Inventory management is among the toughest tasks in any retail or restaurant establishment. No wonder that these establishments lead when it comes to installation of Point of Sale software. Restaurant and retail point of sales software come integrated with inventory management feature that eliminates the annoying out-of-stock situations, and prevents you from keeping too much inventory that eats into your profit margins. However, even with these benefits, it’s a daunting task to choose the right inventory management system. But these features can point you in the right direction:
A great inventory management system must come with basic inventory control capabilities
This may sound straightforward, but it’s the most important feature when business owners are looking for inventory management systems for their businesses. This basically means that the inventory management system should have a predetermined, systematic way to control and manage any inventory throughout the sales process. Many businesses have not yet adopted the inventory management system. They still work with spreadsheets, which require entering of information manually to keep track of inventory. For these businesses to streamline their inventory management processes, they must install Point of Sale software that integrates inventory management system.
The best inventory management system should come with accounting functionality
Although a specialized inventory management system can do a lot of work for your business, integrating an accounting functionality can make the process a lot easier. With an accounting function, you can effortlessly post to the general ledger account. The accounting function can also keep you apprised of all expenses outside of inventory management.
Inventory management software should come with capabilities for bar-coding and scanning
It’s a great feeling as an entrepreneur to watch orders streaming in from clients. However, if you’re not well-equipped to process and deliver the orders timely and cost-effectively, the clients can abandon you in records numbers. If your business deals with bulk orders, you need to streamline your processes by installing a Point of Sales system that comes with robust inventory management software, which features bar-coding and scanning capabilities.
A good inventory management system should have lot tracking capabilities
Lot tracking feature is particularly important if you are dealing with regulated products like pharmaceuticals. This calls for identifying the items or lots. If a product is returned for a specific reason, lot tracking can help you identify the same items in your store to get them out of your inventory. Lot tracking also lets you know which customers have already received your products and those who are about to receive them. With lot tracking, you can know where the products are during delivery and keep your clients apprised of the delivery status in real time. Lot tracking can also prevent cases of inventory theft which erodes your profit margins.
An inventory management system should come with demand forecasting capability
If you can accurately forecast demand, then you will order stock items wisely and eliminate the issue of having to keep a lot of inventory that holds your capital. With an inventory management system that features demand forecasting, you can know fast moving and slow moving stock items, as well as high performing channels to make proper inventory management decisions.
A good inventory management system should come with support for accessories
Inventory management systems come with accessories, such as bar code readers, scanners, and more to enhance their functionality. The inventory management system should be able to support those accessories to ensure easy inventory management.
Ensure these features are available in your inventory management system before you buy and implement it. Otherwise, you might end up with a system that doesn’t perform all the functions required of an inventory management system.
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