The business world is changing, and it is changing quickly. But despite that, 43% of small businesses still use outdated inventory tracking methods. Numbers show that 14% of businesses use pen and paper to track their inventory, while 21% use spreadsheets like Excel.
But what’s shocking is that 8% of small businesses still don’t track their inventory at all!
Thankfully, these trends are now changing as inventory management software solutions become more accessible. As of now, 33% of small businesses use inventory management software.
This again raises the question: what makes good inventory management software? This blog will familiarise you with some of the most important features of these software solutions. So, let’s dive in!
Important features that make a perfect inventory management software
Inventory management is challenging, so it is not surprising that the inventory management software market is expected to reach a valuation of $7,516.8 million by 2034. These figures make it apparent that this is the right time to make your move and get the best inventory management software with the following features:
- Flexible Units of Measure: Have you ever tried evaluating and measuring your inventory? Just give it one shot, and you will realise how complicated things can get with unit measurement. This is why you need inventory management software that offers flexible units of measure. You can easily manage and quantify your stock and generate a GST e-invoice.
- Bills of Material: The next must-have feature for your inventory management software is a comprehensive bill of material feature. But how does it help? Well, it helps you define parts, components, and raw materials while determining the quantity of each inventory. You can even use this feature to categorise your inventory and pass them in the bill of material for finished products.
- Multiple Stock Valuation: If you have ever tried determining the valuation of multiple stocks, you know how difficult things can get here. Your simple solution is to get inventory management software supporting multiple stock valuation methods. This allows you to set different valuation methods for different items in the stock. Make sure you look for valuation methods like FIFO, LIFO, average cost, at zero cost, last purchase, and more.
- Reorder Level Feature: Knowing when to place orders for the next consignment is the backbone of proper inventory management. Thankfully, you don’t need to sweat over these complications and instead get inventory management software with the reorder level feature. You can easily set a minimum order level and generate reports to place the right order at the right time.
- Job Work Management: Job work management is another important must-have feature for a performant inventory management software. This feature will simplify job management for the principal manufacturer and the job worker. This will make recording material receipts, issues, and overall material consumption easier. More importantly, a feature like this is your ticket to unmatched material and job status visibility.
In conclusion
Did you know that 72% of retailers plan to reinvent their supply chain with real-time visibility technologies? It is your chance to get a headstart over others with the best business software like TallyPrime while others waste time still planning.
Businesses are evolving and trying their best to meet evolved customer expectations. However, this might not be possible for businesses still reluctant to use the latest technologies to their advantage. So, make sure you do not make the same mistake and miss out on essential business. Instead, be proactive and get the best inventory management software with all essential features, and see the magic of how it works for you!