When considering inventory control software, you should take the following factors about your organization into account: Run periodic audits of your inventory and generate reports so you can track your stock and recognize problems before they develop. Receive automated notifications about low inventory levels, expiring items, overstocked items and reorder points to help you better keep track of inventory levels. Track items as they move through the warehouse to employees, vendors or customers, preventing them from getting lost along the way. This feature allows you to track your products by site, location, serial number, lot, date and/or pallet.Ĭreate an inventory system that fits your needs, with flexibility in creating your own inventory and shipping labels. The most typical inventory control system features are explained in the following table:Įnables you to track your entire inventory. Common Features of Inventory Control Systems This buyer's guide will focus on the features that are specifically a part of inventory control systems, but we recommend you also check out our inventory management software buyer's guide. The "materials module" found in Fishbowl Inventory 's software The two processes clearly complement one another, and thus many vendors will offer both inventory control and inventory management features, either in a shared package or divided up into separate offerings that can be integrated together. Inventory management: "Focuses on quickly and efficiently reordering products.Stocking up on products primarily because they can be obtained at a cheaper price will most likely lead to more products spoiling and becoming obsolete, as well as creating an inefficient use of storage space." This saves businesses time and money because they don't have to spend lots of man-hours reordering and receiving goods that they don't really need." Inventory control: "Focuses on cutting the number of slow-selling products a company purchases. Whereas inventory control is the process of ensuring that you have the ideal amount of stock, inventory management is focused on most efficiently organizing and managing stock, so that reorders happen at the exact right moment.Īccording to major inventory control and inventory management vendor Fishbowl Inventory, the difference can be stated as follows: It can provide automated alerts and reports as those items are checked in or out by various parties. The software relies upon tracking items via barcodes (which you can create and customize) as products move in and out of your warehouse. Inventory control systems can automate the monitoring and tracking of your products via their inventory codes, eliminating the need for time-consuming pen and paper logs or Excel spreadsheets. The ultimate goal of inventory control is to create maximum profit from the least investment in inventory, without negatively impacting customer satisfaction. This way, the business can save money, time and warehouse space by not acquiring products or materials that are unnecessary. Inventory control (sometimes also called "stock control," a term used synonymously) means monitoring a company's inventory of products to ensure that slow-selling or little-used items are not overstocked. Market Trends to Understand What Is Inventory Control Software? Inventory Management SoftwareĬommon Features of Inventory Control Systems This article will help guide you through this process, so you can choose the inventory control system that best fits your business needs. The subtle differences between "inventory control" and " inventory management" can also be confusing. Selecting the right inventory control software to help you with this process can make your job a lot easier, but choosing that software can be a challenge. In each case, it's essential to always have the right amount of necessary goods on hand. Any business that deals in physical products needs to maintain its inventory, whether that means transporting or selling products, or assembling them into a different product. Inventory control is a complex process with multiple moving parts, quite literally. Buyers Guide Last Updated: March 16, 2023
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