Very often, as a simple medium, small business owners use spreadsheets to record and calculate inventory data. But the bottom line is that these spreadsheets are not specialized in dealing with the inventory tracking process. Also, they are highly time-taking and mostly manual.
On the other hand, an inventory management system is solely dedicated to keeping the record and forecast trends which are necessary to make informed business decisions.
SO, DO YOU NEED AN INVENTORY MANAGEMENT SYSTEM?
1. Do you have to sign in or sign out for the different sales channels to list the process orders and products?
2. Do you need to manually adjust the level of the stocks on each platform each time you make a sale?
3. Do you want to get automatically generated inventory reports to know how many stocks you should purchase with respect to the needs and demands?
If you have just answered 'yes', then you must go for an inventory tracking software to be more productive, efficient and accurate.
WHAT ARE THE MUST-HAVE FEATURES IN AN INVENTORY MANAGEMENT SYSTEM?
For any business enterprise regardless of its size, the challenge of tracking, managing and keeping a record past of inventories must be dealt with. And, when business starts expanding, there is an increase in sales. In order to satisfy the customers, the need for an inventory tracking software becomes a necessity here.
Being able to manage your inventories in a simplified way.
The opportunity to make mistakes is minimal or zero.
Helps to maintain a balance in the stock level.
Enables you to cut costs, maximize sales and profits.
ARE YOU GETTING A CUSTOM INVENTORY MANAGEMENT SOFTWARE MADE FOR YOUR BUSINESS?
Make sure to include these essential 6 features.
This is the most important tool in an inventory management system. Due to increase volume of data, inventory management gets more complex.
It isn't important for the system to have just multiple fields and modules but the actual interface must be user-friendly with intuitive functionalities required to track inventories efficiently.
Security and backups
What if, due to a bug, all your inventory data gets deleted? It can be a catastrophe, isn't it? Make sure your inventory system can restore data even if you uninstall the software mistakenly.
Integration with other related solutions
Your innumerable number of fields, forms and modules will do a great job at maintaining inventory only when the data passing through all the tools is consistent with each other.
Ensure your inventory management system has the ability to accomodate costant free-flowing of data and seamless integration with each other.
This is the most vital feature and is a must-have in your inventory management system. Auto-generated reports will help create and maintain a seamless workflow for errorless product supply and demand.
Two common examples of inventory reports are product purchase and product sales. So, always choose an inventory management solution that has these two reports generation tools.
As and when you grow your business, your inventory system should have the capability to expand as well. You should be able to customize it, add/delete features and still be as secure and accurate.
IN SHORT, YOUR INVENTORY MANAGEMENT SYSTEM SHOULD:
Be able to manage your inventories in a simplified way.
Reduce the opportunity to mistakes to almost zero.
Help to maintain a balance in the stock level.
Enable you to cut costs, maximize sales and profits.
Increase 100% customer satisfaction.