Inventory Optimization Software: 10 Benefits & Features
Selecting inventory optimization software with features and benefits aligned with your business needs is one of the most consequential steps for efficient stockroom inventory management. With various software options on the market, it’s vital to take the time to research the tools available and consider how their features and benefits fit in with your overall inventory optimization strategy.
Table of Contents
By choosing eTurns TrackStock inventory optimization software, organizations can benefit from the following features and benefits for enhanced cost and time savings:
- AI Min/Max Dashboard
- Alert Dashboard Analytics
- Asset Maintenance
- Consigned Inventory
- Cycle Counts
- Integrations
- Kitting & Subassembly
- Reporting: Schedule Reports with Email Alerts
- SensorBins
- Work Orders
Features and Benefits
Dive deeper into some of the most-loved features and benefits of stockroom inventory optimization software.
1. AI Min/Max Dashboard
The toughest part about using AI for inventory management optimization is getting accurate inventory usage data. Traditional ERPs just have historical order data. But automated inventory replenishment apps, such as eTurns TrackStock, make getting actual usage data easy. TrackStock’s scanning app tracks your usage (through orders, cycle counts, pulls from inventory, etc) and then the AI Min/Max Dashboard calculates your optimal min/max settings based on your past usage and other parameters the software tracks. The Dashboard displays how much money you could save by reducing inventory and carrying costs to the optimized levels. Then TrackStock continues to automate inventory management and replenishment to keep your inventory optimized. Continuous learning makes the AI Min/Max Dashboard an optimization and time saving machine.
Learn more about the AI Min/Max Dashboard for optimizing inventory levels and carrying costs at the point-of-use.
2. Alert Dashboard Analytics
It is important to have an Alerts Dashboard in your inventory optimization software because it acts as a control center for user to-do lists and timely reminders. This feature lets users stay on top of critical activities such as order submissions, requisition approvals, maintenance needs, pulls, and cycle counts. Get an alert when items fall below minimum quantities and analyze the user-friendly graph to maximize service and optimize inventory turnover.
Learn how Alert Dashboard Analytics can give you the inventory insight you need.
3. Asset Maintenance
Staying on top of preventive maintenance for critical assets requires precision and attention to detail. Too often, these tasks need to be addressed, leading to unexpected downtime and costly equipment breakdowns.
With TrackStock, users can get email notifications to remind them of upcoming maintenance needs and create work orders to ensure that all records and parts are prepared for the maintenance deadline. View helpful reports and streamline the maintenance process to keep assets in service and preserve uptime.
Learn how Asset Maintenance will keep you on top of your maintenance strategy.
4. Consigned Inventory Management
Managing consigned inventory can be expensive and difficult for distributors and their customers, but with the right consignment inventory tracking system, these processes can be optimized. Technology is crucial to the consigned inventory process to avoid overstocking and ensure efficient billing based on actual usage.
The TrackStock consignment inventory tracking feature allows representatives to perform cycle counts and quickly generate suggested orders that can be sent for approval as needed. Alternatively, distributors can offer a self-service option where customers scan items as they pull them from inventory and use them, creating real-time inventory visibility for the distributor and the customer. Tools like the AI Min/Max Tuning Dashboard keep inventory levels optimized and features like consolidated bills make the distributor-customer relationship easier for everyone involved.
Learn how the Consigned Inventory feature keeps you tracking consignment inventory smoothly.
5. Cycle Counts
Cycle count software can save organizations countless hours and improve accuracy for more efficient inventory management practices. TrackStock allows for quick counting with a simple QR code scan so users can easily manage replenishment and reordering. Users can also create classifications for ABC cycle counting and get alerts about missed items for every count.
For some organizations, the best solution for cycle counting software is to take all manual requirements out of it. IoT inventory management features like SensorBins perform physical inventory counts several times a day with no human intervention. By automatically converting weights to item quantities, SensorBins ensure that critical items never run out while allowing for increased productivity.
Learn more about saving your time using Cycle Count software.
6. Integrations
Operating all of your business systems separately can create more work and cost excess time and resources. Instead, reduce manual workload with smooth integrations between TrackStock and other software. From demand planning to ERP and MRP tools, it’s easy to integrate rich TrackStock data with additional systems for the easiest processes possible. Integrate with Quickbooks, Oracle, Epicor, and more.
See the popular Integrations we connect with.
7. Kitting & Subassembly
For those who need to do kitting and subassembly, it is important that your inventory optimization software allows you to manage these processes. It is vital to be able to order and pull multiple items from inventory through a single part number. With the TrackStock kitting feature, build and break kits as needed and track how many kits you can build with existing inventory. Similarly, TrackStock users can manage and track sub-assemblies that require serial numbers.
Learn how to make kitting more efficient with the Kitting & Assembly feature.
8. Reporting: Schedule Reports with Email Alerts
Useful reports delivered in email alerts are important way to maintain inventory visibility keep business running smoothly. From supplier orders to minimum inventory levels, TrackStock users can create reports and email alerts for various triggers and events. The email alerts are fully customizable in schedule and content, with five separate sorting values, a text editor, and adjustable report periods so that you can deliver timely reports to multiple email addresses automatically.
See all the capabilities of using Inventory Reporting for all your reporting needs.
9. SensorBins
For a no-touch IoT inventory management solution that keeps your stockroom inventory optimized, SensorBins allow for fully automated replenishment. By using weight sensors beneath bins of each inventory item and converting bin weights to item quantities, SensorBins allow for real-time monitoring and instant ordering with no human intervention required. In manufacturing and healthcare use cases in which stockouts can be catastrophic, this automated solution is vital. Real-time visibility, automated replenishment using optimized min/max settings, and customizable reports all contribute to a seamless and optimized inventory management system.
Learn how SensorBins can help you monitor and automate in real-time.
10. Work Orders
When inventory is used in the course of performing a job it is important that your inventory optimization software include the ability to create work orders. TrackStock users can leverage work orders in a variety of formats for quick and easy communication with customers. These work orders can help track consumption of components, track labor, capture customer signatures, group together phased items for reporting purposes, and document asset maintenance.
Learn how the Word Orders feature will make your service invoices, reporting, or maintenance tracking easy.
With additional features and benefits like e-labels, AI analytics dashboards, demand planning capabilities, and more, there are tools for every need with eTurns TrackStock. Talk with an expert today to determine which features and tools are right for your business.
