Maintaining inventory can be a time-consuming and complex task, particularly for businesses with multiple locations and warehouses. Utilizing an appropriate inventory management software will simplify operations while improving customer satisfaction.
When selecting a software system, take into account its features and how it can expand with your business. Furthermore, look for one that integrates with all sales channels and enables you to fulfill orders across various platforms.
Inventory software systems enable you to monitor products, create work orders, control inventory levels, process orders, returns and reports – all from one central platform for your entire company.
Some of the most popular inventory systems include NetSuite, Zoho Inventory, Sellbrite, ShipBob and Vend. All are cloud-based solutions with various features like inventory control, order fulfillment, shipping and POS capabilities.
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How do I select the ideal inventory software?
In general, opt for a solution that allows you to monitor stock in real time and integrate with your POS. Doing this will maximize efficiency from your inventory systems while saving you money on shipping fees.
A successful system should also provide business intelligence data to give you insights into your product and customers better. With this data, you can make informed decisions regarding product marketing strategies as well as optimize supply chain operations.
For small to medium-sized companies, Zoho Inventory or ShipBob are great cloud-based tools that offer an intuitive user interface and extensive functionality. Plus, both services come with a free 30-day trial and cost-effective plans that grow along with your needs.
Its free plan offers basic inventory control and order fulfillment, while its paid plans offer more advanced capabilities. Prices for these plans range from $20 per month for small businesses up to $300 or more per month for larger enterprises.
Inventory systems tend to be cloud-based, meaning you must pay either monthly or annually depending on the amount of storage and users. Some POS systems charge additional fees when adding more terminals or warehouses, so be sure to double-check prices before committing.
Another essential factor to consider is whether you require a perpetual or periodic system. The latter tends to be more costly and may not fit your business needs.
Finally, the ideal inventory management software is one that meets your individual needs and grows along with you. This way, you won’t have to upgrade your software whenever your business expands or changes models.
Inventory management is a necessity for companies in retail, manufacturing and restaurant industries. While their inventory management approaches may differ from one industry to another, they all strive for accuracy and efficiency when tracking inventory levels and managing distribution processes.
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No matter the inventory type you need to manage, there are features that can make it simpler. Automated reordering, reporting and product bundling are some of the features available in inventory software that supports FIFO inventory tracking – helping reduce costs and boost efficiency at the same time.