Inventory Management Software refers to a process of ordering, storing and using a company’s inventory: parts, supplies and equipment. And, you service and sell equipment then Inventory Management is a component of supply chain management that oversees the flow of items (products, goods, etc) as they move from the manufacturer to the warehouse and then to the point of sale.

Then, Inventory Management system tracks goods through the above Inventory Management process. And a good Inventory management software system must help SME do all the difficult math. Inventory management helps you track sales, shipments, and stock, so you can see which products are selling, and in what quantity. You also know where is your stock, and even forecast the supply.

To understand how a good inventory management can benefit you, we must first understand some of the inventory issues currently plaguing service departments. The most common and costly issues stem from a service department’s responsibility to get the right parts to the right customer in the most efficient manner possible. This responsibility has escalated recently as customers are constantly demanding better service and inventory costs continue to rise. To remedy these concerns, organizations need to master these three parts & inventory best practices.

• Organizations need to set up an early warning system that can alert field managers as to low inventories and other key business conditions.
• Organizations need to make their technicians a more integral part of the spare parts and inventory management process by adapting to Mobile or handheld devices.
• Organizations need to leverage data collected from the field in order to improve their parts planning and forecast.
• Organizations should look to have an integrated environment with back-end systems to handhelds with constant or real-time data exchanges happening across the board.

Key Benefits & Features

• Track and trace inventory
• Track and trace the location of inventory in real-time mobile technician enablement
• Enable technicians with mobile inventory management tools
• Inventory replenishment
• Maintain inventory replenishment thresholds with automated alerts to re-order parts cost of goods inventory
• Accurately report cost of goods as well as invoice customers for parts used on work orders
• Scan barcode inventory
• Scan barcodes to look-up serial lot for part types, stock on-hand and its location real time notifications icon Automate real-time notifications when inventory is transferred

Our Field Service Software goes beyond basics as such built a product that approaches the features of independent inventory management. Here are some of the things that you can achieve:

• Fully integrated with work order management module.
• Issue and return parts between warehouse and service Vans and between Service Vans,
• Managing part details like value, serial numbers, warranty days, procurement cost, set min/max inventory levels etc. It also allows the users to upload the part lists from external files like excel and also provides the field personnel to generate quick inventory check reports.
• Ability to check availability of inventory across regions before placing inventory orders.
• Mechanism to technicians to request parts and gives the ability to manage part requests with a link to work order and provides supplier part order information.
• Ability to assign parts to work orders and does intelligent check of vendor availability for requested parts.
• Deal with  managing multiple warehouse inventory across different locations, regions etc. It takes care of part substitutions, replacements, price updates, part returns, price check, upgrades etc.
• Reporting features to generate advanced inventory reports by vendors and by clients

A good inventory management system is critical to your Field Service Software. A good system should allow everything to be tracked, easily replenished, and easily found when a technician needs to find it. Among the key features to look for:

• Anytime, Anywhere Access: With products spread across your fleet of service vehicles and warehouses, your inventory management can’t be tethered to your office. A good inventory management solution should offer secure access from anywhere, ensuring that only the people who need the information get it.
• Multiple Warehouses and Storage Locations: Manage multiple warehouses with location-specific inventory quantities, allocations, and costs. Redistribute inventory from a central warehouse to other warehouses automatically upon receipt. Assign specific access rights for each warehouse to determine who can access information and enter transactions.
• Good Auditing and Reporting Capabilities: Allow direct adjustments to cost and physical inventory count using report and inquiry screens. A good reporting and forecasting is also very useful.
• Lot and Serial Numbering: Track inventory by lot or serial number. Assign or enter lot/serial numbers on receive, issue, or assembly. Associate item-specific valuation methods to serial numbers to track specific costs.
• Easy Data Entry: Save time entering data with inventory sub-items and flexible screen layouts, reducing errors and automating the inventory management process.
• Integration: You need a  complete view of your operations, and this all starts with integration. Inventory should be integrated with purchasing, equipment information, and more, offering a complete picture of what’s in use and what you need.