Choosing an Inventory Software Solution That Is Appropriate for Your Business

Management software will adapt to your specific requirements, so here are some pointers on how to choose the system that is best for you.

Select a Market Leader

Inventory control software is far too critical to entrust to unproven companies. The best products are developed by companies that have successfully implemented their software across a range of industries, from aerospace and apparel to manufacturing and sporting goods.

Keep an eye out for Robust Functionality

The best inventory software solutions integrate solutions for all facets of your business into an Enterprise Resource Planning (ERP) system. Among the characteristics to look for are the following:

Analytics:

While information is critical for managing and growing a business, transforming data into actionable information requires more than numbers on a page. Robust inventory control software will provide you with a variety of customizable reporting options, as well as advanced analysis for your company’s decision makers.

Expiration Date Tracking:

If you have time-sensitive products in your inventory, your inventory software should keep track of their expiration dates from the time they are received until they are shipped. Due to the possibility of future expiration-related issues, the software should also include the capability to track historical expiration date data.

Manufacturing:

Efficient production cycles are contingent upon sound resource planning and production management. The right software can help you gain a competitive edge by enabling you to respond quickly to your customers’ needs.

Remote Data Collection:

The best inventory software providers can integrate software and hardware solutions that enable you to remotely access vendor and customer data, track inventory and fixed assets, and issue and receive sales orders and purchase orders.

Retail Management:

If your business operates retail locations, look for an inventory software solution that enables you to boost employee productivity, adjust inventory at the point of sale, and automate purchasing.

Naturally, Inventory Control

Your inventory management software solution should be able to track serial numbers, print barcodes, and store item images. It should enable you to define automatic reorder points, the currency and cost of purchases, and the currency and cost of sales. If your pricing requirements are unique, the software should enable you to assign multiple price points to the same item. Additionally, it should permit manual counts and adjustments and maintain an audit trail for inventory adjustments.

Flexibility is Critical

A robust inventory management software solution should also be adaptable. If, for example, you sell clothing, you should have a module that tracks colour, size, and style. If your business offers service and returns, you may require a module that enables you to generate return merchandise authorization numbers, receive replacement items from vendors, and reissue replacement items to customers.

Whichever inventory management software solution you choose, ensure that it includes both the features you require now and those you may require in the future. In today’s competitive marketplace, you cannot afford to be without the most current information available in a format that enables you to make market-driven decisions.

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