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Inventory management software is an automated software system that allows businesses to track, organize, and manage all their inventory. Being a reliable and effective solution with all the necessary features you need, this software can be a real game changer for your inventory business
As your business grows, you have to work with a larger quantity of inventory which is hard to keep track of. This is where inventory software comes in to help you not only with all the inventory-related processes but also with your digital transformation initiative.
To run a successful inventory business, you must keep track of what is in stock, what's not, and the items to be ordered based on customer demand. The inventory management software can help you automate all these tasks saving you a lot of time and removing the risk of human error.
To stay competitive in a rapidly evolving market, businesses need robust software like inventory management to implement just-in-time inventory practices and improve operational efficiency. This software is flexible and scalable enough to align with the unique needs of businesses of all sizes.
Inventory management software keeps track of the number of items you have in stock to avoid overstocking or stockouts. It automates repetitive tasks such as inventory checks, stock counting, reordering, and more. It offers reports on sales patterns, inventory management trends, business performance, and inventory turnover that help better decision-making and boost your bottom line.
The inventory management software market has undergone considerable growth driven by continuous innovations in technologies like blockchain, artificial intelligence, cloud computing, and data analytics. Also, the global need for efficient supply chain operations has fueled the growth of innovative inventory management solutions.
The value of the global inventory management software market was USD 2.13 billion in 2023 and is expected to hit USD 4.84 billion with a CAGR of 9.7% in 2032.
The demand for inventory management systems is only going to rise in the coming years. It is the right time for businesses to invest in inventory management software that helps them streamline inventory processes, make informed decisions, and handle the complexities of modern supply chains.
Inventory management software offers a wide range of features and tools that ensure a smooth inventory process. Here we have listed down the distinctive features that can be customized as per your industry and use.
Inventory Tracking
Inventory tracking helps monitor all of the inventory that you own including raw materials, unfinished goods, and ready-to-sell items. It lets you find the exact required item without having to search for all items.
Purchase Order Management
Purchase order management makes it easy to create and revise purchase orders quickly. It also helps suppliers track product lead times and handle purchase order lifecycles.
Demand Forecasting
Inventory management software uses advanced forecasting tools to identify trends and patterns that help companies figure out the products that customers highly demand. This avoids overstocking items that are out of demand.
Barcoding and Tagging
It takes only a few minutes to scan the barcode of items using the barcoding and tagging feature. It helps errors due to manual data entry and tracks things such as pricing and product details accurately.
Low Stock Alerts
The low stock alert feature sends alerts and notifies you when the in-stock quantity falls under the threshold quantity. This helps ensure you have sufficient stock for sale and production.
Batch and Serial Number Tracking
Batch and serial number tracking helps monitor batches and serial numbers assigned to each product. They serve as unique identifiers, allowing you to track a product's complete history such as when, where, and how it was produced.
Automatic Reordering
Inventory management software sets customized alerts to detect the time for the restock and when you run low on some products. It automatically creates and sends purchase orders for the needed items on time.
System Integration
You can easily integrate inventory management software with other systems such as accounting software, EDI, and Enterprise Resource Planning (ERP) to improve the functionality of systems and manage multiple processes in a single unified platform.
Reporting Tools
Reporting and analytics tools are essential to get a complete picture of your inventory business and comprehend the areas of improvement. They create various inventory-related reports including sales reports, purchasing reports, inventory turnover, etc
Comprehensive Dashboard
The inventory management dashboard serves as a dynamic tool to have complete control over your inventory. It shows all the data points and key inventory metrics that are pulled from the system's database.
Incorporating an inventory management system into your business can bring a multitude of benefits ranging from reduced costs to improved automation. Let's take a look at them in detail.
Cost Savings
Inventory management software provides accurate information on the availability of items that prevent overstocks and stockouts leading to higher costs. Also, it can cut down costs spent on large storage space and manpower.
Enhanced Transparency
Inventory management software makes it easy to track and locate a specific stock. It keeps you informed of everything about inventories right from their entry to exit and ensures you have complete traceability for them.
Better Decision Making
By providing detailed insights on inventory levels, sales patterns, and market trends, inventory management software helps businesses plan effectively and make data-driven and strategic decisions.
Increased Efficiency and Productivity
Having robust inventory management software means getting all inventory processes done in less time, resulting in increased efficiency and productivity. It helps businesses optimize their workforce accordingly.
Reduced Errors
Implementing inventory management software helps automate inventory operations resulting in reduced risk of human errors. It does not involve much manual inventory tracking and data entry, preventing inaccurate data, miscounts, and other issues.
Improved Automation
The inventory management system automates all kinds of inventory processes right from restocking, accounting, and inventory tracking to barcode scanning with minimal human intervention.
We follow a structured approach and leverage innovative technologies to develop inventory management software that aligns with our clients' needs. Here is a breakdown of our development process.
The first step in the inventory management software development process is to gather the requirements. We work closely with our clients to understand their business needs, workflow, and challenges and provide them with a suitable inventory management solution.
Based on the information and requirements we gathered earlier, we choose the type of inventory management software they want to develop and on what budget. There are various types available including perpetual, periodic, or cloud-based. Even if their choice goes wrong, we suggest the type that suits their business needs and objectives.
Next, we outline the features and functionalities needed to be integrated with the inventory management software. We focus on implementing features and functionalities that work to provide the business with a desired outcome.
This is one of the crucial steps in the whole development process since the technology stack serves as the foundation to begin software development. Our team of experts selects the suitable technologies, tools, frameworks, and platforms to build robust and scalable inventory management software.
Once the technology stack is chosen, we begin with designing the architecture of the inventory management software. We design a scalable and flexible architecture that easily integrates with external systems in further development processes.
Our UI/UX design team works on creating intuitive and visually appealing user interfaces for the inventory management software. We design comprehensive dashboards capable enough to show key metrics and data points clearly to the users.
This is where the actual development process starts. Our experienced software developers follow best coding practices and agile methodologies to develop the back end of the inventory management software.
Right after development, we integrate the inventory management software with essential third-party systems such as ERP, CRM, accounting software, PoS, etc to enhance the functionality of the software.
Before deployment, it is important to conduct rigorous testing on the inventory management software to check its functionality, performance, and reliability on multiple platforms. we address the issues and bugs identified during the testing phase.
Once testing is successfully done, we deploy the inventory management software in the client's environment. We ensure a smooth transition and continuously monitor the system's performance even after deployment.
Maticz is a top inventory management software development company that offers unparalleled inventory management services and solutions tailored to meet the unique needs of businesses across industries. Whether you're a small retailer or a large-scale distributor, we have the expertise to develop a solution that fits your needs perfectly.
Being the leading software development company, we leverage the latest technologies and tools to develop innovative inventory management solutions that are scalable and reliable in today's digital market. Our dedicated team of professionals is always available to provide assistance and support, ensuring that your inventory management system continues to perform at its best. Choose Maticz for your inventory management software development needs, and experience the difference firsthand.
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