If you can answer yes to any of the below questions, you need robust warehouse inventory software to streamline operations and enhance efficiency.
- Do you buy and sell inventory?
- Do you operate at least one warehouse location?
- Are you picking, packing and shipping orders to customers every day?
- Do you purchase inventory from a variety of vendors?
- Do you take orders from customers over the phone, through email, via a sales team or through eCommerce or EDI?
Every wholesale distribution business will require much of the same basic functionality for managing inventory, accounting, customer accounts and warehouse operations. And while each business will have its own unique processes, there are several features inherent in warehouse inventory software that can help your business automate processes, eliminate errors, reduce the time it takes to pick, pack and ship orders and keep your customers happy.
You might think you can just integrate existing systems with a new one but when you have too many systems, it becomes difficult to maintain. Manually tracking through spreadsheets is time-consuming, error-prone, and unsustainable for growing businesses. But what key features should you look for? Here are the top five must-have features of warehouse inventory software for wholesale distributors.
Inventory Control & Management
Starting with the basics, inventory control functionality is fundamental to warehouse operations. Inventory functions should include:
- The ability to set min/max level settings
- Perform cycle counts
- Track serialized inventory
- Manage bin and shelf location
- Pick, pack, and ship orders
Proper inventory control means knowing what inventory you have available in your warehouse, in-transit, or on backorder at any given time. This allows your business to determine stock levels based on supply and demand and account for lead times and seasonal fluctuations. Holding too much or too little inventory can result in extra costs or lost customers, and without a properly organized warehouse, employees are left wasting time finding product when picking orders.
Integrated Accounting Functionality
The best warehouse inventory software also includes functionality for accounting. Typically, this type of all-in-one solution is known as ERP software and includes functionality for inventory management, warehouse operations, AND accounting. This is because you can’t do one without the other. The right warehouse inventory system will include accounting functionality such as
- Order processing and entry
- Purchasing and invoicing
- Accounts receivable/payable tracking
- Financial reporting
Manually managing inventory and accounting in separate systems is inefficient and increases the risk of errors. As business scales, real-time financial integration within warehouse inventory software ensures accurate record-keeping, reducing costly mistakes and improving financial decision-making.
Barcode Scanning for Increased Accuracy
Barcode scanning is an easy way to improve on existing warehouse and inventory management operations by minimizing errors and expediting inventory handling. Warehouse inventory software with barcode scanning enables:
- Quick and accurate product receipt
- Faster order picking and packing
- Real-time inventory updates
For enhanced efficiency, mobile handheld barcode scanning allows warehouse staff to scan products at the source during picking, ensuring the right items are shipped to the right customers.
Advanced Reporting & Analytics
Data-driven decision-making is essential for optimizing operations. Warehouse inventory software with robust reporting and analytics provides insights such as:
- Best-selling inventory items
- Slow-moving stock
- Inventory movement trends
- Profit and loss statements
Access to real-time data allows businesses to make informed purchasing decisions, negotiate better supplier deals, and implement promotional strategies, ultimately improving profitability and operational efficiency.
Lot Tracking for Compliance & Traceability
Lot tracking (or traceability) is a crucial feature for businesses handling perishable or regulated products allowing:
- Expiration date management
- Product movement tracking from supplier to customer
- Recall management and customer notification
This feature is especially important for food distributors, pharmaceuticals, and textile businesses requiring dye lot tracking. Proper lot tracking ensures compliance with industry regulations and enhances product quality control.
Choosing the Right Warehouse Inventory Software
Finding the right warehouse inventory software with these five essential features is the key to automation and business growth. While basic inventory and accounting functionality is a must, selecting software that includes advanced capabilities tailored to your industry ensures long-term success. Investing in the right warehouse inventory software can significantly enhance productivity, accuracy, and profitability for wholesale distributors.
