What are the Features of Inventory Management Software?
Inventory management software is a dynamic and intuitive automated platform that helps businesses get the detail of available stock and demand. It helps generate higher turnover and increase profitability.
Inventory management software has enabled businesses to cut-off extra labour and stock handling costs.
Here is all you need to learn how inventory management software can help your business to increase its efficiency.
Features of inventory management software:
Inventory tracking
Inventory management software in delivery management software live tracks the inventory from when it is collected until it is distributed. The software generates detailed information like-
- How much inventory was collected?
- How much is already available in the warehouse?
- And, how much is required to fulfil the demand of the customer?
Inventory live tracking gives a precise stock detail that prevents businesses from stockouts and excess stocks. Both excess and insufficient stock can incur losses.
Order management
Inventory management software gives detailed information about the stock that ensures timely order fulfilment without any wastage. Availability of the right amount of stock allows businesses to fulfil orders on time. On-time deliveries result in customer satisfaction and increase their retention rate.
Transfer management
In the case of two warehouses, businesses can transfer their stock from one warehouse to another where the demand is high. The transfer is made based on the data provided by the software ensures that none of the warehouses goes out of stock or has excess.
Reporting and analytics
With inventory management software in the delivery management system, businesses get a detailed report of the stocks- how much is available and how much more is required to fulfil the demand. These reports and analytics also help businesses to forecast future customer demands.
Purchase orders
Businesses can create and manage purchase orders directly with the help of inventory management software. The purchase order contains all the relevant information about what to buy and its quantity.
Automate inventory report
Inventory management software generates automated reports of the inventory- procured, dispatched, and extra inventory required to fulfil the order. The inventory reports give businesses a forecast of inventory data in detail. Inventory management software also gives businesses an insight into future stock requirements and sales.
Inventory management software can make the process simple and time-efficient allowing businesses to focus on growing their businesses rather than their operations. Having efficient inventory management software is very important for efficient and on-time order fulfilment. Know more about inventory management software and see how our team of experts can help you manage your business inventory: Schedule a Call
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He loves to explore. His passion for helping delivery industries in all aspects flows through in the vision he has. In addition to providing smart solution to make delivery process flawless, Ravi also likes to write sometimes to make it easier for people from business industry looking for digital solutions.
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