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Inventory Software Features - Which Features Are Most Important? | Unleashed

If you’re looking at inventory management software, these are six core inventory management software features to look for: 00:00 What are the six most important features inventory software should provide? 00:08 Real-time inventory tracking 01:39 Real-time inventory values 02:36 Supplier management & sales management 03:51 Batch, lot and serial number tracking 04:41 Manufacturing 05:35 Reporting & analytics Learn more about out inventory management and inventory management techniques in our free inventory management guide: https://www.unleashedsoftware.com/inv... And to learn more about Unleashed check out http://www.unleashedsoftware.com Or watch detailed free demos of Unleashed here: https://www.unleashedsoftware.com/inv... The most important inventory management feature you need is real-time tracking. That means being able to see – 24-7 – exactly how much stock you have – and where it is Now to do that your digital records need to be update every time new stock comes into your business And every time something leaves. So the next important features you need in inventory software are support for barcode scanning – to track those stock movements into your warehouse And then to track all the ways stock can LEAVE your business, you’re going to need things like Pick, pack and dispatch functionality – so, creating pick lists, printing labels and so on. eCommerce functionality – sharing data with any online stores you may run. That’s super important if you’re selling across different channels, otherwise you risk selling the same stock twice. And don’t forget eCommerce also means B2B eCommerce. Ideally your inventory software should have a built in eCommerce portal to take all that admin out of your on-account sales. Finally, if you run any kind of brick and mortar store – then you’ll need the ability to integrate with your Point of Sale system. When all of the features come together, your inventory data is going to be live - and up to date Next, you need a live view of what your inventory costs. Not just a total value for all your stock, but a live view of the value of each product type, product category, the value of stock held in each location, and so on Having that knowledge to hand will make your finance manager very happy, and totally transform your ability to manage cashflow. In practical terms, that means your inventory software should issue your Purchase Orders, and your Sales Orders You also want the ability to adjust them to account for variable costs like freight, duties and even labour. That’s a really important feature because it will give you a clear view of your margins. And finally, of course, you want your inventory software to integrate in real time with your accounting software, so that your stock position – and your purchases and sales – are instantly reflected in your accounts So if your inventory software is actually the main place you go to manage your buying and selling activity, you’re going to need a really mature suite of functions there. Features you should look for include Low stock alerts, of course Quick & efficient email-based reordering off the back of those alerts Supplier price lists that you can update Dynamically applied quantity price breaks when you order And the ability to analyse your supplier performance data. Are they delivering on time & in full? Then on the sales management side of things, look for Centralised pricing management that's flexible enough to set special prices for different customers and things like volume discounts An app that lets your sales people see stock availability And again – that central view of all your sales orders, so you can see what stock has been sold, what might be reserved for other purposes, and how much you might need to buy in to fulfil your sales. The next set of features to look for are batch tracking– or lot tracking as it’s also known - and serial number tracking. These are particularly important for food and beverage companies, or any business that deals in perishables. And that’s because a good batch or lot tracking system let’s you manage the age of stock. That means getting alerts before stock expires and goes to waste. And it also means, in the event of a product recall, you track exactly what stock went where, and recall only the affected batches. In a similar vein serial number tracking is ideal if you need to manage high value components down to an individual level. It's especially useful for warranties and after-sales care. Now, if you manufacture your own products, your inventory software needs to support that too. And the most important feature here is Bills of Materials management If, for every product you make, you have a bill of materials stored within your inventory software, then your production planning becomes very efficient. #inventorysoftware #inventorymanagement #erp