Must-have Features for Inventory Management Software
When choosing software for your business it’s important that you understand the exact requirements of your business and what type of software will suit your needs the most. For businesses in the manufacturing or retail space, inventory management software is a must for a number of reasons.
Spreadsheets and whiteboards can only take you so far, and as you offer and store more products, you’ll have more and more trouble keeping track of what’s in stock. When looking for software there are several things to consider. Below, we’ll take a look at what are some of the most important features when choosing an application for inventory management.
Ease of Use
One of the most important factors when choosing inventory management software is its ease of use. The software should be easy to install and set up, and it should be intuitive and user-friendly so that you and your employees can start using it right away without excessive training.
That’s where cloud-based solutions have an advantage over on-premise ones since they’re usually much easier to set up and use.
Integrations
Another key feature to look for in inventory management software is integration. The software should be able to integrate with your existing accounting and ERP software so that you can have a complete overview of your business in one place.
What’s more, when the data can be shared seamlessly between platforms, it can greatly reduce human errors, save you time, and improve the accuracy of your inventory data.
The exact integrations needed will depend on the type of industry you’re in. For example, if you’re in the retail industry, you might need integration with an e-commerce platform. This way your inventory levels track accurately in real-time. But if you’re looking for inventory software for manufacturers, it may be more important to integrate it with your automation applications
Automation
Automation is another feature to look for when choosing inventory management software. It can help you save time on tedious tasks, such as counting inventory or generating reports.
Additionally, it can help you keep track of your inventory levels in real-time. You can also set it to automatically reorder stock when it reaches a certain point. This way, you can avoid stockouts and overextending your budget on excess inventory.
Scalability
When choosing inventory management software, it’s also important to consider its scalability. The software should be able to grow with your business. Then you don’t have to replace it as your business expands.
Some software is designed for small businesses and doesn’t offer the functionality or features needed by larger businesses. However, other software may be too complex and expensive for smaller businesses. So, make sure to choose software that will fit the needs of your business both now and in the future.
Reporting
Reporting is another essential feature of inventory management software. The software should provide you with real-time insights into your inventory. This way you can make informed decisions about your stock levels.
Look for software that offers customizable reports so that you can get the information you need exactly the way you want it.
Price
Of course, price is also an important consideration when choosing inventory management software. Some platforms need you to pay everything upfront while others offer monthly subscription plans.
There are also free and open-source solutions available, although they usually lack some of the features offered by paid platforms. Ultimately you should decide how much you’re willing to spend on the software. Then look for a platform that offers the features you need at a price you’re comfortable with.
Customer Support
Last but not least, make sure to check the customer support offered by the software vendor. Things will inevitably go wrong and you’ll need someone to help you solve the issue as quickly as possible. Check out online reviews to see what other users have to say about the software vendor’s customer support before making your final decision.
As you can see, there are a lot of things to consider when choosing inventory management software. Luckily, most platforms offer a demo or a free trial so that you can test out the features before committing to a purchase.
Take the time to find the right software for your business and you’ll be sure to see a positive impact on your bottom line.
