Stock Management System aids in the monitoring of products entering and exiting the company's premises (s). It basically covers everything, from manufacturing to warehousing, distribution, and retail, and it allows us to monitor any stock movement. This is a high-level overview of Stock Management tools. When you choose to create inventory management software for your business, you are making your processes more transparent, streamlined, and time-saving.
A well-designed and fully functional Stock Management System provides you with up-to-date information about what is in stock, where it is stored, how much can be sold, and how long the stocks can last. This knowledge aids in reducing the likelihood of overstocking and stock-outs, which can severely impact a company's profitability and sales cycle.
Stock Management System Has a Lot of Advantages
Take a look at the advantages of hiring a Stock Management System development company to get a solution for your company before you employ them.
- Centralized Storage - Managing orders and sending the right items to the right customers becomes complicated when the goods are located in several locations. A well-designed warehouse tool can assist you in tracking product inventory and keeping customers updated about the status of their shipments.
- Stock Operations that are well-organized - Stock Management System allows you to keep track of all the items you have on hand. This saves time and effort because you won't have to run to the factory to check on the supply of a commodity if demand for it increases.
- Improves Sales Productivity - By maintaining a full inventory of all stocks, you can avoid losing customers and reduce the risk of common human reporting errors including incorrect product counting. You can also quickly reach delivery deadlines with an inventory management system. Customers should not have to wait for their shipments for long periods of time.
- Adjusted Order Frequency - If a stock shortage is bad for company, overstocking is even worse. With a good inventory management system, you can keep track of your current stock supplies and re-order as required. This would reduce product waste, which results in significant financial losses.
- Customer Satisfaction - With correct feedback, prompt delivery, and personalized services, the customers will undoubtedly be pleased. They would be able to monitor the status of their shipment and avoid the possibility of receiving a late notice of product unavailability.
- Planning and Forecasting Accurately - A strong Stock Management System helps you to plan ahead. You can keep a close eye on all product inventories and manage and reorder them as needed. In addition, most programs provide analytical tools that aid in identifying patterns and opportunities, as well as allowing you to monitor your sales and productivity.
How to Choose and Build the Best Stock Management System Software for Your Company
When it comes to integrating any software system with your company, the options are numerous. The ideal Stock Management System will be brimming with intriguing features, but are good features sufficient? Your software solution should be in line with your business needs and provide you with an experience that is worth the investment. To ensure that you get exactly what you want, you will need to cut all the fat and configure your software inventory system.
When it comes to Stock Management System applications, there are a few items to think about:
- If you're a manufacturer, you'll need to keep track of the status of raw materials and finished goods in your inventory.
- Good software will fit with the current excel sheet you're working with and allow you to easily import the data.
- For the least amount of human interaction, integrate an order management system with your inventory management applications.
- Provide options for integrating with your online company.
- It must be easy to navigate and comprehend.
Stock Management System Features
- Reorder Point - Stock Management System provides you with a list of items and their appropriate stock quantities.
- Asset Tracking - Using a barcode, radio frequency recognition, lot tracking number, or serial number, you can monitor the items in your warehouse or shop.
- Product Listing - This function helps you to organize and streamline your inventory by including important information like cost, availability, and SKUs.
- Scanning of barcodes - This helps you to monitor items using their barcodes. This simple electronic data exchange can also be done by smart phones, obviating the need for costly scanning hardware.
- Reporting Tools - Total reports, order history, and transaction reports are all developed using a variety of reporting methods in Stock Management System.
- Integrations with ERP or Maintenance Software - By eliminating the need to re-enter data in different systems, you can save time by integrating the Stock Management System software with ERP or any other maintenance software.
- Multiple Location Support - To keep track of a company's overall stock quantity, multiple warehouses and stores can be handled and monitored.
- Inventory Forecasting - This feature helps you to determine the appropriate amount of stock for your company, ensuring that you are not overstocked or under stocked. Both of these scenarios can be harmful to your company and have a negative effect on revenue and productivity.
- Inventory Alerts - When inventory levels fall below the thresholds you set, inventory alerts can be generated and sent to you via email or SMS. This aids in obtaining advance notice of restocking of products.
- Inventory Levels for Parts and Finished Products - this aid in the tracking of finished items in the factory or store that can be delivered to consumers immediately. It also keeps track of component availability in case a customer orders a personalized product.
- Automatic Reordering - You can use this function to automatically reorder supplies based on your reorder points. Automatic purchasing orders are issued when the stock hits its minimum level, ensuring that you stay on top of your inventory at all times.
- Accounting Methods - Accounting tools like expense layering, overhead distribution, assessments, and disclosures aid in the calculation of a precise stock valuation.
- Raw Material Tracking - This feature assists you in determining if there is sufficient raw material to begin new jobs in the manufacturing process.
- Item Images - You can allocate as many images to an item as you want with this function. For fast reference, you can set one default image to appear in the item manager tool.
- Price/Cost List - This feature allows you to assign different price levels to different products, and then quote any level to customers.
- Logistics - Third-party logistics features such as transport analytics and trackers improve the visibility of goods and materials in transit. Users and warehouse managers will easily monitor the location and know when the shipment will arrive.
Stock Management System Software
- Manually-controlled Systems - As the name implies, these are systems that are manually managed, with users entering formulas to perform even the most complex calculations.
- Barcode Scanning Systems - This program is more robust and reliable since it allows companies to monitor and handle hundreds of objects while still extracting data directly from POS systems.
- Advanced Radio Frequency Systems - While barcode scanning technology has improved the accuracy and efficiency of Stock Management System, advanced radio frequency identification (RFID) has taken it to a whole new stage.
Creating a Software for Stock Management System
A Stock Management System software that is well-designed is an essential component of both production and retail operations. As a result, it's critical to create dependable and durable software that effectively monitors and manages inventory, ensuring that no items are lost to theft or spoilage.
- Requirement Gathering & Analysis
- Wireframing & Designing
- Development & Implementation
- Rigorous Testing
Cost of Creating Stock Management System Software
The price of inventory management software is normally determined by the number and type of features and functionalities included. As a result, you must have a thorough understanding of your company's specifications. You must determine if your company will benefit from a basic system or whether it needs fully functional inventory and accounting ERP software.
Importance of Selecting the Best Software Development Company
Once you've compiled a list of your desired features, you'll need to contact a reputable software development firm with extensive experience in the field. It's difficult to get your hands on a reliable, scalable, and effective Stock Management System without the right partner. It is important to ensure full data integrity so that the operating system does not experience any disruptions. To solve the issue, use feature-based protection, which allows the administrator to establish group privileges and appoint the appropriate people to each group, ensuring that each user only has access to the information he or she requires.
Stock Management Systems assist businesses in tracking, organizing, and effectively managing their goods and raw materials, which are used to successfully distribute products to consumers.
Apr 10, 2021
by Adekunle Oludele