7 Factors To Consider When Choosing Inventory Management Software
No matter the size of your company regardless of its size, you'll require inventory management software when you have a lot inventory that you plan to sell to customers. If you're still manually managing your inventory with pen, paper, and Excel spreadsheets then you're ready for a myriad of potential risks like shrinkage in inventory, shipment delays, inaccurate data, and inventory overstock. These are the key aspects to take into consideration when contemplating the use of an automated inventory system.
Your needs
Before you meet with a vendor it is important to know the needs you have. Find out what issues you face in the management of inventory and then decide on the solutions you'll need. Do you want to know the status of your products and their delivery? Do you just want to monitor your inventory? You can get the best deal faster by communicating your needs prior to.
Cost
The cost of the software usually depends on your requirements. It is advisable to determine the price that is currently being offered by the program so that you can determine if it's worth the cost.
You must ensure that your company is ready to take on the large investment before you decide to invest in inventory management software. Look at your budget and decide if this is the right time to invest in technology. Cloud-based inventory solutions are perfect for startups, SMEs, or those with low budgets as they are cheaper than traditional ones.
Customization
You may need to alter your inventory management software in case you have very complex needs. So, make sure the software is able to be tailored to your specific needs.
If your current system for managing inventory isn't sufficient, you can try to integrate it with a more modern one.
It's easy to make use of
Usability is usually overlooked by business owners, but in reality, it is a factor that determines how effective the implementation of software for managing inventory in your company. It's not worth the cost if your employees need time to understand the intricacies and complexities of the software. You're searching for a solution that can assist you in simplifying your inventory management, so pick the user-friendly one rather than the one that is complicated.
Integrations
Although you might not need automated solutions, other than the software for managing inventory, they'll be required in the near future as your business grows. In the present, most startups have utilized up to four apps to streamline their day-to-day operations. You need to ensure that your program is compatible with the other systems. A variety of inventory management systems can be connected to warehouse management, accounting, eCommerce, purchasing and other systems.
Flexibility
The flexibility is another important aspect to consider when selecting inventory management software. Check if the program you are considering can be used on mobile devices, and how many users can use it, if it's a web-based or on-premises , and other such things. Flexibility is crucial especially if you have several warehouses or stores that are far from each other.
Support
After you have purchased inventory management software, you would not like to be with no one to help you and having to struggle with it. If you are having trouble finding your purchase transactions, or if your employees don't know how low-level stock alerts operate, you must expect to be able to get the solution fast. So, ensure that you are going to receive full assistance through training, warranty, and assistance.