7 Questions to Ask When Selecting Inventory Management Software
It is every manager’s nightmare in retail management to manage stocks or inventory. And if you’re someone who has multiple stores, then it can drive you crazy. If you do all this the manual way by having multiple thousand Excel sheets, you will be exhausted at the end of the day.
An inventory management software can save you time and automatically update your inventory’s status even while asleep.
1. What is your budget?
The first thing you need to do is take some time and define your budget. Inventory management systems can be anything from free to six figures. It will be easier to find a plan that suits your size, store, and operational capacity if you know what kind of money you are willing to invest in.
However, with variation in price also comes a significant variation in quality and capability. So make sure that you are investing wisely by doing proper research.
2. What features do you need?
If you decide the proper budget for your inventory management software, you should look into further details. It would be best to look into what does your company’s lack and how inventory management tools can help you improve these areas.
For instance, barcode scanners can provide a valuable speedup in manufacturing processes picking packaging and shipping products or even locating inventory.
Inventory management software lets you manage the list of multiple locations. The tool can solve many logistical challenges once you figure out which ones you need to be solved.
3. What are your reporting needs?
As your business expands, you will also need to add more suppliers and product lines. It will then become increasingly difficult to analyze and track the stock and forecast demand.
A sound inventory system can provide smart reporting to predict demand automatically and reorder stock in real-time. This makes the reporting and analysis process less time-consuming while also eliminating any chance of human error.
4. How much support will you need?
Be sure that the inventory management system you are choosing for your business provides support in case anything goes wrong. Suppose any problem does arise, and the vendor is not able to offer any help.
In that case, the inventory tool creates more work for yourself instead of making inventory management more effortless.
You can use the trial period and check how the customer service levels collect testimonials from other customers. Many inventory management systems are often too complicated and require expert consultants to set up staff training to manage.
Most inventory management systems are not created equally; therefore, it is essential to know all the facts before diving in and choosing one.
5. How well does it integrate with other systems?
When you have a small business, you don’t need to worry about March, but if your business gets more significant, you might need to integrate your inventory tool with other business tools.
Inventory management is closely tied to many other areas in your industry. Even most startups today use more than four software to simplify their business processes.
Therefore you need to ensure that the software used can easily be integrated with your other systems. Inventory management systems are most commonly combined with warehouse management, e-commerce, accounting, and purchasing procedures.
6. How does it improve the customer experience?
Ideally, the most important thing that your inventory management software should do is improve the customer experience. It becomes more comfortable for your customers to monitor the stock levels by enabling real-time inventory levels to showcase on your website or in your B2B portal.
This can later lead to an increase in customer satisfaction and reduced calls into your customer service team. With the right technology, you can enable customers to serve their own needs, from placing large orders to paying invoices all from your B2B portal.
7. How long does it take to learn the software?
Do make sure that the inventory management software you are picking has enough training resources that allows quick learning and implementation. Based on your needs, you might prefer attending training sessions provided by the vendor. The window should be flexible and enable you to do what is comfortable for you and your business.
The software interface should be user friendly, so you can train your staff on how to use it. That way, you can put more workers to use an inventory management system and easily replace them when hiring new ones.