Who doesn’t need inventory management software development in today’s world? Inventory management is something that every company has to deal with. If we connect your company to the supplier chain, then you must have experienced these issues, whether you work in manufacturing, operate a retail business, or manage a warehouse.
Time-consuming issues such as inventory counting, out of stock, problems caused by improper demand planning, or out-of-stock caused by backorders are difficult to solve. They need the use of this software. Thus, in this case, the development of inventory management software is necessary.
That is why many business owners across the globe switched their traditional inventory management system to modern inventory management software, from reporting and record management to planning and projecting inventory. Inventory management software development provides a suite of tools to the businesses which help them control inventory ordering, handling, and monitoring.
The motive of this blog is to provide you with a comprehensive understanding of inventory management software and why it is critical for any supply chain business to manage its inventory electronically? It also gives you a general idea of some of the most important features to look for during inventory management software development.
Inventory management or Stock management is the process that includes handling raw materials, tracking and maintaining an optimal amount of stocks, controlling the entire flow of goods from purchase to sell all comes under inventory management.
According to Investopedia, inventory management is ordering, storing, using, and selling a company’s stocks. Storing and managing raw materials, components, and finished products comes under inventory management.
Now, if we talk about inventory management software development, it is the process to develop software that does all the inventory management for a company. It handles all the data from counting the number of raw materials imported to the finished products exported by a company.
This software will ease the work of the business owners because it controls all the inventory management, like managing stock supply, checking the stock availability, and even checking the delivery management. This software comes with a package of amazing tools that will advance your inventory management skills.
Read further to know the growing need for inventory management software development and common features that every inventory management app developer must include.
The demand for inventory management software development will never end. Its growth is inevitable as the businesses keep on increasing. If we talk about the United States, almost every retailer struggled with demand planning and forecasting, 44% of them successfully implemented retail inventory solutions by developing inventory management software. The rest stated they need to improve their inventory management. In that case, an inventory tracking application will help you a lot.
According to a report, if we talk about the other section according to a report, 87% of customers are happy to wait only just to get their product for free shipping.
According to a report by Statista, the number of retailers and manufacturers investing in modern warehouse management technology has increased by 25%. This shows that businesses are now more focused and willing to invest in a technical solution to an advanced inventory management system. The growth of the inventory management software development market is going to reach from one billion dollars in 2019 to five billion dollars by 2026.
Inventory management software can accurately manage your inventory and track it in real-time. From the time you place the order with your supplier to the time it reaches the customer’s hands, it manages all the processes. This eliminates the need to double-check your stock levels because you can trust it to be accurate.
Inventory management software is well-managed, as it saves money and also keeps accounts and finance in order. If we talk about customers, it helps you provide excellent customer service by helping you deliver items quickly, exceeding customer expectations, and lowering supplier delivery time to control the cost.
This software is essential for every business owner to run their business smoothly, but choosing the right software is very important, so when you make your inventory management software, keep some features in mind. Read further to know those features.
There are many options on the market, from basic functional software to fully labeled custom development software. Following are some common features that needed to be considered during the development of inventory management software.
Inventory Tracking Management
Inventory management software keeps a record of all the inventory you have on hand and their location and status(Out of stock, In transit, etc.). This feature is itself a big-time saviour. It will update you in real-time as the purchased item arrives or is sold through different channels.
Stock and cycle counts
This is an important link in the supply chain. Instead of physically counting things and completing spreadsheets, these operations take less time and are more precise when done with barcode and RFID scanners that automatically update inventory levels in the system. You simply need to check the data you already have.
We can set the software up to automatically create and send purchased orders for items that are running low in stock. You can also create customized alerts to notify you when you’ve reached the point where you need to reorder because you’ve run out of some items. This is one of the most stress-relieving features.
Purchase order management
All supplier information is from the database, and we can add items by scanning the barcode. Other documents can be easily attached, and the order will be emailed to the supplier directly from the system, reducing the need for manual entry and making this feature easier and faster to use.
It is difficult to know the exact amount of inventory to buy, the raw materials required or the finished products produced.
This feature is not only important for retailers or wholesalers, but manufacturers also need it because not all product lines are the same also production quantities should be carefully calculated based on its demand.
This feature analyses product popularity and makes it easier to order the correct quantity of that product. It also makes the best use of storage.
The management of your suppliers includes the analysis of their performance that guarantees uninterrupted and reliable delivery of goods. Inventory management software development can help you track your order status, shipping errors, and also supplier delivery times so that you are in control of all the orders.
This feature of inventory management software development not only does inventory control or reordering functionality but also supports your production process in a lot of ways. It creates complex bills for the raw materials and the finished products. You can also find the expected cost of the product considering the cost of material involved, labour cost, electricity, etc.
We add mostly this feature for retailers and eCommerce businesses, manufacturers rarely need it. This feature keeps a record of all the sales you made. It manages the data of every customer you sold your product to.
Inventory management software solutions come up with data analysis and reporting functions that test data patterns and predict future product requirements. Demand forecasting helps you reduce safety stock that ultimately reduces the amount of money stored in the warehouse.
Inventory management software development will help you prepare your inventory reports. It helps you in delivering your order and provides you with live status, shipment status, check your supplies, generate sales summaries, and much more.
Apart from that, you can add a lot more features during your inventory management software development process, which will eventually ease the process for you.
Everyone knows that letting the software do all the work is always a good option rather than doing it manually. Some benefits of using inventory management software development are:
If you have different locations for goods storage, it is difficult for you to keep track of the data manually, but with the help of an inventory tracking application, you can keep track of all the finished goods.
Well-organized Stock Operations:
Having inventory management software will help you keep track of all the finished products available. You don’t need a manual check on the stocks available in the warehouse every time.
Improves Sales Productivity:
Having a record of all the products in stock with the help of software will reduce the risk of some common mistakes like counting the wrong products. An inventory management software can easily meet the customer’s need in time, which helps you meet the delivery timelines.
Adjusted Order Frequency:
Inventory management software development will help you control your inventory, it will also help you in adjusting your order frequency also you can cancel your orders if you think you are overstocking. This feature will help you deal with the problem of overstocking.
Inventory management software development provides you with all the information about the location of your order and even its delivery date. You can update such information on your delivery app, which will increase customer trust.
Accurate Planning and Forecasting:
An inventory management software will help you plan for future demands. It will let you know when to order the new stock and when to cancel it if you are overstocking. Also, most inventory systems have analytical tools that you can use to measure trends, opportunities and even measure your sales performance.
So that is why inventory management software development will resolve all your inventory-related issues that are nearly impossible to do manually. Read further to know some common software used by businesses to manage their inventory.
Inventory management and monitoring are the most important aspects of operating a successful business, so that is why there are hundreds of software solutions available to assist you and keep track of your inventory.
Here is some of the best inventory management software development ever done:
This tool will help you do advancements in your inventory system. You can build master goods that enable you to change descriptions, pictures, branding, and other information across all (or part) of your sales channels at your leisure. While managing many sales channels, it is difficult to apply good inventory management practices. Fortunately, Ordoro makes multi-channel sales easy.
This tool is best for small businesses. It helps customers take backorders for out-of-stock items, arrange direct shipments, and process transactions in many currencies.
This is one of the best warehouse inventory management software development ever done. Fishbowl Warehouse allows you to keep track of inventory levels for individual parts. This software allows you to track manufacturing, storage, and labour costs for every item in your warehouse, resulting in more detailed COGS(cost of goods sold) estimates. Because Fishbowl interacts smoothly with QuickBooks, you can even get help in estimating your cost of goods sold (COGS).
NetSuite is an all-in-one company solution that helps you manage all your inventory, finances, and marketing. NetSuite is beneficial to companies of all sizes and types. Consider it a cloud-based inventory management solution that combines back-office and finance activities into a single dashboard.
Cin7 offers a complete inventory interface by seamlessly syncing online sales channels, POS systems, and third-party connections.
This automated inventory platform synchronizes the physical and online channels to improve order processing efficiency. All this makes it beneficial to everyone, from small businesses to large corporations.
Ecomdash is a straightforward cloud-based multichannel inventory management system that lets you manage your inventory, orders, and shipments all from a single dashboard.
This software will also work in a mid-sized warehouse. You can easily manage many inventories with this software.
Inventory management software development has cured the business world’s biggest problem of managing inventory. Inventory management software assists businesses in tracking, organizing, and managing their products and raw material, which helps in delivering products to customers.
There are hundreds of software in the market and many are about to launch. This software is popular among businesses involved in managing their storage requirements. As a result, now is the time to incorporate this into your business operations if you haven’t already.
We at Apptunix do the best inventory management software development for your business. This will help your business grow in the market and make it stand out on the platforms that are connected with the app. This will ease every process related to your inventory and will reduce time consumption that will help you do your business with ease and bring customer satisfaction, as now you can offer them more features with the help of inventory management software.
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