Features to Look in an Inventory Planning Software

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.

However, one crucial question always arises: how to choose the best Inventory Planning software with the best inventory planning tools. The dilemma is evident as numerous options are available in the marketplace, so how to choose the right one? In the beginning, you can align your goals with the current inventory planning software, identify where you are lacking, and then narrow down accordingly. But what if you do not possess any software yet? How to decide which one is ideal for your business? What features of Inventory planning software will be right for you? And the questions keep coming and coming. Let’s settle the dilemma once and for all.

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.