In the manufacturing, retail, or distribution sectors, how you manage and control your inventory can go a long way in determining your overall success or failure as a business. As inventory is pivotal to your business’s day-to-day operation, your inventory management solution can impact the speed with which you fulfill orders, your overall cash flow, and even your ongoing customer relationships. At CompuLynx, we specialize in helping businesses understand their needs when it comes to inventory management – and recommend a solution to suit.
Let’s have a look at some important key things to consider when choosing an inventory management system:
You should consider investing in cloud-based inventory software.This will be useful should you want to access the system via a mobile device. It is a pivotal component, especially if your business has multiple branches or warehouses located differently.
- Integrations with Other Systems
You may not have thought about integrating your inventory management software with other software tools, but you might need the integrations when your business gets bigger. Moreover, inventory management is closely tied to other areas in your business. Nowadays, most startups have used up to four software systems to simplify their business processes.
Therefore, you need to ensure that the software you choose can easily be integrated with other systems. Inventory management systems are usually integrated with warehouse management, accounting, and e-commerce.
- Your Requirement
Before deciding to buy an inventory management system, you need to understand your requirements first. Find out the challenges you’re facing in managing inventory and the solutions you’re looking for.
Ask yourself, for instance, do I want to be able to monitor the shipment status? Do I just need to keep track of the inventory levels? Explaining your requirements thoroughly to the vendor will help you get the fixed price faster.
- Determine how you want to track items in the system
There are many different ways to track inventory, so it’s important to know what method you will be using. You can track stock using barcodes, and RFID tags. Not only are there many methods, but some will work better with particular inventory processes. This is why you should decide on a method before you start your search for an inventory system. Not all systems have the capability to use all tracking, especially in the mid to small office markets. Forcing your inventory processes to fit a system can be problematic and costly. To avoid this, define which tracking method will work best before you start your search.
Depending on your choice, you may need to purchase the hardware and scanners. You want to make sure the scanners you choose are usable with your system. If you select your scanners after your system, they may not be compatible. Or, the compatible scanners may not be suitable for your needs. As you can see, it is important to make these decisions before you start your search.
In conclusion, inventory is a huge part of business operations, and without the right software in place to manage it, many different problems arise that affect your business. Inventory management systems are not created equal, which is why it’s critical to choose the right solution to meet your business’s specific needs. Take the time to consider what features you need and consider what you’re willing to spend.
By Carolyne Rabut
Content Marketing – CompuLynx