Features For Inventory Management

Inventory Management System - Complete Controller

What is an inventory management system? Inventory management systems help keep tabs on merchandise and inventory throughout a business’s supply chain. Inventory management systems cover everything from manufacturing to retail, storehouse to shipping, and everything between.ADP. Payroll – HR – Benefits

It all comes down to the business overlooking its operations, allowing it to establish better investments and decisions. Various inventory managers give attention to diverse areas of the supply chain. Usually, small businesses are more concerned with the ordering and retailing side of the chain.

What Features of an Inventory Management System Do I Need?

Do you need help with handling your inventory? If so, it is time to consider an inventory management system to manage your inventory processes in your control.

Now, the problem arises. With all the available options nowadays, how do you determine the right solution for your business? What features should you be considering?

An inventory management system selected to look after your inventory might offer your business requirements’ features depending on your budget and needs. Generally, all of these management systems are most likely to include:

  1. Barcoding
  2. Inventory alerts
  3. Tie-ins or accounting tools
  4. Reporting tools
  5. Inventory forecasting

Download A Free Financial ToolkitTop Features in an Inventory Management System

Barcoding and Scanning

Although the number of daily orders being received can be exciting, it could result in problems if you cannot achieve and accomplish those orders competently. Retailers who can process large orders wish to restructure and simplify their procedures by applying barcoding and scanning on the pickup, package, and shipping stages.

Simple Inventory Control

Though it sounds simple, it is on the list of the most demanded features in an inventory management system. With this feature’s help, you can systematically handle and control your inventory throughout your sales channels.

Demand Estimation and Forecasting

This feature is all about helping you prepare for what should be ordered so that your resources are spent wisely. If you have the proper required tools, learning which commodities are selling and which networks are performing will be more accessible.

With access to such features, you can get right down to the details of your sales. This is a great way to provide you with all the indispensable information to maintain accurate inventory levels. Ultimately, you will make much better and wiser decisions on how much and what to buy.

Tracking Specific Stock Items (aka Lot)

Retailers who are in the business of selling Food and Drug Administration-regulated products have a deep understanding of the significance of detecting lots or specific stock items. If a commodity is recalled for a particular reason, tracking the specific stock items will help you know which items are available on the shelves or in stock.

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You can also keep tabs on which of your consumers have received and which are about to receive their products.

Accounting Incorporation

Although an accounting system will not perform the work related to a specialized order, it is crucial to managing a successful business. With a direct integration in your accounting bundle, an inventory management system will be of value to you and your business. This will also help you with your bookkeeping requirements.

Aside from an accounting system, it would help if you also employed an accounting or bookkeeping professional. This hiring of an accounting or bookkeeping expert can be part-time or full-time. Still, an accounting professional will ensure your business finances are always correct and your system is used accurately.


In conclusion, an effective inventory management system is vital for businesses, offering features like barcoding, inventory control, demand forecasting, lot tracking, and seamless accounting integration. Choosing the right system empowers businesses to make informed decisions, streamline operations, and maintain accurate inventory levels, ensuring long-term success in today’s competitive landscape.

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