Stock Inventory Management App or System/Software Development : How to Manage your Stock on the go using an Inventory Management App

October 15, 2020
By Technource

Inventory management is an essential part of every warehousing and manufacturing company being small, medium, or large scale. The process becomes so cumbersome at times that managing your inventory on a spreadsheet is not possible due to which companies end up with having no inventory at all. If you own a supply chain business you can understand how important a source of revenue, inventory management can prove to be.
This blog aims to complete your understanding of why online inventory management software is a necessity in today’s electronic world. It also shares some of the essential features that can help you improve your inventory management app.

What is Inventory Management?

Inventory management is an evident part of supply chain management. The industries that have to keep enough stock on hand to meet customer demand like logistics, wholesale, retail, and manage a warehouse effectively are bound to use inventory management software. In brief, it deals with keeping a tab on all the different operations of a business to help the company make better decisions.

What is the importance of Inventory Management Software?

Ineffective inventory management can have two outcomes –

If your items suddenly go ‘out of stock’, your business loses money due to insufficient sales.

As you don’t have a list of what items you have in stock you end up stocking up items that are not required.

From quotation to fulfillment, the inventory management software takes care of it all. It also takes care of intermediaries like customers, shipments, purchases, orders, suppliers, and other records.
Inventory management makes it possible for a company to map future trends and plan effectively for them. This adds a competitive advantage to the company, as they can predict future demands and plan supply accordingly, which could help manage shipments and account for timely deliveries.
The overall performance and valuation of the inventory can be also be analyzed through the detailed analytics and reports offered by the inventory management software.
Having learned what an inventory management software is and how it is useful, let’s have a look at the benefits of developing inventory management.

Benefits of using Inventory Management Software:

Here’s a list of some of the prominent things one should pick their brains with to validate their app idea.

Unified storage:

If all your products are stored at different locations then it becomes increasingly difficult to get a hold of them and send the right products to the right customers. Inventory helps you keep track of all the products and their whereabouts.

Data Analytics & Planning:

There are many means which are used in inventory management that collect data like bar code scanners, and the likes. The data also gets accumulated in the central database, from where one can avail answers to questions like:

Q) How is the inventory functioning & which customers are availing what services?

Q) How can one improve the inventories for future expansion?

Q) What patterns can be learned from customer data and how can one increase their sales from that data?

Automates the Inventory Process:

You can make use of Robotics and Artificial Intelligence that’d account for automated processes in inventory management. Introducing such provisions can decrease your labor cost to a great extent.

Saves time & efforts:

Imagine yourself running to check the availability of every product a customer orders. Inventory keeps complete track of all the products in stock.

Boosts Sales:

You don’t have the pressure of facing common human errors like wrongful counting of products, that can make you lose your customers. This helps the customers learn the total stock available for a particular item, allows them to order freely and meet delivery timelines.

Satisfied Customers:

Any customer would be more than happy with your timely responses, delivery, and tailored services. Proficient inventory management and timely deliveries always build the most loyal customer base.

Essential Features to consider while developing Inventory Management App or System/Software:

Warehouse Stock Management:

This feature always keeps a track of the items that are to be ordered to maintain a minimum stock. This feature can be programmed in the core software so it automatically alerts the respective authorities about reordering the product.

Product Tracking:

The products present in a big warehouse also need tracking. This feature allows you to exactly know the whereabouts of a particular product. It can be done via different methods such as IoT number tracking, serial numbers, barcode, or radiofrequency notification.

Organize Products:

This feature allows you to filter your different products and organize them as per availability, SKUs, cost, etc. It permits you to arrange the products systematically based on their attributes.

Inventory Analysing Tools:

A myriad of tools can be used that will develop analyzed inventory reports, transactional reports, and order histories. This helps you learn important data about your inventory, which products are profitable, products in stock, and that to be re-ordered, and much more.

Inventory Alerts & Forecasting:

This feature sends you alerts when any of the inventory levels fall below the expected or thresholds set by you. It also invites you to stock the right amount of stock in your company so that you aren’t over or under stocked at any given moment. As both, the situations can create problems for your sales and productivity.

Multiple Warehouse Management:

If your company has more than one warehouse and stores, it can be managed using inventory management software. Using this you can manage as many warehouses as you want from a single location.

Expiration Date Tracking:

It’s natural for products to have a limited life. Once they hit the expiry date, the products are useless. This feature allows the company to keep a track of products that can expire in near future, offer discounted prices to sell near-to-expire products, or remove them from the inventory.

Logistics:

Transport analysis and trackers, which are considered third-party logistics offer a new level of transparency in tracking the movement of goods and materials. The users, warehouse managers, or employees can easily track the location of products and learn their estimated time of arrival.

Technource Expertise for Inventory Management System/Software or App Development:

Technource, a professional IT Service company, that started its venture a decade ago and has built a strong repute in the mobile and app development world. We promote scalable app development using the Agile methodology. It’s our good fortune and hard work that has allowed us to work with clients all around the world in more than 12 countries.
As we provide our services from the subcontinent of India, it becomes easy for us to offer our services at cost-effective rates as compared to the US, or other European countries. We also recommend our client to go with MVP creation which helps them test the waters before they invest all of their budgets.
Our successful deployment of online websites like ‘Hommati’ or ‘PlayPal’ and mobile apps like ‘Hatch’ or ‘Aphro’ has given us the confidence to take on more challenging projects that keeps us on a learning-curve and propels positive growth. Our expertise lies in creating web applications from scratch using MERN or MEAN stack, and mobile applications using native or cross-platform technologies like Java and Swift, and Flutter or React Native respectively.
So whether you’re a large scale company trying to re-design your inventory and modify changes for the same or a start-up trying to invest in inventory management beforehand, we are ready to provide you with all the technical assistance you need. Let’s connect at the quickest.

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