Tuesday, March 21, 2023

Great features of an inventory management software for your business

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Inventory Management Software are becoming extremely popular these days among a variety of businesses that have inventory management as one of their core business functions. The ultimate benefit of an inventory management system is to help manage the inventory in an efficient, fool-proof, transparent and reportable way round the clock so that you can keep track of the stocks and plan for an efficient management of the resources to minimize wastage, maximize efficiency and centralize the operations for disbursing the stock information in real time across the various departments of your business.

Salient features of a typical inventory management software
Most inventory management software have some very common features that are the most minimum functions you can expect in a software of their kind. They come with a centralized inventory, a tool to link the inventory and warehouses, programs to manage multiple SKU codes, exchange of Sky alerts that are not mapped, assigning inventory allocation rules across the organization, addition of bulk stock, reports download and several other features.

Centralized Inventory management
A good inventory management software lets you centralize your inventory so that you can control the entire inventory system from one dash board. These programs let you connect between marketplaces, online stores, web carts, offline stores, ERP, couriers and many others.

Setting inventory allocation rules
While linking the warehouses and inventory, these software can help set inventory allocation rules and add all your products to all these warehouses. What you get in these programs is a virtual warehouse that can allocate the stocks based on orders from different marketplaces. You can also set the levels of access to the warehouse for different employees and manage the data in a secure way.

Manage diverse SKU codes
One of the best advantages of inventory management software designed by inventory management experts is the ability for the organization to manage multiple SKU codes on multiple marketplaces. You can depend on these programs to consolidate the products that have been listed with different SKU codes on diverse kinds of marketplaces. Just a simple and one-time bulk upload can help link all the SKU aliases to evolve a completely unique SKU code. In fact, this is one of the very useful magic you can do with the help of a good inventory management system.

Setting the allocation rules for inventory
A good inventory management program lets you create your own inventory allocation rules and decide the quantity of products that you wish to showcase on each marketplace that you deal with. You can make use of low stock triggers and aspects like safety stock settings to improve the efficiency of the operations. Features like maximum stock limit and other options related to stock maintenance can help you streamline the warehouse management. The ability to send unmapped SKU alerts and the bulk stock addition feature care highly interesting that you will really appreciate in a good inventory management software. The far reaching advantages of a good inventory management software makes them invaluable products for businesses having inventory management as their core function.

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