A Quick guide on best inventory management software.

ITSWS Technologies specializes in Inventory Management Software Development.

We provide customized e-commerce inventory management, RFID implementation, and implementation of enterprise-level inventory management solutions. 

A well-designed and developed inventory management system will ensure optimum inventory management.Optimum Operating CostsInventory management involves significant costs.

This will result in better customer service and higher levels of customer satisfaction.Prevent Losses in InventoryOverstocking can lead to unnecessary usage of space in warehouses or stores.

This leads to higher efficiency, reduced costs and better profitability.Features of Inventory Management SystemsThe main functions that an inventory management application are -Order ManagementThe system will allow you to plan and track all orders across multiple sales channels in a centralized manner.

You can scan barcodes of items and update stock levels automatically when you create an invoice, sales or purchase order.

Be on top of your inventory information as the system will be able to track every stock item throughout its lifecycle.

The system will maintain traceability across your inventory.Reporting and AnalyticsThe software will help you improve inventory management by generating inventory reports.

With new storerooms opening every day, the amount of workers for management also grows.

A good inventory management application can save time and money.The Definition of Inventory Management  Inventory management is a process in the supply chain where warehouse inventory checking takes place.

The inventory management software can show a clear picture of the stock at any given time.

It can also merge itself with other applications as follows:Point of sale channels at retail storesOnline order management channelsThe shipping of orders from the warehouse The Working Process for Inventory Management Software  Followings are the key processes that make a successful inventory management program:  Ordering at Economical Quantity Economic Order Quantity or ECQ is the formula for managing proper inventory levels.

Just-in-time (JIT) Management of Inventory Inventory management software can reduce stock management costs through the JIT process.

Raw materials sitting idle in the warehouse are costly for businesses.

It helps retailers track goods across the supply chain.Businesses must have competent and effective retail inventory management software to cope with the changes in the demands of customers and ensure smooth operations.The key lies in proper planning of the purchase, storage, accounting, supply, and distribution of products to avoid overstocking and understocking.The inventory management system can handle this type of planning, and hence, it is an essential tool for business owners.Inventory management software tracks the purchase of raw materials, production of semi-finished and finished products, transfer of items between head office and stores, and sale of items that make up the complete product journey.Key Features of a Retail Inventory Management SoftwareTracking of itemsThe inventory management software can maintain the right amount of inventory for each product item to ensure that there is no overstocking or understocking.

It is possible since it supports the replenishment of items using inventory management concepts like economic order quantity (EOQ), reorder level, lead time, safety stock, minimum stock, and maximum stock.

Such features are of immense help in the management of supermarkets.Notifications on stock levelsWhen the inventory crosses the maximum limit, the inventory management software sends out a notification to the owner.

Such an understocking notification enables the owners to place orders to their vendors as soon as possible to avoid stockouts and dealing with angry customers.

The inventory management software ensures that the status of the defective product is immediately added to every step of the supply chain affected by the return.

Such a feature enables the owners to be clear on what products are in stock, what needs to be ordered in more quantities, and any breakage or expiration issue with the received products.The stock register maintained in inventory software is highly useful as it provides accurate inventory information.