The Easy Way to Choose Inventory Management Software

April 9, 2023 by · Leave a Comment 

It doesn’t matter the size of your business, if you have a lot of stock in your warehouse to sell to consumers, then you need inventory management software. If you still insist on managing your inventory manually using only paper, pen, and Excel, it means that you are ready to face various risks ranging from inventory calculation errors, lost items, late delivery of orders, to lost sales.

If you are currently considering implementing an inventory management system, then you need to pay attention to the following important things so that you get optimal benefits for your business.

1. Your requirement

Before you meet with a vendor, you need to first understand your needs. Know what obstacles you face in managing inventory and what solutions you expect. Would you like to be able to monitor the delivery status of your goods? Do you only need to know the level of your inventory? You need to describe your requirements in detail so that you will get the most suitable offer for you.

2. Fees

The cost that you will incur to buy an inventory management system usually depends on how large and complex your needs are. It’s a good idea if you research the price of software on the market first so you can decide whether the price offered by the vendor is decent enough or too expensive.
Before deciding to invest in software, you also need to make sure that your business is stable enough for that plan. Check your budget and ask yourself; is this the right time to invest in technology? Fortunately, cloud-based inventory management systems offer far more affordable prices than conventional ones. This system is the best option for startup companies, or those on a tight budget.

3. Adjustments

When you have very complex needs, then you will need a lot of adjustments to your inventory management system. When asking the vendor, find out how far they can customize and whether their software can meet your specific needs. If you currently have another system and you want to add another system that offers different functions, then make sure that your new system can be easily combined with your existing system.

4. Ease of Use

This point is most often overlooked by business owners. Whereas, ease of use determines how efficiently your inventory management system can help your business. If you and your staff spend hours just learning the ins and outs of the software, maybe you should replace it with a more user friendly solution.

5. Integration

You may not currently need software for your other business activities besides inventory management, but you may need it as your business grows. Currently, many startups are already using multiple applications at once to simplify their business processes. Therefore, you need to make sure that the software you choose supports integration with other software. Inventory management systems are often integrated with warehouse, accounting, eCommerce, and purchasing management systems.

6. Flexibility

Another important thing to consider when choosing an inventory management system is its flexibility. Find out if the software you are considering is compatible with mobile devices, whether it can be used by multiple users, whether it is website or cloud based, and so on. Flexibility is especially important if you have multiple stores or warehouses that are located far from each other.

7. Support Provided

Once you’ve purchased an inventory management system, you don’t want to be left alone and figure out how to use it yourself. If you’re at a loss looking for purchasing data from a supplier or if your staff doesn’t know how to set up low-stock level alerts, you’ll expect someone to provide a solution as quickly as possible. Therefore, make sure that your vendor offers support in the form of training, warranty, and assistance after purchase.