Businesses have evolved over time, so does the techniques and process of doing it. The earlier business organization used to work completely manually. Even the records were maintained in the books. Although at that time it wasn’t that difficult to do, after the globalization there has been an immense increase in the competition forcing companies to change their pattern to work. Inventory Management Software has been the revolution for the business. It is a system which allows you to have the track of your goods and distribute them as per the demand and need. It gives management a platform to keep their eyes on every aspect of production and also helps in taking valuable decisions related to the business aspect. Inventory Management Software has proved to be a boon for the manager in taking a managerial decision.

Key Features of Inventory Management System

Saves Time:
Inventory Management Software helps key persons of the firm by saving their time in managing inventories and taking vital decision. Manager need not need to go to the warehouses to track the goods, they can simply track them online with the software which helps them to provide a timely update to their customer.

Centralized Storage:
For companies who have different storing places, it becomes difficult for them to track their records. Efficient warehouse tool provides you with all the adequate information needed to keep your customer well equipped of all necessary information for their products.

On-time delivery:
As the manager has the live picture of the stocks it enables them to deliver the products to the customers on the promised deadline. This helps the company to increase their reputation and gain competitive advantage. Few advance software tools also always the customer to have the live update about their product on regular stages.

Fixes Overstocking/ shortage problem:
Companies often face the change of maintaining balanced stock, neither lessor nor greater. Inventory Management Software helps the manager to find a correct balance in keeping stock. He can check the actual stock with the company and can reorder whenever necessary, avoiding wastage and shortage issues.

There are various other features like

  • Customer satisfaction
  • Helps top management in planning and forecasting.
  • Raw Material tracking
  • Expiration date tracking etc.

After reading all these features, I know many companies would be excited to develop an application like these for their company for better service and cost reduction. To develop an application like Inventory Management Software it would cost you around $12-$50+ per hour. Depending upon a lot of factors your cost would vary. Factors like-

  1. App Features: This is simple. More the features more time to develop and hence more development cost. For a company not looking for an expensive application should go only for those features which are very vital and would ease their manager task. Although for big firms it is advisable to go for a full-fledged feature application to solve and manage their big firm.
  2. App Design: There are majorly two types of designs simple and complex. Simple designs are cheaper as compare to complex ones. Design of the app is not just the way it looks but also how your application structures are made. It has to user-friendly so that your manager need needs to waste time in using the application. Remember applications are made to save time; therefore designs are a very important attribute to an application.
  3. Application Platform: iOS and Android are the most popular platform for developing an application. Where developing an iOS application is expensive than Android. As the Application is only used within the company it is advisable to go for Android app development to save cost and reach maximum accessibility.
  4. Developer: Different developers give you different prices, some would be cheap and some would be very expensive. It is important to look for a developer who gives you a quality rich application. And one should always go for quality over price.

These are some of the vital factors that contribute to the cost of development. My advice to you is to before developing application you need to have complete insights of your company so as to know which feature is needed to be integrated to your application to make the task easy for your employees. Go for an experience and quality developer who can develop your product hassle-free.

Conclusion
There have been many tops and medium-sized companies who have successfully implemented Inventory Management Software to run their business. It is a system which has helped many firms to achieve their targets and set higher standards. It has been the most and the latest technology to track all your goods inward and outward movements. It has also been proven to be a gold innovation for the companies have more than one warehouse.

So if you haven’t developed your company’s application, then it’s time to pull up your socks or else sooner or later you could be kicked out of competition