A Simple Guide to Real-time Inventory Management Solutions

In 2017, almost 50% of all SMBs said that they don’t use any inventory tracking method or at least use manual methods, which are not very effective. Fast forward to today, technology has evolved and Real-time Inventory Management solutions have become accessible to both small and large businesses. If you are in eCommerce such as B2B or B2C, you can keep inventory updated with affordable inventory management solutions.

So, what is Real-time Inventory Management? Simply, this is an automated process that records the stock in and out of a business, and everything in between. The software, app, or platform gives you a clear picture of what is happening with the inventory system and lets you make informed decisions and react fast to supply chain needs.

Features of a Real-time Inventory Management Solution

Whether you intend to use a Real-time Inventory Management solution as part of the eCommerce solution such as Virto Commerce or as an integration with your other solutions, you should ensure it has all the important features to solve your inventory challenges.

• Effective real-time tracking – This is a feature that helps the vendor to see sales orders in stock position, goods in, sales, warehouse transfers, reserves components, and so forth. The goal of a Real-time Inventory Management solution is to show such data in real time and provide accurate reports whenever they are needed. 
  
  
• Proper reporting – Apart from seeing data in real-time on different platforms, proper reporting is important, especially when a business needs to assess the status of the business in detail. Consider a Real-time Inventory Management solution with elaborate reports that are clear, and easy to understand. 
  
  
• Unlimited SKU – Whether your business is a B2B or B2C, you should not be limited to the stock levels you can maintain in the system. Unlimited SKU (stock keeping unit) is trendy in modern eCommerce and you should not be left behind. 
  
  
• Batch tracking – This is a crucial feature for B2B that sells products on a wholesale basis. Apart from showing you the stock in and out of the warehouse, the vendor will also be on top of things like expiry dates, damages, and a lot more. 
  
  
• Serial number tracking – Another crucial feature is serial number tracking which is almost similar to batch tracking. It is important for retail outlets, as well as, any other vendor to identify their goods with a unique identifier for ease of management. A bar code scanning feature is also a crucial feature of serial number tracking. 
  
  
• Inventory forecasting – Lastly, let's mention forecasting as an important feature of a Real-time Inventory Management solution. Although this is not a feature you may point out, the solution should accomplish it using various capabilities such as powerful insights, reports, clear real-time data, and more.

Benefits of Real-time Inventory Management

After choosing the most appropriate Real-time Inventory Management solution, and putting it in place, your business will enjoy numerous benefits, it does not matter whether it is a small business or a big business.

• Prevents stock-outs – One of the dreaded events in an eCommerce business is running out of stock when the demand is still high. In fact, some eCommerce marketplaces may ban a vendor who keeps running out of stock. After all, it affects the reputation of the marketplace negatively. With effective Real-time Inventory Management, running out of stock will be a thing of the past, because it will keep tabs of the.
  
  
• Reduces unnecessary costs – Businesses spend a lot of unnecessary financial resources on this that could be avoided. An effective real-time inventory solution prevents expiry before sales, shows areas with wastage in stock, and ensures a controlled production to meet the supply chain needs. With this, an eCommerce will prevent a lot of wastage. 
  
  
• Integration and modern solutions – Fortunately, modern Real-time Inventory Management solutions are highly compatible with other solutions. These integrations reduce time wastage and reduce the chances of errors. They also come with alerts to ensure you do not miss anything. But the best thing is that you can use the platform as an app on your phone, or access the software from anywhere through cloud connectivity. 
  
  
• Inventory security and safety – Modern Real-time Inventory Management solutions use data encryption to increase data security, especially when communicating. Additionally, they make data back-up to ensure that everything is safe. Vendors may only be allowed to customize a few features while the solution does most of the back-end security operations. 
  
  
• Improved customer experience – A Real-time Inventory Management solution has a ripple effect on customer experience. Imagine running a business where customers never miss their favorite products because there are no stocks-out, or get improved products because the seller understands the supply chain demands.

Final Words

A Real-time Inventory Management solution is an important solution for any eCommerce business. All you need to get the best is to ensure the right features are available, and that it is integrated well with your existing solutions. In fact, you could enjoy more benefits than what we have if discussed in this article. It is time to take your business to the next level.