5 Best Inventory Management Tools for Simplify Operations
Tools to help with inventory control
The best inventory management software solutions come with tools and systems to manage inventory control. Let’s learn more about the 5 automated inventory management tools along with their features and benefits.
Reorder Alerts
As the name refers to, it is an alarm system notifying the business owner or warehouse manager about reordering certain products. This system works when a product level reaches the defined reorder level. Inventory management software optimizes this facility to know the number of each product in different locations. It also alerts managers when the whole product level reaches the ‘low’ amount.
Advantages of reorder alerts
- It reduces the time that you might spend referring to inventory levels and purchase bills
- It reduces manual efforts to check the inventory levels
- It ensures high-end accuracy of stock levels through automation
- It makes purchasing the reordered products easier and quicker
Efficient reporting
The best inventory management software offers a ‘report function’ that makes reporting easier and faster. It takes data and information from the company’s database and creates a report with all needed information. Hence companies can easily get inventory reports, sales reports and purchasing reports. These reports help companies to check the optimum stock levels that come down to the product level. Reports can be made based on inventory analysis by product or according to the sales history of particular customers.
Advantages of Reporting
- It offers comprehensive data and information instantly.
- It saves the time and energy that you might need while checking all the data separately.
- Reporting function collects data and information automatically. So the chances for potential errors are decreased to a great extent.
Dashboards
An automated inventory management system considers a dashboard a platform to provide a graphical display of information. The data and information collected from the system’s database can be found in the dashboard. This graphical data can customize based on the user’s preferences. According to the users and their roles in the company, the dashboard can be optimized in multiple ways to showcase a variety of information. For example, small business owners can use this facility to exhibit data like sales data per month and stock levels per location. Warehouse managers can use the dashboard to showcase current stock levels in their warehouse or the orders that scheduled to received and shipped out.
Advantages of Inventory Management Dashboards
- It compiles classified data and information.
- It saves time and energy and increases accuracy.
Barcoding and mobile systems
Inventory management software makes the best use of hardware and software tools like barcoding and mobile systems to help businesses allocate, scan and manage barcodes. It involves scanners and label printers that deal with the barcoding and inventory data.
Advantages
- It increases easiness, speed and accuracy in managing inventory data.
- It eliminates all manual errors that are common while counting inventory.
Inventory Management System Integrations
Automated inventory management software systems integrate with other management systems such as web store platforms, accounting software, and EDI. The necessity of system integrations will vary based on the services a business uses.
Advantages
- It provides inventory data from a bird’s eye view from different channels and locations.
- It helps check the inventory with great precision based on location or product or warehouse.
It offers more insights into sales, purchases and inventory decisions.
Tracko is the leading service provider in inventory management software. Get software and systems suitable to your business’s needs and preferences. Visit our website to find the most suitable inventory management software package for your business.
FAQs
Q. What are the important tools for improving inventory management?
Ans: They are: Pull Strategy, Push strategy and Just-in-Time – With these tools, businesses can balance responsiveness to customer demand while managing inventory levels cost-efficiently.
Q: How inventory is used strategically?
Ans: Inventory as a strategic tool helps businesses make strategic decisions based on inventory optimization. Metrics and models can used to check and optimize inventory performance.
Q: What does a tool inventory system mean?
Ans: The tool inventory system involves tracking tools that can integrate with asset tags and barcode labels to track high-value assets or tools and spare parts inventory and ensure your equipment in optimal working order.
