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We want to turn our inventory faster than our people
James Sinegal
Co-Founder and Former CEO
Costco Wholesale Corporation
But wait, every business owner who maintains and relies on the inventory wants the same to happen, correct, so let us present the perfect solution for the same. Inventory is undoubtedly a company’s most valuable asset; it is the materials, work-in-progress items, and finished products that businesses sell to increase profits. There would be no business without inventory. However, maintaining track of inventory is just as essential as acquiring it. Everybody in the production and warehouse management industries acknowledges what we are talking about. But are you still using an excel sheet to manage your inventory, or worse, not managing it at all? The purpose of this article is to provide you with a comprehensive understanding of what inventory management software does and why it is critical for any business to digitally manage its inventory.
Let’s dive into the world of ERP based inventory management systems.
Inventory management software manages the entire inventory process, from statement to fulfillment. It also keeps a record of the buyer, supplier, purchase orders, shipments, and other reports along the way, so you can see what products are selling and in what quantities along with the detailed reports of the sales, return to vendor, exchange, refunds, and other KPIs.
Top Features of inventory management software
Reorder point
The inventory management system provides you with several products and the quantities needed for stock. These points can be conditioned into the software, which will notify the manager when it is time to reorder the item. This avoids stock shortages as well as the problem of overstocking.
Asset tracking
With this feature, you can track the products in your warehouse or store using their barcode, lot tracking number, radio frequency identification, and serial number.
Product listing
With the help of significant details such as cost, SKUs, availability, and so on, you can streamline and organize your inventory. It enables you to generate alternatives for each item based on their basic characteristics and systematically store them.
Customer fulfillment
An inventory control system enables you to respond to customers in a timely and efficient manner. Customers always expect real-time tracking of their delivery or to be notified of any variations in the delivery. And the custom ERP software will make it easier for you to do so.
Analysis and reporting
Businesses have already begun utilizing their data related to business processes and customers, as data has become the new precious stone. Inventory management software includes data analytics and reporting features that analyze data patterns to forecast future product demand. Predicting demand allows you to reduce the amount of safety stock you carry, which reduces the amount of money you have locked up in carrying the warehouse stock.
Bar code based management
Bar code-based management enterprise mobility services allow you to scan data using a smartphone or a dedicated scanner.
Demand forecasting
With demand forecasting and data analysis, companies can better prepare for the requirements that will arise in the days ahead.
Cloud deployment
A custom inventory management system can be deployed both on on-premise and cloud infrastructure. On-premise deployment is advantageous for businesses that are more concerned with privacy and industry compliance standards. Whereas cloud-based deployment offers better visibility, data backup, & accessibility, for an organization.
Sounds interesting right, do you want to get one developed??
Then let’s talk about the cost involved
The cost of developing an inventory management app is primarily determined by the project requirements and scope of work. While the total cost is proportional to the number of man-hours necessary for inventory management software development. The more features the solution includes, the more man-hours are needed. The hourly pricing for an inventory management software development team varies by country/region as well. In the USA, UK, and Australia, the average hourly rate varies from $190 to $ 250 approximately.
The complete cost of inventory management software development ranges between $15,000 and $30,000, depending on the many features, panels, technologies, and functionality.
NOI Technologies – one of the best inventory management software development companies.
NOI Technologies LLC creates strategic ERP and technology solutions for enterprises worldwide. Our project management methodology and broad bench of professionals establish the roadmap and track progress using intuitive ERP practices to fulfill our customers’ organizational goals and produce software and services that users love to use.
NOI Technologies help you experience the flawless process of designing the best in industry inventory management software to help your organization. The company thrives on empowering you with the proper technology to unlock your true potential by employing the top industry experts. The company is expertise in providing bespoke solutions that are specifically tailored to clients’ needs. Throughout the extraordinary journey of the company, NOI has always been focused on developing great relationships with clients.
