Inventory Management Software Development - outsourcing company Boosty Labs
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Inventory Management Software Development

An inventory management software is a program that tracks products, inventory, orders, and their fulfillment by customers and suppliers. It helps merchants track products throughout the supply chain. Boosty Labs is the largest blockchain development outsourcing company in Europe. Its world-class fintech and cloud engineering team with a solid background of practice that combines consulting, strategy, design and engineering at scale, can help with inventory management software development.
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Inventory Management Software Features

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Rating Levels Control

Timely replenishment of stocks or protection against shortages in the supply chain.

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Theft Prevention

Creating deviation reports in real time.

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Assessment Automation

Automatic inventory price update in real time based on receipt.

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Sales data Integration

Automatic destocking at retail outlets based on sales at the point of sale.

Inventory Management Software Key Benefits

Sector Integration

Process automation allows you to integrate all sectors of your company. This is because the solution records the products shipped by the vendor and indicates that they are already in stock. When there is a problem with an item, this is also logged by the system, which generates a notification. It helps track sales and also provides data for the financial sector. At the same time, all processes are centralized, which reduces the number of errors in tax calculations.

Purchase Forecasting

Another advantage of having an inventory and storage management system is the ability to predict purchase requirements. The manager can set minimum and maximum inventory limits so that the system can track and notify when an item needs to be replenished. This helps in making decisions and tracking the number of sales of each product.

Price Analysis

The monitoring that this technology performs also allows you to analyze production costs. This is because the manager has the information needed to estimate the cost of the raw material, the time it stays in stock, the period it takes to create the product, and the wastage rates.

Inventory management software helps businesses manage and track inventory, purchases, and deliveries. Inventory management software is often used by businesses to identify and correct deficiencies in moving inventory between locations and optimize supply and logistics systems.

The inventory management system avoids the disruption of processes that jeopardize meeting delivery dates and business profitability. The manager can follow the demand forecast and have more consumption predictability to know when to buy raw materials.

Good inventory management planning is essential to the growth and development of any company. Without a good management system, there may be a shortage of products or goods that have been in stock for a long time. Thanks to effective inventory management, the company will always have the necessary materials for the production of goods and customer service. It will also be able to maintain the quality of its products and delivery times.

Overview of the Main Features and Capabilities of the Inventory Management System

Administration

The ability to administer allows you to configure and manage the functionality of the system, as well as manage accounts and access rights to the system.

Budgeting

Budgeting features allow you to plan and track financial budgets and plans for financial management in various departments or for control by founders, shareholders and investors.

Import/Export Data

The ability to import and/or export data in the product allows you to load data from the most popular file formats or upload work data to a file for further use in other software.

Multi-User Access

The possibility of multi-user access to the software system ensures the simultaneous work of several users on the same database under their own accounts. Users in this case may have different access rights to data and functions of the software.

API Availability

Often, when using modern business software, there is a need to automatically transfer data from one software to another. For example, it may be useful to automatically transfer data from a Customer Relationship Management (CRM) system to an Accounting System (AC). To ensure such and similar interfaces, software systems are equipped with special Application Programming Interfaces (API).With the help of such APIs, any competent programmers will be able to link two software products with each other for automatic information exchange.

Reporting and Analytics

The presence of the reporting and/or analytics functions of the product allows you to receive systematized and visualized data from the system for subsequent analysis and decision-making based on data.

Demand Planning and Forecasting

This function allows you to plan demand by either manually filling in demand values ​​for supply services, or by forecasting, often using a time series methodology, identifying seasonality and demand trends.

Order Management

Order management allows you to work and control the fulfillment of sales and orders for goods and services.

Inventory Management

Inventory management function allows you to perform high-level planning and control of inventory, as well as operational management of storage, placement, inventory or distribution of inventory and units of storage.

Suppliers Management

Vendor management feature makes it easy to manage the purchases needed for your organization's day-to-day operations from a managed pool of vendors.

Project Management

Project management function allows you to control operations from idea and planning to delivery and post-project reporting, organize resources, plan budgets and increase efficiency in achieving operational goals.

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