When choosing new warehouse inventory management software, you need a system that will emphasize the goals of your existing infrastructure by improving its efficiency. While 9 in 10 companies have made additional investments in inventory management, many systems are expensive to set up and maintain, and they don’t all come with the same features.
Just as the right inventory management software can improve your profit margins regardless of the industry you operate in, the wrong fit can drain your resources without any noticeable returns. In 2023, inventory management no longer has to be a costly, labor-intensive process. But you should consider these key features when choosing between the many options on the market today.
Cloud-based vs on-site systems
While most warehouse inventory management software now uses cloud-based servers, some still offer on-site systems. These are more expensive to establish and maintain, but they offer a different degree of control and don’t rely on an internet connection.
While this may be preferable for some operations, most businesses will benefit from a cloud-based server system that uploads and stores data automatically and can be accessed from a dedicated smartphone app.
Barcoding system
Barcoding is a crucial part of inventory management that many systems now automate, cutting out costly labor from the fulfillment process. Your employees can scan the products as you receive and ship them, and the system will update your inventory counts automatically.
Look for a system capable of barcode scanning or even smartphone integration. Most businesses benefit from the ability to scan expensive products individually and cheap products in lots
Reporting metrics
Accurate reporting metrics can help your business increase its profitability and customer satisfaction. Find a system that gives you real-time updates on how your solutions are performing.
Demand forecasting
To stay ahead of the competition, businesses need to be able to forecast changes in demand to change their supply accordingly. The losses incurred by businesses at the start of the pandemic due to stock outs prove the value of up-to-date forecasting, especially in industries susceptible to spoilage, like Food and Beverage.
Automated reordering
Manually checking inventory numbers and annually scheduling product reorders was once a major aspect of inventory management. The right automated system can do this based on the parameters you set, such as the preferred stock levels in certain seasons or your scheduled reorder points. This is especially vital for businesses with multiple storage locations.
Workflow traceability
Real-time traceability entails a system that can track assembly items or inventory stocks by serial number, and then store relevant purchase and tracking information on each order.
Advanced systems with multi-location tracking features can help businesses trace orders through the whole fulfillment process and catch discrepancies faster than ever before. This is especially crucial during an audit or recall, as it allows for product tracing from receipt, or creation, all the way to the customer.
Performing cycle counts
Inventory needs to be checked regularly, and most businesses still do at least one manual count per year. However, software that can automate periodic counts can help you keep inventory accuracy high for the whole year.
Scalability
While warehouse inventory management software should meet your business’s current goals, you should also choose a program that can expand as you do. The ability to add functionality, increase user access, and set user permissions are some of the common features companies look for when anticipating future company growth.
Multi-device functionality
Modern inventory management systems can have desktop, laptop, tablet, and smartphone integration features that give you greater visibility over your fulfillment process. Flexibility in software access and connected devices is helpful for organizations with multiple departments accessing the software for different reasons. Warehouse employees likely use barcode scanners to receive shipments and to pick, pack, and ship customer orders, while finance employees require access to accounting records tied to inventory management from a tablet or desktop computer.
Security controls
Your management system should have features that allow you to control permissions both on-site and on the app. Your business’s valuable tracking, purchasing, and financial information should be protected on whatever system you choose. Having flexibility to grant varying levels of access is crucial for many businesses.
Warehouse inventory management software can change your business’s bottom line by providing visibility at all stages of the fulfillment process. Reducing labor means increasing profit margins while improving customer satisfaction and reducing downtime at your facilities. All of this can now be automated with the right software solution.
If you are interested in learning how Fishbowl’s flexible inventory management solution can help your business now, you can book a demo.