Global Docks builds dependable inventory solutions that help e-commerce businesses automate and optimize their unique merchandise operations while facilitating inventory planning and control.
Inventory Software Explained
Businesses need inventory software tailored to their specific goods because it better aligns inventory levels with production demands, optimizes inventory carrying costs, and reduces internal and external inventory-related risks. Custom inventory management offers real-time visibility and in-depth yet comprehensive analytics on inventory levels and costs while automating inventory management processes such as the following:
The Key Features of Custom Inventory Management
Inventory software development creates a solution with unique functionality to serve specific inventory planning, purchasing, and tracking needs with the key features.
Inventory control or stock control manages a company’s inventory levels in a warehouse or spread throughout different locations. Our warehouse management system (WMS) helps with the following:
- Inventory tracking and real-time updates with barcode or RFID scanning
- Automatic reorder points calculation (enables you to avoid running out of products)
- Creating and managing a bill of materials (BOM). This is a structured list that identifies all the necessary materials and components needed to construct a product
- Inventory transfer request management (when you need to optimize items in different locations)
- Inventory valuation (the cost of an entity’s inventory during a reporting period)
Item management involves setting up and managing item data across retailers and channels, including product attributes such as:
Inventory management software can help you catalog items, kit your inventory for retail and the wholesale industry, and filter items by SKU name, description, expiration date, and other identifiers.
Supplier and Purchase Order Management
Efficient purchase order management ensures you cover all business needs while utilizing as few resources as possible. Custom inventory management accommodates the following:
- Rule-based supplier assignments to purchase orders
- Purchase order creation and approval, status, tracking, and history overview
- Immediate inventory replenishment orders (onset by reorder points)
Customer Order Management
Keeping up with such a demand can be challenging if your products sell out quickly. High-quality software can make managing customer orders simpler with the following features:
- Sales order creation and status tracking
- An automated invoice generator and approval
- Automatic package slips generator. This produces a document that includes the list of items included in a package, such as SKU numbers, weights, dimensions, and the number of units shipping departments use to determine what inventory needs to be shipped to complete an order accurately.
Reporting and Analytics
As a business owner, you must know what inventory is accessible and when your products run low. You also benefit from learning how a product sells year-over-year. Another responsibility of reporting is reviewing if there are any product discrepancies and so much more. Without reporting and analytics, a company won’t know whether it is thriving, or whether it needs to make improvements. You might also want a customizable dashboard to ensure the analytics and metrics are tailored to your business.
The Benefits of Inventory Tracking Software
Every business is only as successful as its ability to track its inventory. When you partner with a third-party logistics (3PL) service provider, you can look forward to the following benefits:
- Decreasing inaccurate orders
- Preventing running out of inventory or housing too many products
- Better customer service
- Coordinating your products going to multiple locations
- Automating time-consuming and frustrating manual tasks