Inventory Planning Software: Concept, Challenges, and Features
Inventory is one of the most significant assets for an ecommerce business or any other business. If you fail to maintain it properly, you will possibly lose major sales opportunities in the future.
You can connect your business with efficient inventory planning software to avoid these supply chain-related discrepancies. With this solution, you get complete visibility into your inventory movements. In this blog, we will explore inventory management software’s concept, challenges, and features.
Challenges in Inventory Planning
- Constantly Changing Demand:
there are alterations in customer demand because of factors like shifting trends, seasonality, and changes in product pricing. Be aware of future circumstances and plan your inventory accordingly to avoid overstocking.
Limited Visibility of Inventory Movements:
it’s challenging to locate and identify the exact inventory in warehouses if the data is not recorded. It results in various issues, like inaccurate or delayed shipments. Having in-depth inventory visibility is crucial for efficient inventory operations that prepare for new launching products.
Manual Tracking:
applying old techniques to manage and handle inventory records is lengthy, time-consuming, error-prone, and insecure. Enabling inventory planning software brings consistency in tracking inventory operations.
Loss of Inventory:
products are often spoiled, damaged, or stolen, which further affects your bottom line. Complete visibility of your inventory is practical, as it expedites locating and resolving potential problem areas.
Unwanted Delays:
an accurate production plan is essential for thriving supply chain management. But, if this plan fails, it creates unwanted delays and discrepancies, which eventually results in bad sales outcomes and hampered customer relationships.
Ineffective Team Coordination:
if different departments in your company lack effective communication, it gets difficult to maintain coordination between teams. Inventory optimization software promotes collaboration, where team members can share or retrieve ideas for improvements.
What is Inventory Planning?
Inventory planning is an internal organ of every thriving business, delivering steady production, sales, and customer service at an affordable cost. Since every element of inventory is equal to money for business, apt management of these company assets is the key to generating. Effective inventory planning tool track sales, purchases, and payments related to these inventory movements. Inadequate management can contribute to sizable losses or even the failure of a business.
Features of Inventory Forecasting Software
When you select an inventory management system, keeping your needs in mind is essential. Software crafted for manufacturers will be different from the one designed for retailers, so prioritizing your requirements will enable you to narrow down which software works best for your business.
Here are some of the basic features of inventory management software :
- Easy Integration with Point-of-Sale (POS):when a customer adds your product to their carts or scans at the billing desk of the shop, your POS automatically alerts your inventory planning tool. This real-time product sales tracking type helps you plan effectively for the future.
- Report Exporting: inventory reports are extremely vital as they provide actual market scenarios. The reports provide comprehensive information about which products were sold maximum times and which products are still available on the shelf. These reports deliver extraordinary insights into what to change, when, and how.
- Multi-Device Accessibility: efficient inventory management software should be accessible on various devices, be it a laptop, desktop, phone, or tablet. This user-friendly feature allows you to supervise and handle inventory from anywhere, maintaining a real-time view of accurate inventory movements.
- Accurate Future Forecasting: one key feature of inventory forecasting software is its ability to forecast accurate future planning. Industry-leading supply chain management solutions provider Avercast and its inventory planning software empowers you to predict your inventory for up to 5 years in the future.
- Effectively Evaluate Your What-If Scenarios: An inventory management system provides various scenarios to make your business future-proof and ready for any discrepancies. This solution accurately assesses all relevant what-if scenarios to prepare you for an effective decision-making strategy.
Eliminate Inventory-Related Hurdles with Avercast, A TransImpact Company
Avercast’s Inventory Management Software delivers complete visibility into your supply chain. Our solutions give our clients access to comprehensive reporting on accurate inventory movements. With adequately maintained inventory, you can prevent situations like understocking or overstocking. To understand more about our solutions, talk to our experts or schedule a free demo.
