By Aparna Mishra | 12/15/2015 | Industry Software Solutions

Inventory Control Software

Irrespective of what is your position in the organization, ability to control and manage your inventory helps you in your job. With the help of inventory control software put an end to all those worries about write-offs that are expensive by nature and thus affects the profitability of your business.  

There are a range of inventory control software packages that you can find in the market. These may vary by their price range, by the features that they offer and by the size of the organization they cater to. Based on your business needs you can opt for an inventory control software package that best suits your needs.  

While you’ll find differentiating factors in these packages, there are some common features that most of the inventory control packages offer.  Here is a quick glance at some of these common features that you can find with these software packages.  

You would not want to run out of inventory especially at crucial times, for example, during holiday season if you are in fashion retail industry. Most software packages offer an alert when you are running low on your inventory. Other alerts offered are about expiring items (perishable food, medicines etc), about check-out items that are past due and many other alerts.  

If you stock your inventory in more than one location then you will need a software package that keeps tab of inventory at all the locations. Not only can you track your inventory by location but you can also track it by various other ways such as through serial numbers, through pallets, through batch numbers, and through dates. This way you know what you have and the locations you have it at.  

Manage your inventory with all product details such as images, barcode, size, color, supplier code, weight and wholesale and retail price.  Further, based on each product history you can restock your products to control your inventory.  You can also search your products through barcodes with the help of barcode scanning and can enter information in your sales and purchase orders.  

Another feature offered through inventory control software is that you also know all the open orders you have committed to. This gives you an idea about the stock you have and whether the inventory would run low after you meet these commitments. Not only what is going out but you also can keep track of inventory that is expected from your suppliers. This also ensures that you do not run out of stock completely.

Most inventory control software packages generate inventory on hand reports that includes information such as what is in stock, the total cost of the stock, retail value of the stock and the total profit value of the stock. You can further have a report for each product or variant in stock, whether it is taxable or not, its retail value and its profit margin.  

Since most of the inventory control software packages are cloud-based you can access it from anywhere, at anytime at your convenience.  You also get inventory control software packages that are integrated with major ecommerce and marketplaces.  This allows you to sell your products on other channels and thus help you generate more revenue as well as provide your business greater visibility.

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