Inventory Management Software: Advanced Features

Inventory Management Software is the heart of a business, and its importance can never be undermined. Imprezz Inventory management uses advanced inventory management features to ensure seamless functioning of the supply chain through effective communication and clarity in analyzing each and every step. 

What is an Inventory Management System?

An Inventory Management system helps a firm keep track of incoming and outgoing stocks to best meet the fluctuating customer demands, along with avoiding common problems like under-stocking and over-stocking. The system takes care of every essential business function, including warehouse management, accounting, production and also the sales team. To know more, read: INVENTORY MANAGEMENT: A COMPREHENSIVE GUIDE

What to Look for in an Inventory Management Software

The key specifications to look for in an Inventory Management system involve providing a method to store, manage, organize and analyze all the inventory data quickly and seamlessly. These requirements include:

• User Interface: An easy-to-use interface, which provides all the advanced features but not necessitating taking courses, support or the help of documentation.
• Automation: An inventory management system must facilitate automation, reducing time and effort in performing manual and repetitive tasks. These manual and repetitive tasks are best served by computers with nearly perfect accuracy in a fraction of time, hence providing additional time to devote to analytical studies for growing the business. 
• Security: Another vital necessity of advanced Inventory Management software is to provide a secure and reliable database where the data can be stored without any hassle and can be retrieved whenever needed. The accurate and real-time data provision is only possible through advanced software like the cloud computing software of Imprezz. 
• Performance: The system must provide fast and efficient inventory management and control with no significant bugs or any other anomaly in the performance. A smooth experience is what’s needed when dealing with loads of data, and it all boils down to the performance efficiency of the inventory management software.
• Scalability: While a small business is in the budding state, its primary requirement is an inventory management system that is scalable. Many new employees would join in various positions during its growth, and the data is to be organized perfectly for clarity. A system that has features to add software modules with minimal configuration is the fundamental requirement and it is possible in coherence with a simple user interface in software like that of Imprezz. 

Important Features

Advanced systems have a plethora of features for various different categories of Inventory Management. These include features for managing, controlling, planning, organizing, stocking and methods of selling. Let’s analyze and see what they are.

• Inventory Control Features: Inventory control is the handling and managing of the stocks already in the warehouse as raw materials and is a very crucial step in Inventory Management. It is so crucial because a large part of the total cost goes into buying the inventory, and if a mistake happens in Inventory Control, it directly impacts the working capital, and the firm incurs a heavy loss. The various features to be expected from Inventory Management systems like Imprezz are tools to analyse and categorize the inventory by types, profit margins and serial numbers. The software should be able to audit, filter, and analyse all the inventory data in real-time. 
• Inventory Management Features: Inventory management takes care of the systematic and smooth functioning of the entire supply chain. It governs not only Inventory Control but also the processes before the arrival of Inventory in the warehouse and the processes after leaving the warehouse as finished goods, including distribution and sales quotation generating analysis. For large businesses, various features are necessary like multi-location warehouse management, Enterprise Resource Planning (ERP) software integration, and others. For small and medium businesses, Imprezz offers tools for real-time tracking of inventory and data collected directly in the cloud. Paperless invoicing, purchase order and Quotation generation are a few of the most important features which are necessary for any good inventory management system. 
• Inventory Tracking Features: In order to practice inventory control, it becomes essential to have a real-time tracking system of each and every inventory arriving and leaving the warehouse. The status of products and materials are tracked using features like Perpetual Inventory tracking to help automate manual tasks like cycle counting and save time. These also help in reducing data errors and other mistakes because machines are more efficient and faster in performing manual tasks than humans. 
• Inventory Optimization: Take the inventory management process to the next level by following certain Inventory Management optimization techniques. Using sophisticated software like Imprezz helps you gain an edge by providing the most advanced features to help you in this digital age of businesses. What matters now is not who are using digital means, but how they are using them. Tools that provide automated reports, help analyze the inventory supply-demand ratio, and a view of the fluctuating customer demands for reorder point using analytical tools are a must to beat the competition in the market. This clarity helps optimize inventory and be a better version of your business. 
• Inventory Alert Features: The alerting features help in reducing wastage, optimize inventory costing, and improving customer satisfaction through quick response. The various features include payment reminders, automated emails, etc. Visit Imprezz to know about all the features. Inventory alerts help in operational control, logistics and effective forecasting for enhanced Warehouse Management. 

Advanced Features to Consider

Advanced Inventory Management systems like Imprezz have a few advanced features making them unique from others. These features provide an edge to your business by taking it into another dimension. What are some of these modern features? Let’s find out.

• Cloud Infrastructure: For a SaaS system, cloud infrastructure is a must. This advanced feature helps you track data in real-time by providing all the data entered directly in the cloud. The primary advantage is that the data is accessible from anywhere wherever you go. The data kept in the cloud has a network of kernels to provide ultimate security to the data, and hence the data is accessible without the threat of getting lost. Automatic backups, security and real-time collaboration of every level of the supply chain are the perks of having a cloud infrastructure. 
• Internet of Things (IoT): IOT integrations are used by medium and large businesses to keep real-time track of each and every inventory wherever they go. This technology also helps against thefts or data breaches by following digital labelling, GPS Tracking and other Inventory Control methods. IoT helps track all the packages leaving a warehouse in real-time integrating it with the cloud platforms so that the data is transferred instantaneously to the central database where it is kept secured and ready at bay.  
• Mobile Systems: A budding feature, an essential in supply chain management is the use of mobile systems, which help in collaboration through wireless devices with the help of central databases and back-office systems to speed up the processes of the supply chain. Using mobile devices help in quickly responding to inventory notifications and real-time tracking of data. 
• Machine Learning and AI: Chatbots are becoming an integral part of any website, be it an e-commerce website or a clothing apparel distributor. They use advanced systems like Machine Learning algorithms and other web-based tools to analyse the stock levels, the inventory levels stocking, make actionable recommendations based on previous historic forecasting or demand forecasting for safety stock. Sales data trends can also be sorted by deploying machine learning software and are critical in organizing customer demands. These lead to a decrease in common problems of over-stocking or under-stocking. 

Imprezz Inventory Management Software

Imprezz Inventory management software integrates all the techniques of inventory management for the seamless functioning of the supply chain. It takes care of all aspects of the inventory processes, right from categorizing customers on the dashboard, all the way up to analysing and filtering data to suit a client’s need. This helps build healthy customer relations and avoid discrepancies because of the clarity of the supply chain provided by Imprezz. What’s more important is the centralized database created due to the integration of cloud platform providing real-time tracking of data. This helps keep your data at your fingertips with the most secure encryption so that the data is never lost or face any security breach. 

Having advanced features like constant support from experts through 24 hours chat, Imprezz helps you manage your inventory in the best way possible. Having an edge in this digital era of business requires the perfect integration of advanced software with the desired skills. Have an edge over your competitors by signing up for a free trial of 14 days.