Well founded performance management system will always help reducing the overall as well as carry costs of any enterprise. Providing the cost benefit balancing of stock and controlling the flow of stock effectively, the inventory software serves useful purpose for any enterprise.
Inventory Software Features
Basic features of inventory software are as follows:
- It helps analyze the cost of existing stock in the enterprise.
- Inventory or POS software can effectively and efficiently manage the flow of articles so that the enterprise is not either low or high on stock as both these situations are detrimental to the growth of such institution.
- It monitors the flow of purchase and shipping of articles to different locations.
- Having correct quantity of items in the store is one of the most important tasks accomplished by use of the software.
- It helps maintaining the flow of items from Vendor to store or Vendor-DC-store.
Flow of Inventory
Effective POS system involves keeping a steady flow of inventory and managing as well as monitoring the same. Some of the major aspects of such flow of inventory are as follows.
- Receipt of the goods and keeping stock. Picking up goods for fulfillment of orders.
- Packaging and shipment of goods.
- Monitoring sales to inventory tasks.
- Effectively reducing the spilling of products.
- Identifying materials about to expire or already expired and hence rendered unsalable.
While all these are the basic peripherals of the system followed by most of the enterprises, there are also other aspects where systems are interconnected using separate components or technologies intended at customizations. Results are even more beneficial in such cases.
Retail Inventory Software
Retail software for inventory management is usually placed at the sales locations. Such software not only helps inventory control at all levels but may help monitoring the larger supply chain as well. Keeping track of multiple items such as the date of receipt of the product in the store, the quantum of stock in hand, history sheet of sales and transactions, as well as all the descriptions, it helps effective business management efficiently.
Warehouse Management Software
Inventory management software is also used in warehouses. While the features are identical to that of the retail based software or the supply chain software, the tasks accomplished using it are a little more intent in nature. Keeping track of goods incoming and outgoing from the store, it also effectively monitors the condition of the articles that are stored.
Inventory Tracking and Asset Management
Software is also available for inventory tracking and at the same times manages the assets by tracking them suitably. Most of the entrepreneurs are now using a hybrid of traditional inventory software with modern features.
It is another form of customization of the software primarily meant for stock control and management.