Inventory is central to all business processes. Inventory Management becomes an integral concern in the supply chains of businesses. Hence, inventory management software is crucial for its understanding. The inventory process becomes streamlined as this software can track, control and manage the inventories in a better way.

What is Inventory Management?

Inventory management was previously done manually. Inventory management is a process or system of managing and controlling the stocks and inventories of a company. With the advancement of technology, numerous software have helped in inventory management. This led to maximization of ROI and reduction in costs. Doing everything manually is exhausting, error prone and not at all time efficient. Hence, inventory management software is a useful utility for businesses.

The supply chain process is accelerated by a good inventory management mechanism. If the inventory is well organized, the entire supply chain management naturally becomes good. In businesses, these small things are very important. If the basic foundation holds well, the entire system becomes strong. It is crucial to take up good software for any inventory process.

How to Choose a software for Inventory Process?

In order to handle business smoothly, it is imperative to invest in a good inventory management software. It will not only help steer the growth of the business, but also help in avoiding outdated spreadsheets and data entries. These things should be noted while choosing a software for the inventory process.

• It is always imperative to see how well the software aligns with your business requirements, one of them being the number of users for the sofware
• Take into consideration its cost and the scalability and flexibility it provides for the same
• It should not only help you in keeping the data secure but also in adhering to the global standards for international trade
• Always make sure that the software provides a detailed report of the insights.
• Any user should be able to handle and use the software with ease while accessing it from anywhere around the world
• The software must help in tracking the inventories from different locations
• Most of the inventory management software gives a trial period wherein businesses can foresee how well the software works for yourinventory process. 

Best Techniques for Inventory Management

Technique is the key to any Inventory Management Software and the processes work entirely on these techniques thereby harnessing the true benefits. Here is an in-detail analysis of the same:

• Just in Time Inventory: It is one of the techniques of inventory process wherein the business receives inventory on as needed basis helping in reducing inventory costs
• Batch Tracking of Inventory: It is a controlled inventory management software technique that helps in tracking the expiration date of stocks and in finding out the defective inventories
• ●       Defining unlimited groups, categories, batches, location/warehouses are some of the important points in inventory process
• Reordering the Point Formula: It is a technique that helps the business through the purchase and sales cycles.
• Inventory Categorization: The best thing about inventory management software is that there can be techniques that help in categorization of the inventories. For instance, there are three categories – category A where the valuable products are listed, category B for inventories that fall between most and least valuable. Category C is for menial inventories.
•  Stock ageing, manufacture – expiry date management and re-ordering level is essential in inventory categorization. This categorization helps in a smooth inventory process.

Inventory management software is a vital investment for companies to perform optimally.