To be a successful eCommerce seller requires multiple things. Apart from offering quality products, it requires quick and satisfactory customer service. Gratefully, technology has made things easier for every business. Today, there is dedicated software for every business to meet their customers’ needs and requirements.
Inventory management plays a crucial role for any business selling products either in an online or offline mode. Today’s businesses need a smart inventory management system that automates and syncs various processes, manages inventory effectively, handles product shipment, etc.
Smart inventory management software is already transforming the modern industry tremendously. An advanced technology-driven inventory management system handles inventory for business cost-effectively and reduces manual labor and effort.
Know how a smart inventory management system has made the inventory management process easy for businesses.
What is a Smart Inventory Management System?
Smart inventory management system is a software application that enables users to manage daily inventory transactions and data. The inventory management software maintains a centralized database so that any changes made to any location are reflected immediately everywhere.
The tool can be used by more than one user simultaneously. The purpose of using the inventory management software is to reduce the manual efforts needed to manage inventory and information in bulk.
Smart inventory management system helps users to fulfill the increasing demand of customers effortlessly. The data collected from the software gives greater visibility and helps forecast demand. Automated technologies sync inventory across multiple sales channels thereby allowing maximum sales.
Benefits of Smart Inventory Management System
Know how a smart inventory management system is beneficial for any business:
Centralized Inventory Management
One of the most important features of the inventory management system is that it allows users to track inventory in one place. This is possible due to the centralized system.
The centralized inventory management system enhances collaboration among the team members and hence enhances the overall efficiency of the inventory management.
Another feature of the inventory management system is the barcoding that helps in easy track of items. Businesses can reduce the time spent in counting and organizing the stock and minimize human errors.
It is especially beneficial when there is a bulk of stock to manage. The inventory management system software tracks items efficiently using the barcode.
Restock of Inventory
Using an inventory management system, there is no need to monitor items manually. All tasks are automated and synchronized. There is an automatic set-up to re-stock products. The user can set reminders to restock items each time the items stocked go below a specific limit. The inventory management system automatically gives an alert to restock items in the inventory.
Inventory Alert Feature
The inventory management system comes with alert features. The user can track various inventory management operations using email or SMS alerts.
The user can track sales, purchases, shipments, etc., using the smart software. Thus, users can have full control of the operations. The inventory visibility is improvised, processes are better optimized and operations are better controlled.
Business Activities Report
Inventory management software gives users the ability to do business analysis. Usually, there is a separate business analysis feature that helps businesses report various activities and analyze demand.
Report generation and analysis helps to check the status of items and track shipment orders using the order tracking feature. Businesses can also predict future inventory needs that helps them make better decisions.
Secure Backup of Inventory
There is a bulk of data that needs to be managed for every business. There must be a powerful inventory management system that can store and protect data securely.
The data is properly backed up and can be accessed and used anytime.
Technology such as cloud computing and the Internet of Things (IoT) helps record orders logically. The list of items can be organized and optimized logically. Orders can be tracked in real-time. Tracking and reporting is done automatically.
Most activities today are done through mobile devices. A mobile-friendly inventory management system is used to help businesses manage and monitor inventory activities remotely.
A mobile-friendly inventory management software helps keep track of inventory in real-time 24/7. It boosts productivity by keeping track of updates regularly.
Order Return Handling
An innovative inventory management system helps in easy tracking of return orders. The software efficiently handles order cancellations and return order creation.
Fast return order management helps in enhancing customer satisfaction. It also saves time and money in managing orders.
Why Does Your Business Need a Smart Inventory Management System?
A smart inventory management system helps businesses to forecast orders and demand by analyzing the data. This helps in minimizing costs and optimizing various processes of inventory management.
A well managed inventory management system helps in managing inventory at various locations. Know the other important reasons to use a smart inventory management system for your business:
- Using a smart inventory management system you can keep track of exact quantities of items in real-time. You can identify the buying pattern of users according to the purchase history. In this way you can manage the stock of items better and serve the customers efficiently.
- You need to use the money effectively as a business by using the right tools and resources. Implementing a smart inventory management system is a one-time investment. Once installed successfully, it helps in reducing overall cost in resource management, organization of items, manpower usage, product delivery, return order management and more.
- By using a smart inventory management system you can monitor operations in real-time. In this way, you can detect problems as soon as they arise and take action immediately to resolve them. Identifying and rectifying errors on time helps in saving cost and handling risk effectively.
- Smart inventory management system helps in better report generation and allows you to handle inventory better. It saves a lot of manual work, thus making the entire process smooth and easy.
- Customer satisfaction is the foremost priority for any business. Using a smart inventory system, you can streamline various inventory operations. This ensures fast delivery, offers real-time order tracking, better customer service and support, easy return order management, etc.
How to Implement a Smart Inventory Management System?
Now that you know what a smart inventory management system is and its benefits, find out how you can implement it for your business.
There are technology driven companies that provide smart inventory management solutions to businesses. Using a reputed company’s software is the best decision as the software is easy to use and its features can be customized as per the requirement of your business.
Pickrr, a technology-driven company, offers a SaaS-based solution to help businesses of all sizes to manage inventory. Know what are the features Pickrr provides:
Easy Integration of eCommerce Store Orders
eCommerce sellers can sign up on Pickrr’s platform for free and sync their orders on the eCommerce platform on Pickrr’s dashboard. The process can be done in easy steps without any coding. Check the link to know how to integrate your eCommerce store with Pickrr.
Pickrr’s smart software can be used on any device. It is a pocket-friendly software that can be used anywhere and at any time to keep track of inventory, orders and shipments.
The users can access the software on the app or through the web. All features are user-friendly and easy to manage.
Pickrr Plus Fulfillment Solution
Businesses can also use smart warehouse fulfillment solutions offered by Pickrr Plus. They can manage inventory at multiple locations pan-India as per the demand and business requirements.
Once the inventory is stored at warehouses, Pickrr helps them with real-time inventory tracking and manages inventory effortlessly.
The demand and expectations of customers are increasing day by day from eCommerce. Hence, businesses that wish to remain competitive in this industry need to implement technology-driven solutions sooner or later to meet the expectations of potential customers.
A smart inventory management system is a way to enhance the delivery services by keeping a well-maintained stock of items. It enhances the overall efficiency of the logistics and delivery services.