cost effective

• Highly secure & safe

• Ease of access

• Real-time access to data

• Improved communications, coordination & efficiency

5. Transfer Management Capabilities

Transfer management is a crucial feature that every inventory business should have. Because the more the inventory business grows, the more complicated and recurring inventory transfer requests you will have to manage.

Trust us, managing these requests is not everyone’s cup of tea. However, successful transfer management capabilities is the key to a successful inventory business. This ensures the warehouse is securely stocked and business operations function seamlessly.

Following are some benefits of Transfer Management Capabilities for an inventory management system:

• Enhances communication and hence, miscommunications reduce drastically

• Real-time monitoring for successful management of transfers

• Alerts & notifications for any and every disparity

• Cost efficient & saves time

6. Mobile Support

Today almost everyone is on a mobile device and likes to access data, internet, and whatnot through it. So, it’s always a great idea to make your inventory management accessible through mobiles. Why? Because everyone likes to manage and/or monitor systems remotely.

That’s why you might see many inventory management apps either on a mobile application or as a mobile website.

Here’s what you get with mobile support feature in your inventory management:

• Enhances productivity greatly

• Real-time access to data; increase in efficiency

• 24/7 real-time access to inventory management

• Reduces or almost eliminates paperwork for the in-house department