Nowadays technological advancements have created a competitive environment for business and commerce in Bangladesh as well as around the world. Moreover, manual inventory tracking methods are time-consuming and often error-prone. As a result, there is potential for inefficiency in business management as well as lost sales opportunities. Inventory management software is effective enough to meet these competitive challenges in business. Inventory management software is a type of software that helps businesses track, manage, and control inventory efficiently. As a result, the demand for inventory management software in retail stores, warehouses, and multinational companies in Bangladesh has increased to a great extent.
Why Use Inventory Management Software?
1. Manual inventory tracking methods are error-prone and prone to errors. On the other hand, inventory management software automates data entry and calculations as well as ensures accurate and real-time stock levels. Maintaining comprehensive records of stockouts and overstocks is essential to reduce potential business risks.
2. Inventory management software makes inventory-related tasks faster and reduces the need for manual work. This software system automates order management, stock replenishment, and report generation. As a result, the business can be managed efficiently.
3. Optimizing inventory levels is key to the success of any business. Inventory management software plays an important role in optimizing business inventory by providing forecasting of market demand and supporting effective inventory management. Moreover, inventory software can analyze sales data, customer demand in the market, and other factors to avoid the problem of stock out, so when and how many products to stock in inventory can be easily determined.
4. Efficient order management is crucial for customer satisfaction in business. Inventory management software facilitates timely and accurate order fulfillment for businesses. In addition, inventory software ensures timely product delivery by closely monitoring products from the moment of ordering to delivery, which improves overall customer service quality.
5. Cost reduction is key to effective inventory management. By optimizing inventory levels, it helps businesses reduce the cost of holding excess stock. Overall, using inventory management software helps reduce business losses.
6. Inventory management software facilitates better supplier management. It keeps track of supplier information, lead times, and purchasing information. It also helps in making informed decisions and maintaining healthy relationships with suppliers in business.
7. Inventory management software also helps in analyzing a wide range of reports. As a result, inventory performance, sales rate, profit, and many other valuable factors can be easily understood. Also, it helps to easily identify as well as optimize areas where there is a deficiency for business improvement.
8. Inventory management becomes quite complex as the scale of business increases. Inventory management software helps businesses manage inventory effectively by providing scalability. As a result, inventory volume, multiple locations, and a wide range of product entries are possible.
What is the significant feature of Inventory Management Software?
Inventory Tracking: Track and manage inventory levels including quantity, location, and sales rate of products in stock to ensure proper control of inventory.
Barcode Scanning: Facilitates quick scanning and updating of inventory information using a barcode scanner or mobile device.
Real-time inventory visibility: Real-time inventory visibility provides easy access to up-to-date information on inventory levels. As a result of which the quantity of product in stock can be verified. Also, it helps to decide about the quantity of product to be added again to avoid stockout.
Automatic restocking: After the product is sold the inventory falls below a certain threshold. The latter facilitates automatic reordering of products into inventory by generating purchase orders to maintain stock levels.
Multi-channel management: This type of inventory management software facilitates managing inventory across multiple sales channels. Ensures accurate inventory synchronization and protection against overselling on online marketplaces and e-commerce platforms in Bangladesh.
Product Demand Analysis: Inventory management software also uses historical data and algorithms to predict future demand for business products. Which helps in optimizing inventory levels as well as reducing product stockouts and excess inventory.
Product Tracking: Additionally, individual items can be tracked using product serial or lot numbers through inventory management software. Also, Stocked products can be easily traced, and warranty verified.
Reporting: Provides comprehensive reporting and analytics capabilities to gain insight into inventory performance, sales trends, and profitability, facilitating data-driven decision-making.
Integration with other system: Inventory management software can be integrated with other business systems such as accounting software, point-of-sale (POS) systems, and ERP systems. As a result, it improves data accuracy, reducing manual data entry and streamlining operations.
Supplier Management: Monitor and analyze all supplier matters including supplier information, purchasing reports, and supplier performance tracking.
Mobile Access: Provides mobile access facility to inventory management software. As a result, users can perform easy and efficient data entry using mobile devices. As a result, inventory management tasks including product counting and information updates can be done conveniently from any location.
How much does Inventory Management Software cost?
Inventory management software price varies depending on the size of the business, software features, and complexity. Currently, inventory management software development in Bangladesh costs between Tk 10,000 to Tk 15,000.
Inventory Management App: Inventory management mobile apps are available to manage inventory and accounts in small-scale businesses, especially retail stores. Inventory management mobile app development in Bangladesh is available within the budget of Tk 10,000 to Tk 13,000.
Distribution-Based Inventory Management Software: Currently the online marketplace is growing rapidly in Bangladesh market. So inventory management software used for selling and controlling products in the online market is available in the budget of 30,000 to 35,000 Tk.
Advanced Inventory Management Software: Accounting software, ERP systems, and mobile apps are integrated inventory management software designed to meet the needs of large-scale businesses and multinational companies. Advanced inventory management software in Bangladesh with advanced features and functionality is available on a budget of Tk 45,000 to Tk 85,000.
However, the cost of developing customized inventory management software can vary depending on the specific requirements and complexity of the business. Also, inventory management software is available in Bangladesh for subscription charges.
