Inventory Management Software
An Inventory Management Software refers to the system that enables a company to meet its supply chain management process goals assisting in tracking the orders, sales, managing deliveries, tracking inventories, etc.
Every business involved in the supply chain process usually has to go for inventory management software to maximize their productivity and maximize efficiency. There are basically two types of Inventory management software to choose from other than few customized solutions being provided by some material handling solutions providers like MWI.
Salient Features:
Some prominent and common features that are a must in every kind of inventory management software system are listed down below:
Asset Tracking
Products stored in the warehouse as inventories or on their way to the shipping destinations can be classified and tracked via their barcodes or special serial number assigned to them after being manufactured.
Product Identification
Radio frequency identification tags are used for identifying a product and sorting out a particular product from the whole inventory. Various other wireless identification methods are also used for this purpose by inventory management software.
Service Management
Apart from being useful in terms of physical goods and products, an inventory management system can also be used by firms that are providing services as their products. There is a whole separate module for catering to such needs of a particular firm.
Inventory Optimization
It helps in optimizing the whole inventory managing process by automated forecasting algorithms to gain the maximum quality metrics.
Reorder Point
A company cannot run out of products with the ability of inventory management software to keep a record of products so that they can be immediately prepared to meet the selling curve.
Types of Inventory Management Software:
- ERP Inventory Management Software
- Cloud Inventory Management Software
Advantages of ERP Inventory Management System:
Enhanced Efficacy
It automates most of the tasks and jobs inside a warehouse that maximize the productivity of the whole supply chain process.
Cost-effective
It helps in cutting costs from extra deployed workforce labor and even machinery that is of no use despite its presence and cost.
Data Handling
Enable a firm to deal with real-time data and manipulate it according to usage. It enables monitoring and accessing data graphs from multiple devices at the same time.
Trends insight
Future forecasting and trend analysis are made so easy with an attractive graphical representation of data and are optimized too accordingly.
Data Security
A good inventory management system helps in securing important data from leaking out and even prevents various kinds of data loss.
Warehouse Organization
It is responsible for all the tasks carried out inside a warehouse directly or indirectly related to the inventory, workforce, and others.
Disadvantages of ERP Inventory Management System:
Complexity
ERP systems are complex in nature and are hard to handle sometimes. One needs to efficient and professional to deal with them.
Hard to debug
ERP systems are hard to debug due to their complex coding and interlinked algorithms coordinating together at the same time.
Hardware Issues
Often has to face hardware breakdown and failures that cause the whole system to halt and working is affected for some time.
Benefits of Cloud Inventory Management System:
- Live Tracking Inventory
- No Hardware Expense
- No Hardware Failure
- Easy Maintenance
- Enhanced Efficacy
- Enhanced Control and Coordination
The downside of Cloud Inventory Management System:
- Difficulty in Integration
- Less Flexibility
- Security and Privacy Issue
- Dependency
How MWI resolve it for you?
MWI Solutions got your back when it comes to choosing a suitable inventory management system for your business. A lot of companies are currently using an ERP-based inventory management system whereas some of the companies have completely transferred to the cloud-based inventory management system.
Companies are a bit reluctant when it comes to completely move their setup from a hardware-based management system to the cloud setup, for dealing with this dilemma, MWI offers a hybrid and customizable inventory management system that has the ability and functionality of both cloud-based and ERP inventory management systems.
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