Running a retail business involves stock management and inventory control significantly. You cannot deny the importance of inventory management in any business. It can be a grocery store or a superstore as well as any business which involves the storage of stock to be sold later.

What is the Necessity of Inventory Management?

Inventory Management can be a critical process that can easily slow down your business performance if not controlled wisely. A software tool with the accurately right features can help you achieve a lot more in your business. Not only will your inventory management procedures be simplified but also better revenue can be expected as a result.

Inventory is also termed as “A place for every right thing at the right place at the right time”. Here the right things are the relevant and usable inventory’s current stock of products. You can even learn about your customers’ purchasing behavior which determines your business’s sales behavior.

Whether you are running any type of retail business you require an Inventory System.

Why You Need an Inventory System?

The basic purpose of an inventory management system is to allow complete transparency of your business. You can view your business insights at any given time with meticulous details. Nobody can hide or misplace any of your items at any time. Due to batch and serial functionality introduced in inventory management, every single item can be tracked easily from its production process until the sales process.

Across your business’s supply chain, you need to track all the items and products for an honest and truthful business. Many employees or salesmen can come with the intention of theft or misusing the inventory’s stock but a good and trustworthy inventory management system does not allow it.

The complete journey of a product from production until sales is always monitored and kept under strict checks. This system allows complete control of your business’s inventory and does not allow theft of a single item or product from the stock due to its high accuracy and reliability.

The Outstanding Features of an Inventory Management Software:

The software you choose as your Inventory System must entail all the features discussed below:

Barcode Scanning:

The barcode scanning easily identifies and tracks your products. The inventory management software gets integrated with the barcode scanners for instant product identification and labeling.

Inventory Optimization:

Inventory optimization maintains the accurate amount of inventory for every product or item without over-stocking or under-stocking. Inventory optimization is extremely helpful if you deal with items whose demand varies with seasons. You can set minimum stock levels and maximum stock levels for the very item. This is the best way of avoiding under-stock and over-stock situations.

Stock Notifications:

This feature allows the reception of alerts and notifications whenever there is more stock than the maximum level or less stock than the minimum level of inventory. This helps you set the promotional items and discounts to clear out all the extra stock from your inventory.

Analytical Reporting:

The most popularly sold products can be viewed by watching and noting the sales history report. You can offer discounts on less popular items to ensure their sales and prevent the loss of your business.

Multi-location Management:

You can now manage multiple locations of the warehouses and point of sales effectively. All locations share a centralized cloud-based database so that any changes made are updated in the system. You can also transfer stock from one warehouse to another easily by keeping its record for future audits.

Stock Returns Handling:

In this case, your customers want to return any items you can ensure a speedy process by efficient time management. The entire process is automated which results in a reduction of operational time.

Purchase Order Records:

You can view the history of recent purchase orders. This offers you complete knowledge of the list of products in high demand by the customers and how to maintain their stock at all the time.

Purchase and Sales Quotations Records:

Apart from the purchase orders, the quotation records are also kept for both the purchase and sales processes.

How to Find the Right Inventory System?

It is savagely crucial to find the right inventory system suitable for your business. So recommending you the best inventory management system becomes quite mandatory here. SMACC is an ERP inventory management software that has an enormously built and deliberately designed robust structure of inventory management. The inventory metrics should never be ignored while running a retail business and thus implies the ultimate importance of inventory management software. Now available with cloud-based technology, SMACC continues to expand its business by fulfilling the needs of its customers continuously and regularly. Now your business needs the expertise of SMACC and the brilliance of its outstanding features. You will notice a great difference in your business performance as your productivity graph rises exponentially. The dream of succeeding in business is now possible with the utilization of SMACC only.