7 Essential Features of a Successful Inventory Management System

by 2022-08-04

Best Inventory Management System
Share

First Things First…

Have you ever wondered what your business would be without inventory or how you would guarantee sales in the event of stockpiles? Most businesses place a lot of emphasis on sales and revenue, but later on they overlook the value of inventories.

That is where the trouble starts pouring in. Imagine a scenario where you consistently make sales but are so focused on them that you forget to restock. How would you bridge the gap between supply and demand? As a golden rule, remember: if sales are the heart of a business, then inventory is what pumps that sale.

Make sure your products are restocked, and the best part is that you don’t need to remember or manually enter the quantities all the time; there is software to simplify all your inventory management activities.

But before we get there, let us run through a few of the concepts.

What is an Inventory Management System?

As mentioned in Wikipedia, inventory management software is a system for tracking inventory levels, orders, sales, and deliveries. Through this, you can always be one step ahead of your competitors and be an excellent customer service provider. As stated by Forbes, “One in four customers is willing to pay up to 10% more in almost every industry if they know they will receive excellent customer service.” This is the importance of an inventory management system. It keeps you afloat by predicting the sales and inventory. When you can connect with your customers with stocked-up goods and great deals, you will lead the market! In the end, effective inventory management software will provide you with actionable insights for better performance.

Why is a POS with an Inventory Management System Necessary?

Business is like a close-knit family, and so are all of its operations. Although each activity differs from the others, when taken as a whole, they all share the same goals, values, and objectives. All of them are connected. The gaps between these interlinks are found by a fantastic POS with an inventory control system, which also guarantees efficient processing operations. It manages products, provides inventory reports, registers inventory data, keeps track of all the outgoing and incoming stock, and much more. Additionally, it displays any inventory that is stagnating as well as all associated costs. A POS with an inventory control system creates the ideal balance between retail businesses and their success in this manner.

So, let us understand the features in detail below:

Inventory Management System Features That Are Extremely Important

  • Get All Information with Automation

    With a warehouse management system integrated into your POS, you can easily track the remaining stock while making a sale or bill of payment. Automation provides real-time inventory tracking and visibility. Ultimately, it will reduce operational costs and show an increase in revenue.

  • Demand Forecasting

    Detailed reports and inventory insights help you understand which products are popular with customers and which aren’t doing well. This enables you to quickly fulfill customer requests and make better informed choices when it comes to restocking. Additionally, it reveals the products that aren’t working as well, allowing you to discount them or order fewer of them in the future. Demand forecasting acts as an essential tool, specifically during festival seasons or retail sales events.

  • Inventory Pricing and Create Orders

    A POS with an inventory control system can easily mark the product pricing beforehand. This way, manual work is reduced, and quickness at the checkout counters is increased. Your shoppers don’t have to wait in long lines, which indirectly improves the customer experience. As soon as you scan the product, the pricing gets recorded in the system along with other necessary product information.

  • Ease of Conducting Marketing Activities

    Do you have any plans to develop a marketing campaign? Here is your chance to create an effective marketing campaign with accurate figures and data. What makes it possible? Software for inventory management records all relevant product information, including pricing, quantity, supply needs, and much more. You can create a consolidated database for a specific time period using this information. Utilize this information to learn which products are popular so you can promote them accordingly. You can also customize and personalize your marketing campaigns.

  • Ability to Track and Expand Inventory

    When a POS is integrated with a warehouse management system, your inventory gets tracked and calculated on a real-time basis. This means you can easily manage your inventory and backend operations. You will have complete visibility of the goods, tracking their movement and simultaneously restocking your warehouse or store accordingly. Moreover, you will be able to prevent being out of stock or overstocking. An inventory management system helps you to save time and money!

  • Improve Customer Relationship Management

    Outstanding customer service can be delivered via a POS equipped with inventory management software. How so? Customers favor targeted advertising and initiatives like sale announcements or loyalty points. By using inventory management software, you can enhance your customer relationships. They record customer information, and you can learn about a customer’s preferences by looking at their past purchases. This allows you to carry out targeted marketing, send notifications or emails, or distribute loyalty cards. Everyone enjoys shopping with a customized experience, right?

  • Generate Inventory Reports

    The basic yet highly crucial activity of an inventory management system is generating reports. This helps in analyzing the store and inventory performance. Additionally, it can be used at team meetings and if adjustments or upgrades are needed.

Stay one step ahead of your competitors with an Inventory Management System!

Talk to our experts now to get a deep insight into its benefits & features

To Conclude…

Industry leaders have repeatedly emphasized the importance of the inventory management system. Hence, we are emphasizing it too. This quick read has highlighted the features that make the software one of a kind. The only step required is to implement and integrate the inventory management software with your POS. With this software, you will be able to perform not just one (sales) but many additional activities! We are sure you wouldn’t want to miss out on enhancing your store’s performance, right? Learn more about how FTx POS stands out from the competition by getting in contact with us today!

FTx Solutions was formed out of a need that Darren and I had as retailers to find solutions that would work for our business. When we couldn't find the right solutions, we ended up building our own, which enabled us to help our fellow retailers and wholesalers as well as ourselves.

Douglas Nolan