Table of Contents
Among all other business operations, tracking and managing inventory is the most difficult part. Thanks to the inventory management software, which has come to the forefront right now to save business owners. Inventory software is an advanced system that help businesses track the stock or product availability, organize products in their company, manage the orders, sales and shipments and more. We have created this blog to provide you with complete guidance about the inventory management system, its features, how it benefits businesses and which industries can use this software and what is the exact cost of inventory software development in India and more. Read it well before you start using this software for your own brand.
What Are the Benefits of Inventory Software for Which Businesses Need It?
To simplify inventory tasks, businesses must switch from manual inventory management to automated inventory management software. But is this the only benefit this software provides? Not really! There are many more advantages of inventory system that a business can enjoy after using it, such as-
1. Real-time Inventory Tracking
By allowing companies to get insight into the current status of the available stocks of a company, this software helps companies refill their stock before they are out of stock. Also, wastage will be reduced when the businesses know they have enough stock and don’t collect extra products unnecessarily. This is literally the best way a software for inventory management benefits a business.
2. Reordering in An Automated Way
This software allows you to set an automated reordering option in advance in case of out-of-stock items. As this software can generate a reorder automatically for the necessary items every time after a product goes out of stock, you don’t need to check the product availability again and again and can stay tension-free and save your time.
3. Stops Businesses from Overselling Products
When businesses don’t have any clear idea about how many products they have left in stock, they often oversell products and face quicker out-of-stocks than usual.
4. Forecasts Upcoming Demand for Products
One of the best benefits of inventory management software a business can ever find is the prediction of upcoming product demands. Inventory software analyzes the past behaviours of customers and, by doing so, it predicts which products are going to be high-demandable products in future. In this way, it helps businesses make the right decision about buying products for their stock, reducing unnecessary wastage of money on the wrong products.
5. Enhance Supply Chain Management
When businesses can get a clear picture of their product availability, managing supply chain will also become easier and much better than before.
6. Improve Customer Satisfaction
You can provide the right information to your customers about the particular product availability they are trying to order, which can enhance your relationships with customers. For examples, if a product is out of stock or a very of the products are left now, you can tell them about that, or you can also send them notification when a product which was out of stock, is now available again in your company.
7. Save More Time
As handling the entire inventory tasks can be automated and faster with this software, it will save lots of your time, and you can make use of that free time on enhancing your skills in business or improving productivity.
Which Types of Industries Can Use An Inventory System for Their Business?
Though inventory software is a useful tool for almost all types of business, there are some particular business niches for which this software works best. Those businesses are-
1. Ecommerce Business
People associated with eCommerce business and selling products like fashion accessories and personal care products, home essential products, phone accessories, electronic gadgets, books, grocery and kitchenware products and more, can use this software to track and handle their vast inventory.
2. Textile Sector
To check and manage raw material stock, manage job workflows, track and manage orders and handing returns, product returns and replacements, textile businesses must use textile inventory management software.
3. Food and Beverage Industry
Inventory software is an extremely helpful option for food and beverage industry to handle their huge inventory tasks. Product wastage which is very common in this sector, can be prevented with the help of this software.
4. Manufacturing Industry
Industries that manufacture raw materials, chemicals, electronics, and more, can also use inventory software to track their stock to prevent excess manufacturing.
5. Pharma Companies
The inventory system is very useful for pharma companies also as it helps pharma companies get real-time review of their product stocks and know about which products are going to expire soon or which products are going to be out of stock.
What Are the Different Types of Inventory Management Software?
As every business has different niches and different goals, one single inventory software cannot fit in every business. Here are all types of software for inventory management for various businesses-
- Textile Inventory Management Software
- ERP Inventory Management Software
- Ecommerce Inventory Software
- Cloud-based Inventory System
- Food & Beverage Inventory Management Software
- Barcode Inventory Software
- Warehouse Management Inventory Software
What Are the Must-have Features of Inventory Management Software?
Don’t fall for a random company offering inventory management software development in India. Though there are different types of inventory systems available, some features are the same in every inventory software. So, make sure that the software you are buying from a software development company, must have the following in-built features such as-
1. Stock Tracking Option
In every inventory system, the most common and must-have feature is the stock or inventory tracking option. It helps businesses get real-time updates about the availability of their products.
2. Purchase Order Management Features
Along with inventory management, this software also comes with an in-built order management option that allows businesses to track and manage orders and reorders, and shipments digitally from anywhere in this world.
3. Barcode Scan
Barcode scanner is a modern functionality in the inventory system that provides faster access to stock levels, automates manual data entry, decreases errors and increases efficiency.
4. Product Forecasting Functionality
This is the best feature of the inventory management software you can ever find in a system. This feature allows the software analyze the past buying history of customers, latest market trends and customers’ behaviours and based on this analysis, the software provides forecast the future demand for products. This helps businesses reduce the wastage of buying low-demand products.
5. Automated Reordering Option
Another advanced feature in inventory software is the automated reordering option. It lets the software automatically reorder only those products that are out of stock and are high in demand right now.
6. Vendor Management Options
This feature helps you monitor the performance of your vendors, assign them new tasks and check their personal information as well.
7. Reporting and Analytics
Reporting and analytics are the necessary features in every type of inventory software that provides real-time insights into the daily, monthly and yearly performance of the company. When a company has a clear picture of their performance, it can understand what the faults are or how the overall performance can be improved more.
8. Inward/Outward Management Options
Businesses can track the movements of their products, and how many products are going out for delivery and how many new products are being restocked in the company.
9. User Management System
With the user management option in an inventory system, businesses can provide easy access to potential customers, prevent unatuhorized access to keep the sensitive data safe, and provide location-based access to customers, etc. It helps customers easily get access to the business and also keep their private data completely safe.
What Is the Cost of Inventory Software in India?
The buying cost or price of developing inventory management software in India varies. It depends on several important factors such as the types and numbers of features, customization level, complexity of design, number of users and more. The exact cost of the inventory system can be estimated only after knowing all of these. However, we have searched a lot, and did lots of calculations and finally found out the average inventory software development price in India. Check out the price in detail below-
| Design Complexity | Cost |
| Basic Inventory Software Design | Rs. 10,000 to Rs. 50,000 |
| Complex and Customized Inventory Software Development | Rs. 60,000 to Rs. 80,000 or more |
| Number of Users | Licence Cost |
| Single User Licence of Inventory Software | Rs. 4,999 to Rs. 22,500 |
| Multi-user Licence of Inventory Software | Rs. 67,500 or more |
Where to Get Professional and Affordable Inventory Software Development Services in Surat?
Now it’s time to reveal the name of the top company in India from whom you can get high-quality, and advanced inventory software at best price in India. The name is HelixWebi. This is a Surat-based inventory software development service provider with an expert team of in-house software developers. You can get feature-rich, custom-made software for inventory management as per your particular business niche from us. We can complete the project quickly and guarantee on-time delivery. You can also request for a free demo of the inventory software service from us.
