How to Choose the Best Inventory Tracking Software for Your Business?
Keeping an accurate inventory count is crucial to sustaining a healthy bottom line in numerous industries, including manufacturing and retail. Small firms may keep track of inventory in a Microsoft Excel spreadsheet, manually adding information when transactions and new orders occur. However, as a company grows, this process becomes cumbersome and error-prone. When you’re growing your business, stock management software may help you keep track of your stock levels and make sure you’re restocking items as needed so you never run out or have too much on hand.
It can be difficult to find the proper stock management software. In this post, we’ll show you how to choose the perfect vendor while also improving your business.
Make a Financial Plan to Pick the Right Inventory Management Software
Choosing the right inventory management software, like any other business decision, will have a financial impact on your firm. When making an informed business decision, consider the following:
- To get a price range, look at the best inventory tracking software for your industry.
- Calculate how much money an inventory tracking software can save your business.
- Make a list of 5-10 inventory tracking software that fall inside your pricing range.
Choose Stock Management Software That Is Tailored to Your Requirements
There is a plethora of inventory tracking software available, many of them are industry-specific. An e-commerce inventory tracking software, for example, will differ from a retail inventory tracking software in terms of functionalities. When making an informed business decision, consider the following:
- Make a list of the issues you’re seeking to solve. Overstocking/understocking, erroneous inventory levels, disorganized reporting, and the use of incompatible systems are all possible examples.
- Call the inventory tracking software suppliers on your list and ask for a one-on-one demonstration of their software.
- Inquire about features that will assist you in addressing your most pressing concerns. Monitoring current stock levels, performing restocking and sales reports, allowing various users to access the inventory tracking software, implementing a barcode system, issuing invoices and sales orders, connecting multiple platforms, and so on are all possible challenges.
Look for Inventory Tracking Software That Will Expand With Your Company
It’s critical to choose a system that can scale while evaluating your inventory tracking software alternatives. Why spend money on pricey software that won’t be able to meet your needs as your company grows? When making an informed business decision, consider the following:
- Inquire about the inventory tracking software’s ability to add new retail locations, product lines, or sales channels, such as e-commerce.
- Inquire about their inventory tracking software’s limits and what features they plan to introduce in the future.
- Reduce your selection to three inventory tracking software vendors who would be a good fit for your company in the long run.
Optimization of Inventory Balance With Inventory Tracking Software
It’s no easy task to ensure that your company’s inventory balance is just perfect. You’ll need enough to withstand a sudden surge in demand, but not so much that you’ll be stuck keeping excess inventory with no way to offload it.
Artificial intelligence (AI) and machine learning (ML) are used in inventory balance optimization features to determine the ideal inventory balance to keep in each of your warehouses and stores. These systems will also recommend appropriate procurement windows, learn from your previous data to forecast purchase highs and lows, and alert you to current hot and cold products.
Determine Compatibility With Stock Management Software
For packing, accounting, refunds, and shipping, many organizations employ a variety of software systems. Choose a system that can sync with these programs and operate in tandem to make your task easier. When making an informed business decision, consider the following:
Request a list of software packages and devices that your vendors can integrate with their stock management software. Make a list of all the applications and devices you use, and then see which stock management software can work with some or all of them. Take customer service into consideration if you’re having trouble picking between two stock management software’s. Not every business is made equal.
Decide on a Customizability Level with Inventory Tracking Software
Some inventory tracking software has a fixed set of functions, but others are configurable and may be tailored to your company’s specific requirements. When making an informed business decision, consider the following:
List the modules and features included with each inventory tracking software. Take note of how adjustable each inventory tracking software is and whether or not you can add modules afterward. The inventory tracking software allows you the greatest freedom when designing inventory reports, invoices, and other documents.
Integrations to Other Systems with Inventory Tracking Software
You might not have considered connecting your inventory management software with other software products, but you may need them as your company grows. Furthermore, inventory management is intertwined with other aspects of your organization. Most firms nowadays utilize up to four software tools to streamline their operations.
As a result, you must verify that the software you select is simple to interface with other systems. Inventory management systems, for example, are often linked to warehouse management, accounting, eCommerce, and purchasing systems.
Assistance with Inventory Tracking Software
You don’t want to be left alone once you’ve decided on an inventory management system, so you’ll look for methods to use it on your own. When you can’t find your buy transactions or your employees can’t figure out how to set up low-level stock notifications, you expect someone to help you as soon as possible. As a result, ensure that your vendor will provide you with complete support, including training, warranty, and assistance.
Finding the proper inventory tracking software takes time, but the financial and operational benefits can be substantial. When looking for the ideal system, do your homework. Keep an eye on your shipping requirements, both now and in the future, and utilize our checklist to help you. Dial a tone today and connect with experts at Intellinum!