Usually small and
medium business owners think that they can manage their inventory manually, either
on paper or in excel sheets. They think that an Inventory Management Software
is only helpful to large enterprises.
medium business owners think that they can manage their inventory manually, either
on paper or in excel sheets. They think that an Inventory Management Software
is only helpful to large enterprises.
The problem with
manual inventory management is that there are lot of places where errors in
data can be introduced. These errors can lead to inefficient decisions and thus
a loss in terms of idle goods sitting in storage. An Inventory Management
Software can eliminate these errors.
manual inventory management is that there are lot of places where errors in
data can be introduced. These errors can lead to inefficient decisions and thus
a loss in terms of idle goods sitting in storage. An Inventory Management
Software can eliminate these errors.
While choosing an Inventory Management Software you have to look at the features that it
provides and whether they are same what you are looking for. All businesses are
different and will have different requirements. But here are some general
features that any small business should consider before making the purchase of
any Inventory Management Software.
provides and whether they are same what you are looking for. All businesses are
different and will have different requirements. But here are some general
features that any small business should consider before making the purchase of
any Inventory Management Software.
1.
The Scale of the Solution
The Scale of the Solution
Small
businesses do not require enterprise level solutions for their inventory needs.
The volume of goods, the staff and the number of suppliers is smaller in small
scale businesses. An enterprise level solutions will come with huge
implementation costs. So the solution that you are looking for should be such
that it fits your budget and your requirements.
businesses do not require enterprise level solutions for their inventory needs.
The volume of goods, the staff and the number of suppliers is smaller in small
scale businesses. An enterprise level solutions will come with huge
implementation costs. So the solution that you are looking for should be such
that it fits your budget and your requirements.
Look
for a software provider that has experience with small businesses with their
inventory needs. They should have other resources like helpdesks, guides and
tutorials readily available and should be able to provide training for the
initial software setup. The faster you can implement the system the better it
will be for your business.
for a software provider that has experience with small businesses with their
inventory needs. They should have other resources like helpdesks, guides and
tutorials readily available and should be able to provide training for the
initial software setup. The faster you can implement the system the better it
will be for your business.
2.
Automated data entry
Automated data entry
The
main reason why you should switch to an Inventory Management software is, it
eliminates errors by automatizing all the record entries of your inventories.
Using pen and paper to keep track of your inventory is very time consuming and
prone to error. Using excel sheets is slightly better but is still prone to
human error. An Inventory Management Software can eliminate all these error
entry points using barcodes and scanners. This also automates all the manual
data entry required and thus saves a lot of time and money. The software can
also make finding relevant information about your inventory easy.
main reason why you should switch to an Inventory Management software is, it
eliminates errors by automatizing all the record entries of your inventories.
Using pen and paper to keep track of your inventory is very time consuming and
prone to error. Using excel sheets is slightly better but is still prone to
human error. An Inventory Management Software can eliminate all these error
entry points using barcodes and scanners. This also automates all the manual
data entry required and thus saves a lot of time and money. The software can
also make finding relevant information about your inventory easy.
3.
Accounting Software Integration
Accounting Software Integration
If
you are already using popular accounting software then it will be beneficial
for you if your Inventory Management Software can integrate with it. This will
boost the accounting department’s productivity by eliminating the need to
manually enter data into the accounting software.
you are already using popular accounting software then it will be beneficial
for you if your Inventory Management Software can integrate with it. This will
boost the accounting department’s productivity by eliminating the need to
manually enter data into the accounting software.
4.
Mobile access
Mobile access
Having
mobile access to the data about your inventory can aid you in making crucial
decisions on-the-go. Support for wireless devices can also facilitate data
acquisition and accurate reporting. The ability for your staff to add, remove
or edit the inventory database using mobile devices gives you accurate
to-the-minute updated data to work with. The better accuracy of data you have
the better your ability to cope up with changes in the market.
mobile access to the data about your inventory can aid you in making crucial
decisions on-the-go. Support for wireless devices can also facilitate data
acquisition and accurate reporting. The ability for your staff to add, remove
or edit the inventory database using mobile devices gives you accurate
to-the-minute updated data to work with. The better accuracy of data you have
the better your ability to cope up with changes in the market.
5.
Selective access
Selective access
With an
Inventory Management Software your employees have the ability to access and
edit data in the system. For security reasons you do not want everyone to have
access to everything. The Software should have the ability to grant certain
privileges to certain groups and thus reduce the extent of damage that can be
done by people with malicious intents. It should also allow you to have
complete control over the system.
Inventory Management Software your employees have the ability to access and
edit data in the system. For security reasons you do not want everyone to have
access to everything. The Software should have the ability to grant certain
privileges to certain groups and thus reduce the extent of damage that can be
done by people with malicious intents. It should also allow you to have
complete control over the system.
The world is changing
and businesses need to adapt the changing world. New technologies like
Inventory Management Software allow you to cut costs and increase efficiency of
your business so you can have an advantage over your competitors. Choosing the
best Inventory management Software can be a daunting task but if you take note
of the above mentioned points then the task will seem a little less daunting.
and businesses need to adapt the changing world. New technologies like
Inventory Management Software allow you to cut costs and increase efficiency of
your business so you can have an advantage over your competitors. Choosing the
best Inventory management Software can be a daunting task but if you take note
of the above mentioned points then the task will seem a little less daunting.
Author bio:
Misha holds a Master
degree in Marketing and bachelor in computer application. She works as a
content & marketing executive at SoftwareSuggest.
She likes travelling to hill stations and reading novels. Follow her on
twitter. https://twitter.com/uppalmisha
degree in Marketing and bachelor in computer application. She works as a
content & marketing executive at SoftwareSuggest.
She likes travelling to hill stations and reading novels. Follow her on
twitter. https://twitter.com/uppalmisha
