Key Features of Inventory Management and Inventory Control That You Need to Know

Inventory plays a very important role when it comes to the present-day eCommerce scene. And inventory management and inventory control are two similar sounding terms which up crop up often if you are a part of this industry. Though they both deal with inventory operations, managing and controlling the inventory are two very different processes. 

In the age of digitization, there are several software systems that help in inventory management as well as control, making your job easier. This software is designed such that the results shown by them are very accurate and they are easy to maneuver.  Inventory management and planning software systems are all the rage now and being able to distinguish between the two processes makes inventory handling a lot easier. For professionals in the field understanding the difference between the two is crucial for ultimate client satisfaction as well as successful order completions. 

What are the key features of inventory management?

Since most of the leading brands today are selling their products not only through in-store and outlets, they also conduct business online and through franchises. In such situations managing the stock stored at the warehouse becomes difficult. Technology consultants working on software systems that are specifically designed to manage inventory usually include the following features.

• Inventory auditing
• Inventory visibility
• Order optimization
• Inventory optimization 
• Demand planning and reporting

What are the key features of inventory control software systems?

While inventory management deals with bulk stocks, inventory control systems focus on minute details that can be further perfected for achieving more profits. Inventory planning or control deals with how well you can manipulate the parameters to manage the inventory costs and expenses insured due to the supply chain and logistics. A typical inventory control software system offers the following features.

1. Inventory tracking

2. Inventory Planning

3. Notifications 

4. Audits and reports

5. Tracking stock transfer.