Inventory Software Key Terms

Business.com / Starting a Business / Last Modified: February 22, 2017

Inventory software is any application that a business can use to help organize and facilitate operations associated with inventory, ...

Inventory software is any application that a business can use to help organize and facilitate operations associated with inventory, including storing, tracking and replenishing. Additionally, inventory software goes further by integrating with other areas of inventory management, such as bar coding and ecommerce. With so much competition for inventory software, it is imperative to learn what makes one better than another for your business needs. In doing so, you need to understand inventory software key terms so you can be confident you've purchased one that suits your needs.

Point of sale, or point of purchase

Point of sale refers to the location at which the customers make their purchase in a retail environment. Inventory software can integrate with other accounting features so that information from the point of sale can be tracked in real time. This allows you to manipulate your inventory, i.e., replenish product as it sells.

Part-detail tracking

This is a feature that tracks products that are made up of various components. Each component is recorded individually and noted as part of a whole.

Bar Coding

Bar coding is a way to track all products so they are easily recognized and organized. You can integrate bar code support by attaching a reader to your computer and having it fully integrate into your inventory software.

Multiple users network, or multi-user network

Inventory software often includes this feature, which allows a number of employees to access the software at the same time. By employing such a feature, your business will run smoothly and your employees will all possess the full inventory picture necessary to keep your business organized.

Interactive reporting

Interactive reporting is a method of balancing inventory by reporting which products are not selling and replacing them with more popular items. This feature is definitely worth having, as it routinely reorganizes your inventory to meet higher profits.

Ecommerce integration

A feature that allows inventory software to integrate with ecommerce business solutions. With the rising use of ecommerce, this would definitely be a desirable feature.

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