Essential Features to Look for in a Stock Control System
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. On the other hand, running out of stock will translate to loses in sales. But this software will 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. In this article, we are going to look at the features that make a good stock control system.
One of the things that you should look for is scalability. One thing that you should know is that your stock management system should have a groom to grow. For instance, a scalable system can handle more 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.
Besides, you should also consider tracking feature. Here you are required to have a system that will be able to track your inventory at every stage using barcodes, serial numbers, RFID tags among other IDs. This is vital as it makes it easy to process data from the moment products make way into your warehouse. Besides, it will also give you an accurate audit of product movement. It is essential to note that this inventory software company provides traceability software that is built with pick and tuck away in mind feature. One good thing with this is that it will reduce loitering in your warehouse and boost productivity and security.
Apart from that, there is also a demand planning function. You find that inventory management requires forecast into what consumers’ want, when they want it and the best time to ship the products. For that matter, your business needs a system with real-time demand functionality that will use 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.
Apart from that, the stock control system should also have an event monitoring tool. You find that this feature generates real-time notifications about operations procedure. This way you will be in a position to run reports from the most updated data. You find that this is essential because it will allow you to make important business decisions faster.