Recently, modern retailers and venues have been making the move to digital solutions to aid them in their management efforts. The trend towards the incorporation of automation software into the structures of their businesses has been minded carefully by decision-makers looking for the next best step for their respective companies and the verdict is finally in – software is here to stay.

There are loads of useful features that businesses can enjoy from modern software that give them the capabilities to manage operations far more easily as well as employ new, intuitive tactics with far less difficulty. Rising to the forefront now, automatic management of business inventory through dedicated software has become a very appealing prospect for startups and established international corporations alike.

Following are a few excellent functions that are currently included in various inventory management systems:

Online Booking Capabilities

The first concept that should be addressed is that of booking. This is an often overlooked aspect of inventory management that pertains to goods or services being prepared and scheduled for customers in advance of the actual transaction.

Booking is a huge part of inventory management as it directly affects your products or available time in the day in complex ways that can, all too often, lead to confusion and undue management woes. The last thing you want is to confuse your clients (let alone, yourself) with a general pre-transaction process that is disconcerting and unnecessary.

With proper inventory management software, you can sidestep this business faux-pas and ensure a great, transparent payment process from start to finish for both your clients and your company. Online booking, when done well, is a strong asset for your company to possess in the current, modernized consumer marketplace – granting you the ability to begin the transaction process before your clients even reach your establishment.

Point-of-Sale Integration

Point-of-sale solutions are evolving in major ways these days and for good reason. With technological interests on the rise amongst consumers, smart business owners are seeking out novel methods for improving the customer experience without taking on more expenses.

Modern point-of-sale solutions are especially intuitive and increasingly targeted. A burgeoning batch of point-of-sale options has begun to emerge from multiple software providers that accommodate any business model – from large-scale retailers to food trucks and coffee shops.

Point-of-sale software and inventory management go hand in hand. Often enough, the two systems are inextricably linked so as to provide business owners with full-featured platforms for accepting payments and managing their stock in the same clean process. This gives shop owners a chance to restock on items they are selling at the same moment that such an action might become a necessity (the moment a sale of the item in question is realized and the stock is, of course, depleted).

Real-Time Tracking

This is a complete game-changer for busy business owners. Having a simple program accurately monitoring the total levels of your inventory on a per-item level spares you the tedium of dealing in the minutiae of your business’s ongoing functions.

An alert triggered by a program in charge of monitoring your stock when items dip below the acceptable threshold can save you an enormous amount of time and frustration as well as help you to avoid committing common, but detrimental errors with your inventory and missing out on important sales due to under stocked products. 

Tracking your inventory in real time requires input from all employees in charge of selling or purchasing items for your company. Managing a process as inherently complex as this through the use of a single universal application can make your business a lot easier to assess and improve upon.

Powerful Analytics

Possessing dedicated computing power for the sake of properly analyzing your stock in terms of individual item performance can be a major boon to your entire business management effort.

Keeping tabs of the little things in your business allows you to realistically align your improvement efforts and business goals with the steps you’ll need to take to make them happen. With analytics that track sales ratios, customer preference and sources of all items in your inventory, you’ll be able to clearly lay out a plan to make your business what you want it to be.

Excellent analytics separate the good from the great in terms of inventory management systems. Simple yet extremely effective actions such as calculating waste loss and analyzing the performance of custom configurations or special offers give business owners a completely novel method for maximizing their profits whilst simultaneously cutting back on expenses.

These are only a few of the most prominent advantages that business owners can now enjoy from the proper implementation of inventory management software. Much of this vital business management process can be simplified and, in some cases, outright automated to aid in the continued enhancement of your company’s performance and profits.

Now that you know about the benefits of inventory management, see what other manufacturers and managers are saying about inventory management software. Already using one you like or don't? Tweet to us about it @FeatCustomers!