While some companies like to keep things simple by doing everything manually rather than using technology, the reality is that doing things the old-fashioned way sometimes creates more issues than it solves. So, for instance, if you’re still doing inventory management manually, odds are that leveraging inventory management software would make the process more efficient, productive, and profitable. Doing it manually can become an unwieldy task when considering the risk of human error. Mistakes are easy to make and can throw a wrench into your processes.
While the worldwide inventory management space was valued at an estimated $3.43 billion in 2023, Grand View Research says it could expand at a 6.7% compound annual growth rate from 2024 to 2030. It’s the sort of solution you need if your business sells physical products.
But just because you need an inventory management system doesn’t mean buying one without careful consideration is wise. Getting the right one is essential to enjoy the benefits of such a solution.
Continue reading to learn about five things to consider before getting an inventory management platform.
1. Ease of Use
Some inventory management systems are easier to use than others. While you want one with many features, using the platform shouldn’t be a chore. If the learning curve is as challenging as climbing Mount Everest, workers won’t use it. And even if they use the application under orders from management, they’ll do so grudgingly rather than willingly.
It’s best to find a solution that’s easy to use. Any software has a learning curve. However, a good inventory management system should be intuitive and easy to use so workers can get up to speed in short order.
2. Scalability
When buying any solution, you must consider scalability. It can be a costly mistake to purchase software and find out later that it can’t meet your needs as your business grows. When buying an inventory management system, you should ensure it’s scalable and can grow to accommodate your company as the need to manage the inventory level across multiple locations grows.
3. Integration Capabilities
Another thing to consider is integration capabilities. Depending on your business needs, you might require an inventory management solution that integrates with your existing applications like CRM, accounting, and other software. You don’t want to wait until after you purchase an inventory management tool to find that integration with other software is a problem.
That can be a costly and aggravating mistake that makes you worse off. You can avoid this scenario by doing research.
4. Real-Time Inventory Tracking
You definitely need real-time inventory tracking. So, ensure that any inventory management solution offers a real-time view of inventory levels across multiple locations. Otherwise, you’ll be at a disadvantage when making strategic decisions. The right tool will provide real-time status reports that safeguard against overstock and stockout situations.
5. Vendor Reputation and Reviews
One way you can determine how a vendor will treat you is to see how they’ve treated other clients. That’s one reason to conduct research before selecting a vendor and solution. Find a vendor known to offer great customer service leading up to the sale, during the sale process, and after the transaction is completed.
Some companies offer great customer service initially and then become less responsive after sealing the deal. Asking business owners you know, reading reviews, and doing your research will help you find a reputable vendor and the right inventory management software.
If you have inventory, you need inventory management software. The right application will help you monitor inventory levels so customers can get what they want when they want it.
Photo by ThisisEngineering on Unsplash
