Paper-based inventory management, spreadsheets, and log books are long over. They leave room for errors, costly mistakes, and hinder your company’s growth and profitability. To streamline your business processes, you may want to consider an inventory management system. When choosing a system, you want to make sure that it is the right fit for you company and that it will take care of all your business’ needs. With so many options to choose from, finding the right system can be difficult, especially if you have no idea where to start. Throughout this blog you will get some tips and what to consider when looking for a system.
There’s No “One Size Fits All”
In order to choose the right inventory management system that will work the best for your business and needs, you need to assess what you’re looking for.
- Cost: This can be one of the main deciding features. It is important to take a look at your budget and how much you can realistically spend.
- Needs: Determine what your needs are and what you want to get out of an inventory management system.
- Features: It is important to consider what type of features you want your system to be able to do. For example, you may want to group certain items or orders together.
- Integration: Do you want to integrate with an existing system? Then you will need to find an inventory management system that has that capability.
- Reporting: What type of reporting does your company need or want? Some system can automatically create these for you, while others don’t have that capability.
Questions to Consider When Choosing an Inventory Management System
While considering what you’re looking for in a system, you should ask yourself some questions to ensure that whatever system you are considering is a good fit. For example, does the system I’m considering offer flexibility to support my future needs? Many systems make it difficult to make any updates if any information changes. You want to make sure that if your business needs change, so does the system you’re using. Do I have real-time visibility into my stock levels and order statuses? It is crucial that that you have real-time, up-to-date information so that you are making informed business decisions, not just guessing. You don’t want your business to struggle with out-of-stocks, late shipments, or over/understocked inventory. You want to ensure that the system you pick is the right one for you, your business and employees, and your customers.
Inventory is a huge part of your 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 businesses’ specific needs. Take the time to consider what features you need and consider what you’re willing to spend.