Having satisfied customers is one of the secrets to sustain your business in this present market situation where there is tough competition. There are many ways to have satisfied customers but one of the most important is being able to deliver the products that they have ordered on time. Thus, you need to have the right number of stocks of the products you are selling and you should know what stocks you have and what you don’t have. If you don’t have an idea of how much stocks you have in your warehouse, you can lose customers and money of sales or you can lose money on excess stocks. This is where we see the importance of inventory management.
Tracking and managing stocked goods is possible with inventory management. With inventory management, the flow of goods is constant and well managed and there is not excess of stock that will let your company lose money. If you own a business that needs an inventory of goods, then you need inventory management.
If you are still using spreadsheets to manage you inventory, you will have a difficult time to keep track of your stock, shipment, and delivery of products, etc. Manually managing inventory is prone to errors. Spreadsheets take time to update and you then lose time on focusing on your core business which results in not being able to keep up with the goals of having more customer satisfaction.
If you automate the process, then your problems will be solved. A good inventory management system will help you organize your warehouse and reduce holding cost and it can also save your time, lower operational costs, and increase efficiency. There are a lot of inventory software found in the market but you want to find the best one. Here are some useful things to consider in order to find the best inventory software.
The best inventory management software has an inventory tracking feature. It will help you track the stock in your warehouse and keep you updated about received goods and number of fulfilled consignments. If you have many warehouses in different location, choose a software that comes with warehouse management. This will help you keep track of the stock level, manage inter-warehouse transfer and generate reports of each warehouse.
You should also consider the price. This will depend on the functionality they offer. The needs of your business should be the basis of your choice of a software.
The software should come with reporting and analytics features. This will benefit you through the overview it provides and the stocks available. Better business decisions can be made with this. Demand and supply of a particular product is known and its inventory requirement determined.
These are some of the most important features you should consider when choosing the best inventory management software.