Inventory Management

What Does Inventory Management Software Do?

February 17, 2020 • 3 min read

Running a business has a lot of moving parts. And that can make it difficult to stay on top of all your inventory. But with inventory management software, you can easily track inventory, freeing up valuable time. Forget about all those headaches that come with using outdated systems like spreadsheets or even just pen and paper. With simple yet robust inventory management software, you always know what is and isn’t on your shelves.

What does inventory management software do? 

Inventory management software is an asset tracking tool that keeps your business organized. It enables you to easily monitor inventory levels and orders, and get real-time alerts for when you need to restock items. Inventory software tells you everything you need to know about your inventory, including price and condition. Every type of business can benefit from an intuitive, easy-to-use inventory system. From medical practices to automotive shops to construction companies, using inventory management software helps keep businesses profitable and productive.

Here’s how inventory management software helps businesses:

Tracks and Organizes Your Inventory

Inventory management software helps you easily track your inventory so you know what’s in stock. By scanning items using QR labels or barcodes, you have the ability to stay on top of your current stock levels throughout the day. You can also get real-time alerts so you know when and how much of a product you need to re-order. Inventory software can also send reminders to your smartphone or tablet that let you know an expiration date is approaching or a warranty is ending. 

Reduces Carrying Costs

Rather than guessing which items are in high demand, one look at your inventory system and you can identify which products are being used most frequently. This helps you avoid overstocking and paying for inventory and warehouse or storage space that you do not need. Because when you know which items are sitting on the shelves for months on end, you can make informed ordering decisions. 

Increases Efficiency

Inventory management software makes your business run more smoothly by speeding up or eliminating time-consuming tasks. Instead of using daily or weekly audits to account for all your stuff, you can keep information up to date with the scan of a barcode or click of a button. Instead of guessing or checking expiration dates or warranty ends, you’ll get notified as these important events near. Plus, real-time syncing means you can access inventory from anywhere, anytime, not just when you’re standing in a storage closet. 

Reduces Risk of Human Error

A good inventory management app drastically reduces room for error. All too often, our eyes play tricks on us when doing repetitive, tedious data entry… like spreadsheet inventory. Barcode and QR code scanners virtually eliminate the risk of inventorying the wrong product, and a visual inventory means you can take a peek into your storage closet from anywhere.

Inventory Management Software Features

The best inventory management software should be simple and take only minutes to set up. To get the most out of your system, you’ll need it to include the following features that offer solutions for all your inventory needs.

Look for an inventory app that allows you to:

  • Visually track all your items and any of their details including quantity, price, condition, and notes. 
  • Quickly scan barcodes and QR labels.
  • Get real-time alerts to monitor inventory stock levels.
  • Give controlled access to any team member with customized permission levels.
  • Create customized reports to share with team members.
  • Ability to import and export inventory reports.
  • Access your inventory software from literally anywhere using your smartphone or tablet.

Start a free trial of Sortly today.