Revolutionize your stock management! Dig deeper into top-tier inventory database software solutions, optimizing accuracy, efficiency, and business growth.
Companies that deal with large amounts of inventory need a way to centralize, store, track and manage their products. This is why inventory database software exists. The system acts as a repository to track and organize processes within and elements of the supply chain – orders, deliveries, sales, work orders, invoices, inventory levels and more. It is used in manufacturing and other related industries.
One of the main features of an inventory management program is that it automates important tasks and processes that previously had to be carried out manually, which increased the possibility of human error. It also provides a wealth of data and analysis that companies can use to improve their procedures.
Why having inventory management database software is important for your business
Inventory database software is critical to important management and supply chain processes in your organization. It will not only automate many of your critical plans and procedures like shipping, receiving, purchasing, returns, and more, but it will also bring all of these processes into a single system, streamlining your workflow.
Inventory management system software provides information about what you have in stock and what materials you need to purchase. It allows you to have an up-to-date and accurate picture of your complex processes. Without an automated system in place, your supply chain could fail.
This software improves efficiency. This also means more accurate reporting and analysis, which allows you to refine and improve your processes. Ultimately, this leads to greater customer satisfaction and retention. It also means fewer headaches for employees – your team doesn't have to manually enter, track, and manage complex, time-consuming processes.
It also leads to cost reduction. You won't need to dedicate as many resources to fixing problems that occurred due to human error, and you'll dedicate much less time and human capital to managing inventory.
How do you control inventory with software tools?
Inventory management database software is a comprehensive platform that centralizes and stores critical information related to supply chain, resources, inventory, and more. You can view data in real time, ensuring you always have a clear picture of where you are.
Most inventory management software is cloud-based, which means you can access the information from any location with an internet connection. It replaces traditional manual methods like spreadsheets. You'll have a visual way to track your critical materials across locations.
While all systems work differently, some features you can expect to find in inventory software are:
- Multi-channel barcode tools like QR codes
- Inventory Accounting Equipment
- Mobile, tablet and desktop interfaces for supply tracking
- Radio frequency identification
- Reports and dashboards
The software also automatically identifies inefficiencies and hiccups in the pipeline and alerts companies to problems, allowing them to nip them in the bud before they escalate.
If you have a solid technology team, you can build inventory database software yourself. Otherwise, a third-party vendor can help you build, maintain, host, and provide maintenance for the tool.
Developing an Online Inventory Database for Your Business
Developing inventory management system software that fits your business and its needs takes time, skill, and effort. Start by evaluating your requirements for the system. Consider whether you have the necessary skill sets in-house to create a viable solution.
You should also consider existing tools on the market – there are already several inventory software solutions available, but if you need a custom platform, you can look for an external team with the necessary skills to meet your specifications.
If you want to create a bespoke system, you must work with the team to map out the architecture and design, as well as reflect on the project objectives. Additionally, you will need to migrate your data from the system you currently have, test the product, integrate it with your company's other software, and train users on how to use the platform effectively.
The types of inventory and software features to manage them
Inventory control systems manage a variety of materials for businesses. Of course, the specific types depend on the nature of the organization and its industry. However, more commonly, they can be summarized as:
- Raw materials: unfinished materials that can be assembled to create a refined product
- Work in progress (WIP): materials that are not yet completed, although the process to refine them has begun
- Inventory decoupling: excess raw material or WIP placed in reserve and used as needed
- Finished goods: salable goods that are fully completed and ready to be placed on the market
- Maintenance, repair, and operating (MRO) supplies: materials used to create and build products for sale or keep the business running smoothly
To manage this and other inventories, an inventory database software system often includes features such as:
- Store
- Search and filtering
- Reports and analytics
- Predictive analytics
- Costs management
- Automated ordering and reordering
- Administration
- bar code
- Integrations with other platforms
- Inventory Catalog
- Cost analysis
- Forecast
Types of Inventory Control Systems
Inventory control systems are generally divided into two categories: periodic inventory systems and perpetual inventory systems.
A periodic inventory system is ideal for smaller businesses dealing with low inventory levels that don't need to be updated frequently. Typically, software does not track materials and goods daily, but at less regular intervals, such as monthly, quarterly, or even annually. Between these periods, organizations often perform manual management and counts.
On the other hand, larger organizations facing higher volumes of inventory will likely use a perpetual inventory system. This tool automatically tracks goods and materials 24 hours a day, so you're always up to date on what's available and what's needed. The system offers insights in real time or as close to real time as possible.
