The world of the internet has changed drastically over the last few years. Its lower rates have increased the accessibility of internet-related services, and now they have picked up the pace. Especially in e-commerce businesses today, a buyer can buy any product anywhere in the world, and the product will be delivered to their doorstep. The reason behind this prompt delivery is efficient supply chain management and accurate inventory planning.
Inventory has always been the linchpin of a successful
supply chain. A precisely managed inventory always supports the supply chain in
a coherent operation. Realizing the importance of adequate inventory,
businesses have started using Inventory planning software powered by cutting-edge technologies. The leading Inventory
Planning software comes enveloped with Inventory planning and forecasting
tools. This tool helps companies forecast inventory and based on it, be ready
with a plan to meet the demand.
Here are the essential features of the right Inventory
Planning Software:
1.
Real-Time Inventory Tracking: It
must be at the top of the list. The software should tell you what you have and
where exactly. A leading inventory planning software should allow you to keep
track of all your inventory in real-time. The
software should reflect it in real time if a product is sold. Also, it should
provide you with the real-time value of your inventory. In other words, your
inventory planning software must tell you the exact monetary value of your
stock. The value should essentially be reflected
separately for each warehouse. The software should support multiple currencies
that will help the finance team quickly manage and identify
inventory's actual value.
2.
Enables Automatic Alerts: The best Inventory Planning software
should empower you with automated alerts for anything crucial, like stockouts.
The primary purpose of the retail inventory planning software is to help you
avoid stockouts. Thus, the software should automatically alert you and initiate the purchase order.
3.
Provides
Control over Purchasing: As discussed in the last point, the
software should initiate automatic purchase orders
when required. It makes life easy for the Inventory
planner. Also, the automated data fetching feature enhances the functionality
of the software. It allows users to look at what they have currently and what it is worth and based on it, if needed, they can purchase ahead.
4.
Easily Integrated with Other Apps
and ERPs: Integrating with ERPs and fetching data automatically
reduces the wastage of time. Feeding data manually not only wastes time but
also, the chances of accurate results decrease. A
leading Inventory management software should easily integrate with other apps
and ERPs.
5.
Accurate Demand Forecasting: The
software must allow you to forecast your demand. Demand forecasting is an
essential inventory planning process as it tells users how much more stock,
they need to produce to fulfil the upcoming order. Inventory forecasting
software should allow you to forecast demand accurately.
6.
Empowers Future Planning: The
inventory planning software must enable you to forecast for the future and plan
accordingly. One of the crucial factors for using this software is resolving
all the bottlenecks before and having a smooth sales process. The software
should allow you to use historical data, current trends, and external factors
and, based on it, forecast and plan for the future.
7.
Multi-device Accessibility: One
of the must-have features of the software is its accessibility. An ideal inventory
planning software must not only be operational from one device, restricting
smooth operations. The software must provide inventory planning tools that
allow users to access it from anywhere they want.
8.
Efficient Reporting and Analytics:
Besides accessibility, the software must provide various dashboards in support
of reporting. Reporting is essential to track whether the team is on the right
track and keeping up with the ultimate goal or not.
Also, easy analytics allows users to understand what is going
right and what are the areas of improvement. Not only that, but it should also
tell you the buying pattern of the customers, your purchasing sequence, and more identifiable data.
By now, you are aware of the features you need to look at to set up just the ideal Inventory planning software. Don’t forget to check out the Inventory Planning software by Avercast, one of the best in the business. It encapsulates many features along with all the ones mentioned earlier.