In human anatomy, your spinal cord is the backbone or the bone that supports your entire skeleton. If you draw a parallel between your business and the human body, what do you think is the backbone of your business? Your marketing campaigns or your machinery? No, neither of those, as essential as they are. The spinal cord of your business is your supply chain. And Inventory Planning Software is vertebrae.
As bizarre as this similarity seems, it is the cosmic truth of your business. The supply chain is solely responsible for providing the raw material required to manufacture the products and then taking it to the final customers. In this process, Inventory Management Software does play a critical role. It lets you track your inventory live, manage your suppliers in one place, and so on. However, before we get down to the features you need to look out for in Inventory Planning Software, here is some crucial information about inventory management.
Inventory is one of the most significant entries in the company’s account book and one of the most critical assets. Usually, inventory is correlated to the final product or stock ready to be shipped to its last stakeholder, the customer. That is true, but it is only half the story. Inventory is also referred to as the stock of raw materials, products required to complete manufacturing processes, safety essentials, etc. Thus, inventory management is a process that helps you order, reorder, organize, track, and sell your inventory.
Inventory Planning and Forecasting are essential, but an accurate forecast is even more crucial. To forecast precisely and plan effectively, you need world-class software like Avercast – A TransImpact Company’s Inventory Planning Software. Here is how it helps you solve inventory-related issues.
Key Features of Inventory Management Software:
1. Enables You to Track Inventory Live: The prominent feature you should seek in your Inventory Management Software is real-time inventory tracking. The feature allows you to track every change in your stocks in real time. For example, if any raw material or component comes in, it should be reflected in your device. Similarly, if final products are going out for shipping, you should be able to track where they are. It also tells you how much stock you have currently and where it is.
2. Point of Sale (POS) Integration: With tracking your inventory live, you should also be keen to know from which channel you are selling. Thus, POS integration is necessary to identify the nature of the sale and the mode of payment. The data is crucial, and with the help of Inventory Planning Tools, you can extract some meaningful data from it.
3. Live Stock Value: You must know the value of your stock/inventory. Your Inventory Management Software should tell you the current value of your stock, which will help you manage your cash flow. The software also assists you in issuing your sales orders (SO) and purchase orders (PO).
4. Accounting Software Integration: The live value of your stock/inventory is only useful when your Inventory Planning Software integrates with your existing accounting software. Doing will help you extract meaningful financial information quickly and automatically. Also, it will give you a clear view of your margins.
5. Favors Supplier Management: Managing your suppliers is crucial, especially if you have a manufacturing plant. As the dependency on the materials is high, the supplier’s relevancy becomes critical. World-class Inventory Management Software should give you low stock alerts and should also initiate the automatic reordering of the material. The software must also allow you to analyze your supplier’s data, which will tell you if they are delivering on time or not, and so on.
6. Assistance in Sales Management: Inventory Management Software’s key features also involves helping you and your sales team. The software lets you get stock visibility, which allows salespeople to understand the current inventory. Also, the software should provide you with a central or holistic view of your sales so that no one sells the same product at two separate locations.
7. Track by Batch, Lot, and Serial Number: If you are dealing with perishable products, this feature is vital as it will help you avoid waste. Batch and lot tracking lets you manage the age of the stock. It tells when the stock is prepared and when it will expire, enabling you to avoid waste. It should also send you alerts before the stock expires. Serial number tracking is proper when dealing with a product’s guarantee or warranty.
8. Reporting & Analytics Tools: Another feature to keep your eye on is reporting and analytics tools. These Inventory Planning Tools provide you with information like how fast you are turning over your inventory or which inventory line is moving at what pace, which is fast, and which needs improvement. It also tells you about the overall wastage and loss of resources. It helps you identify your margins at the individual and channel level.
9. Multi-device Support: A much less talked about feature crucial for people working on the floor. This feature enables you to answer questions like the quantity of live stock, its value, and so on, sitting at your desk and not going to check your register every time. It also lets you track your inventory whenever and wherever.
10. Inventory Forecasting: Along with helping to track, supervise, and manage your inventory, an ideal inventory management software should also work as Inventory Forecasting Software. Forecasting is crucial as it enables you to predict the demand for the product for the whole year and then procure the materials as per need. The Inventory Planning Software also helps you analyze your inventory level and produce accordingly.
Inventory Management is a panacea for various supply chain issues. Therefore, it becomes critical to choose the leading and experienced Inventory Planning Software. With the rise of technology, many companies have developed software of their own. However, TransImpact has more than 250 algorithms and years of supply chain experience. These algorithms are advanced and have helped many big brands and companies with their supply chain-related issues. Now it’s your turn. Do not let your inefficient supply chain hinder your success. Get in touch with one of our experts today and experience the difference yourself.