One thing that you need to know is that having too much inventory on hand is a liability because it ties up capital that you need to handle more urgent business expenses. Besides, when you run out of stock you will make losses. The good news is that stock control system will help you to automate the stock management process allowing you to keep the right amount of inventory required to optimize sales and make the most of the available storage space. Here are some of the features that you should look for in a good stock control system.
The first thing that you should consider is scalability. A good stock management system should have room to grow. Like a scalable stock control system can handle many users, the larger capacity of inventory and upgrades. This is essential as it will prevent a situation where your business is forced to change the stock management systems to accommodate the growing business. You find that changing the system will affect your inventory as well as your website which will be very expensive to rework it.
The second thing that you should check is tracking feature. In this case, you need to have a system that tracks your inventory at every stage using barcodes, serial numbers, RFID tags and many more. You find that tracking ability is essential as it will make it quick to process data from the point the products make way into your warehouse. Besides, it will also allow an accurate audit of product movement. You find that this inventory software company provides traceability software that is built with pick and tuck away in mind feature. With this you will be in a position to reduce loitering in your warehouse and boost productivity and safety of your inventory.
Also, we also have demand planning function. It is essential to note that inventory management requires forecast into what consumers want when they want it and the appropriate time to ship the products. Therefore, it is vital to have a system with real-time demand functionality as it will use the past and forecast data to predict the demand. This is vital as it will help in maximizing productivity as well as reducing the wastage of time and resources.
Another feature that you should look out for is the event monitoring tool. It is essential to note that this feature generates real-time notifications about operations procedures. , As a result, you will be in a position to run reports from the most updated data. This way you will be able to make better business decisions because of the immediate availability of vital business information.