Best ERP Inventory Management System Software in Bangladesh

What Is Inventory Software?

Inventory software is a crucial inclusion for any company. But what exactly is inventory software? We'll begin our discussion with this. But before that, let's find out what inventory means.

The products and goods you sell through your company are the inventories. They bring revenue to the company. Inventories go out, and that brings cash to you. As a result, the total revenue generation increases.

You must keep track of the inventories. And when there are so many products and goods involved, the manual process is very hard. It can be full of errors and very time-consuming. That is where the inventory software comes in.

Inventory management software makes the inventory system automated. You can use them to track and manage the inventories of your company. It is quite straightforward and right in the name.

Inventory management software makes the supply chain processes smoother. You can do many things with it. You can track your products, optimize inventory, kit and bill materials, and many more things.

The purpose of inventory software is to organize inventory stocks. As a result, you will unlikely be in a situation of understock or overstock. This automation system allows employees to perform tasks and manage warehouse products better.

How Inventory Control Works?

Inventory control is a pretty simple thing to understand. The core concept of any inventory software is to manage 2 items. The first one is incoming, and the second one is outgoing. Now, what do these 2 means?

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Inventory software controls the purchases and sales of the company. Purchases are the incoming inventories, and sales are the outgoing inventories.

The objective is to manage the inventory level. This way, the warehouse doesn't have any overstock or understock problems. As a result, you will be able to make smarter decisions about your company inventory.

Inventory software also allows you to merge different merchandise. This helps in managing and categorizing the complete system. Also, you will be able to control full stock management.

In summary, inventory software controls the overall company flow of production and revenue generation. It is the hub of all the activities of production to sales. Retailers can manage sales, purchases, track orders, bills, and invoices with this software.

10 Features of Inventory Management System

Inventory management apps can have different features. But the best ERP inventory management system has some common attributes. Here are 10 standard features that you will find in almost every inventory management system.

1. Inventory Management

The first feature is quite an obvious one. This feature enables you to centralize the inventory system of the warehouse. Here are some top things you will find in inventory management:

• Cycle counting
• Product measurements
• Livestock reports
• eCommerce platform
• Product history and management
• Vendor management
• Product categorization

2. Tagging and Barcoding

Barcoding and tagging are the two best automation systems in inventory management. They are faster and more reliable data entry processes. As a result, you will have more control and tracking over your inventory.

Here are a few things you can do with this module:

• Easy barcode scan
• Faster and better performance
• Locating products
• Product data entry
• Faster recording

3. Tracking Your Inventory

With a barcode, you can now easily keep track of your inventory. You must understand the significance of tracking. This is one thing that lets you stock products and sell them accordingly. Here are some things you can do with inventory tracking:

• Tagging
• Product tracking
• Auditing and reporting
• Tracking solutions to inventory management

4. Report Inventories

Real-time data is crucial for inventory businesses. This enables you to know product status, order status, and many more things. The best inventory software allows you to make quick and efficient reports. Here's why you need to have this feature in the ERP inventory app you use:

• Increase in productivity
• Flawless and smooth communication
• Reduction in human errors
• Increase in sales
• Quick and cost-effective reporting

5. Forecast Inventory for the Future

Imagine a situation where your customers want a product, but it's out of stock. How disappointing it would be for them! Do you want to avoid such a situation? You will need to use inventory software that has the forecasting feature.

Forecasting has a significant advantage over your inventory. It allows more efficient use and control of company resources. You will never find products to be understock or overstock. Thus, you understand which product will be in demand at what time.

Here are some things the feature includes:

• Powerful insight to future sales
• Alignment between sales and marketing campaigns
• Reduction of the risk of stock-outs
• Reduction of holding costs
• Increase in turnover rates

6. Get Alerts on Your Inventory Listing

Inventory alerts allow you to let go of the manual tracking. For example, you may get a text or an email whenever there is an issue or change to the inventory. The best inventory software includes this feature.

Some benefits of this feature include:

• Reduction in stock waste
• Optimization of inventory levels
• Increase in sales
• Maintaining operation control
• Visibility improvement of stock data

7. Security and Backup to the inventory

Security is a key requirement in any business, and it is even more essential for inventory management. The right app will give you proper security checks.

In summary, the best app should include proper security with data backups. This also includes backing up the data stored in the drive. All the data will be in one place.

8. IoT Integration

IoT, or the Internet of Things, is in great demand today. IoT enables companies to visualize real-time inventory records. As a result, you can manage inventory more smartly.

Some benefits of IoT are as follows:

• Automation in tracking and recording
• Keeping a tab on location, asset, and quantity
• Optimization of the inventory listing
• Optimization of lead time

 9. Cloud-based Software Features

Cloud-based services allow you to access the software from any device. This enables you to track and manage inventory from any place and at any time. Thus, you can make quick decisions that are smart and effective.

Here are some benefits of this feature:

•  Cost-effective
• Easy access
• Safe and secured
• More efficient
• Enhanced coordination

10. Transfer Management

Managing transfers is not so easy! As your company grows, you will have to maintain this better. If the ERP inventory system includes this feature, that is the best.

Some of the benefits of the transfer management feature are as follows:

• Reduction of miscommunication
• Real-time monitoring
• Time and money-saving
• Notification alerts

Why Should You Use Inventory Management System Software?

Inventory management software is a common system in many companies. Including it in your company inventory is a no-brainer. There shouldn't be any doubt about it.

An inventory management system is the most sustainable solution for inventory businesses. The system gathers all information in one place. It is like having a tracking device for every movement of your products in your hand.

We're sure that you shouldn't be confused anymore. In fact, you should already have a clear idea after reading about the features. If you still are in doubt, here are some more benefits you get using inventory management system software:

• Fast
• Accurate
• Cost-effective
• Accessible
• A sustainable solution to manage products and goods
•  Report generation
• Increase in sales revenue
• Better inventory turnover ratio

Is Inventory Management Software in Bangladesh Worthy of an Investment?

Inventory software will enable you to increase profit from 30 to 50 percent. The inventory business in Bangladesh can be quite challenging. It is an ever-growing industry. So, keeping track of inventories is a must. And it would be best if you had inventory management software for the task.

The only concern is the money you put in. We understand that it may not be cheap. And you might think if it's a worthy investment.

Well, it is a worthy investment. Here's why:

Inventory Organization

Do you want to keep a balanced stock in your warehouse? You will need an inventory system for this. Manual stocking can be even more expensive than you can imagine.

Effective Warehouse Structure

Good inventory management software should give you an organized warehouse structure. And an organized system means an effective warehouse.

Labor Maximization

The best thing about the software is that it saves time. As a result, employees can be more productive. Thus, it will bring more profit to the company.

Wear and Tear Reduction

Inventory software enables you to reduce wear and tear. This includes efficient routing and better inventory activities.

Customer Satisfaction

Finally, you can satisfy the customers much better than most competitors. You have their desired products ready for delivery. Customers will always get what they need from you. And a satisfying customer base is all a good business need.

Frequently Asked Question

Is Inventory Management Software Secured?

Security is a key feature for the top inventory management software. You will need the data and product details to be protected. So, make sure you use software that is well-secured.

Report Generation System in Inventory Management System?

The best inventory management system includes effective report generation features. The software will automatically generate a report of your inventory. You can make important decisions based on this.

Which Software is Best for Inventory?

You will find great inventory software in the market. The best software includes most of the top 10 features included in the article.

Is ERP Used for Inventory Management?

ERP is used for inventory management to track products and goods automatically. The automation system allows stock optimization and better sales.

Conclusion

The best ERP inventory management system software in Bangladesh is necessary for most businesses. The software should include a majority of the 10 features. And in return, you can expect better business flow and revenue generation.

But investing in the system can be a huge decision. Our say is that it is well worthy of an investment. There are many benefits. It will make your life easier, and it will make the business run smoother.