Businesses are different, therefore can have some specific peculiarities in inventory management. However, there are a few key features that every inventory management system should provide.
The key responsibility of any stock management software system is the ability to track inventory levels. In other words, stock software should give users full real-time information about how much items are received and are available in the warehouses, how many customer orders are filled and how many need to be fulfilled, when it is necessary to purchase missing items and other helpful information. There are different ways of inventory tracking, including lot control, barcodes, kitting, batch control, radio-frequency identification (RFID) tags, serialization, and others. Therefore, it is very significant to ensure that the stock software system you are going to use provides the tracking capabilities you need.
A stock management software system must be secure. Regardless you use the cloud-based stock management software or your inventory management software system is installed on the internal servers, the security measures should be put in place to protect the important business data from damage, theft, and hacking. Losing the data can be detrimental and extremely expensive as it creates for the company many difficulties such as lost time, money, business secrets and, even, worst. Therefore, the stock management system should be secured. About its physical security, you should take care and place your hardware in a safe location protected from different kinds of physical impact. As to software security, a provider offered a solution for inventory management should supply its system with advanced security setup that includes various components such as authentication, virus protection, and back-ups.
Reports enable the analysis of the current business activity and forecasting of future operations, and, as a result, help companies to create a seamless workflow and increase their efficiency. Therefore, reporting is a critical feature that should be provided by any stock software system. Stock management software systems can provide different types of reports, some of them can be more beneficial than others. For example, reports can show the product demand and supply. Such information is helpful as it allows the company to determine how much inventory is needed for the fulfillment of the customer orders. Another example, reports can help to determine which products are the most profitable and which ones enable discovering the sales trends. Inventory summary, order history, transaction reports, inventory totals, and many other reports can provide an inventory management software system. Which reports your company needs to make an effective analysis of its inventory processes should be identifying by you and your professionals. Your stock software system must create reports your company needs to be competitive.