Every retail and restaurant business needs a professional platform for inventory tracking nowadays. In the past, manual inventory management was erroneous, time-consuming, and expensive. Nowadays, you can find many technological improvements in business management. Like many other business management sectors, inventory management has benefited immensely due to technological innovations.
Most retailers and distributors use advanced inventory management software to track inventories. They can instantly track the availability of products and plan future strategies accordingly. Enterprises can find two types of inventory management systems. Firstly, you will see ready-to-use platforms for managing your business inventory. Secondly, you can develop a custom inventory management system and track the products in stock flawlessly.
You must look for a few crucial features in an advanced inventory management system, irrespective of the type of tool you have chosen. In the following section, you’ll find a list of the top features of inventory management software.
Main features of inventory management software
1) Product Categorization
An advanced inventory management tool should offer an easy product categorization feature. Typically, retailers and restaurants sell different types of products. Therefore, it is essential to organize the products according to specific categories.
Product categorization helps in a systematic approach to inventory management. Moreover, categorization aids in sorting a particular product efficiently. Businesses can check live updates on the availability of the products without any hassles.
2) Set and View Low Stock Limit
The store owners can set a low stock limit to get a timely alert on products going out of stock. Moreover, business owners can track the products quickly, setting a low stock limit. With a one-click option, users should find all the products running on low stock.
Tracking the low-stock products helps business owners to make timely decisions on procuring the products in stock. In addition, timely procurement ensures that customers do not leave your store disappointed by not seeing their favorite products.
Besides regular restaurants, cloud kitchens also need an inventory management tool to track items in their inventory. A cutting-edge tool brings all inventory data to one screen, and thus managers or business owners can take a timely decision on storing the products according to their demands.
3) Vendor Payment Registration and Purchase History
Inventory management software should come with a vendor payment registration facility. The businesses can register for vendor payment gateway through their bank accounts, credit cards, digital wallets, etc.
Besides registering the vendor payments, you can also check the purchase history and all money transactions. The software should allow registering vendor payments with only a few clicks. Restaurant owners and retailers can easily track their purchase history with various vendors through the tool.
4) Single-Click Billing
Billing happens to be a complex job in multi-brand retailers and restaurants. The manual billing process can often become erroneous, and billing error leads to financial losses. Moreover, managing invoices in a systematic order is also essential for flawless tax calculation.
Cutting-edge inventory management software comes with an automatic billing feature. The bill will be prepared digitally, and the business owners can print it in the desired format. Nevertheless, you can have separate bills for the distributors and customers.
5) Add Multiple Vendors
Retailers and restaurants procure raw materials from multiple vendors. Therefore, an advanced inventory management tool must offer the feature of adding various vendors. Adding many vendors is essential to procure the products at the lowest price.
The inventory management software should offer provisions to add multiple vendors. Then, when you need to restock the products, you can purchase them from numerous vendors after checking the product availability in the vendor’s inventory.
6) Inventory Indent
The inventory indent is the easiest way to procure the products without seeing them go out of stock. An advanced inventory tool helps you identify products with high market demand. At the same time, the application shows you products with stock availability.
Inventory indent gives you a glimpse of vendors that sell the products. You can restock the product from vendors of your choice through the inventory management application. Getting products in stock becomes hassle-free when you use such tools.
7) Transfer the Stocks to Multiple Stores
Many retail brands have multiple outlets, though they share the same inventory. You can use an advanced inventory planning tool to transfer stock from one store to another. Transferring the stocks helps maintain product stock uniformity for all retail outlets. At the same time, it ensures that a particular product does not go out of stock in a store.
8) Print the Barcodes
You can use the Inventory management software to assign barcodes to the products and print the barcodes. Assigning a barcode to the product helps business owners track sales and inventory data easily.
Which software is recommended for Inventory Management
IVEPOS offers a centralized platform to track product inventory. Business managers and owners must make crucial decisions depending on the inventory data. For example, a retailer needs to identify the products in demand. Having such products in stock will skyrocket the sales of the store.
You can install IVEPOS on your smartphone and avail the barcode printing facility. Paste the barcode on the products after printing them. Then, you can use your smartphone device to scan those barcodes and update product stocks automatically from the POS counter.
IVEPOS offers a one-click billing feature. Users can create a detailed bill by tapping on the application on their smartphone. One-click billing reduces hassles for business owners and prevents time wastage. For example, retail shops and restaurant takeaway counters will not find a long queue before the billing desk during peak business hours.
Overall, IVEPOS offers all these significant features as an inventory management tool. In addition, Android users can download the app on their devices and use it for business inventory tracking.
Conclusion
Every retail shop, restaurant, and cloud kitchen should track its inventory to ensure the availability of the products. Using a cutting-edge inventory management tool helps businesses operate in a more systematic process. Moreover, the tool helps track the fastest-selling products; thus, business owners can take timely measures to keep popular products in stock. Having products in stock improves customer satisfaction and the retention rate of the business.
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