Many developers today offer inventory and order management software for both specific and generic purposes. These software are generally robust applications that can handle any number of products available at a webstore or website. Some even automate complex procedures such as order management and shipping management. An inventory management software comprises several constituents that together build and maintain a product inventory for many online businesses. Some of the essential ones are as follows:
- Asset tracking/shipping management: A stored product can be tracked using its bar code and/or other means of tracking, such as RFID.
- Order management: When the stock of a product is low, the inventory feature can alert managers regarding the stock that needs to be replenished. This helps the business avoid running out of products or engaging excessive capital in stocked products.
- Service management: Companies that provide services rather than products can use inventory management features to track the cost of the materials they use to provide services, such as stationery or digital equipment. The companies can thereby arrive at a reasonable price to attach to their services.
- Barcoding: Barcodes enable input of data on products and orders into the inventory management software. A barcode reader can read barcodes and look up the info on the respective products.
Over and above these essential features, many other features make inventory management systems indispensable to online businesses. For instance, with some software, you can enter different amounts of weight for each product option and still quote accurate shipping rates. Shipping management features intimate the business owner regarding the current status of the shipment.
In addition to such great features, some inventory management software can also be integrated into your accounting system for much higher levels of automation and savings of time and money. It can be a highly effective instrument for controlling multiple online locations, robust inventory and order management, automated shipping management, and so on.
Before you actually invest in some such software, also ask for inventory and order management software that can be custom-built to fulfill your specific business requirements. Get one that best addresses those requirements.
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