Looking for the perfect inventory software for your business? Inventory management is one of the most important aspects of a retail operation, so you shouldn’t leave it to just any software. There are plenty of software options out there, but finding the right one for your operation might not be as simple as you think.
You’ll want to consider some specific needs, what features the software includes, the price, and much more. We’ve put together this short guide on choosing the right inventory management software so you don’t get overwhelmed by all of your options.
Stop and Look
Before you even start looking for new inventory management software, stop what you’re doing and look at your current system. Let’s look at a few things that will help you choose the perfect software for your business.
Problems: What’s wrong with the current system? What do you need to improve, and what part do you or your employees play in those flaws? Human error is often the cause of inventory problems, so be sure you identify them before moving forward. What are the patterns in the problems you’re experiencing?
What’s it costing you: This is pretty straightforward. How much is poor inventory management costing your business? Some businesses lose hundreds or even thousands every year to poor inventory management. For that cost, you could easily get better software to manage your inventory more effectively. Stop burning through money by ignoring the problems at hand.
How organized are you: How organized are you and your inventory? Organization is key when it comes to successful inventory management, so don’t neglect it! Inventory software can definitely help you get organized, but it can’t do all of the work.
Decide On A Budget
So, you’ve stopped to analyze your inventory situation, now what? Once you know what’s wrong with the current system and what it’s costing you, it’s time to set a budget for the new software. How much are you willing to pay to fix the issue? Let’s start with that number you came up with earlier.
We’ll say poor inventory management is costing you $2,000 per year, or around $166 per month. That doesn’t seem like a lot, right?
Inventory management software costs less than that per month, and POS software offers even more value for your buck. Imagine spending only $100 per month to have accurate inventory as well as an excellent business management tool at your fingertips.
Of course, you need to be realistic when it comes to your budget. If you can’t afford top-notch software, don’t buy it; but be sure there’s an alternative in mind. Check customer reviews, tech reviews, and download a demo version before you buy so you can be certain it’s what you need.
Look For Ease of Use
Some software programs are so overly-complex they’re almost impossible to use. You must remember that whatever software you choose, you’re probably going to have to train someone else to use it eventually, besides learning how to use it yourself. Also, you don’t want to have to navigate a complex interface when you’re trying to quickly address an inventory issue.
POS software is an excellent choice for inventory management for the simple fact that it’s easy to set up and use. You can add or remove products, fully customize them with item numbers, photos, descriptions, and prices, and a quick tap or press of a button will get you to where you need to be in your catalog.
Choose A Great Company
It’s not enough to choose an amazing product, you want a great company that stands behind it as well. Without the support of the product’s parent company, you’re left in the dark when issues arise. Standing by a product tells you a lot about the company that made it. Would you really want to buy something the producer didn’t even stand behind?
Many POS providers offer 24/7 support to their customers, which means problems will be solved at any time of the day anywhere in the world. Companies like Vend, Square, and Lightspeed are among the top providers for this very reason; their support is unequaled.
Consider the company’s customer service record, the quality of its products, and how it interacts with the public. These simple considerations can tell you quite a bit about how a business runs and whether it’s worth purchasing their products or not.
The Bottom Line
When it comes to choosing inventory software for your business, a little care can go a long way. Stop, look at your inventory issues, create a budget, and consider carefully the features of your new software and the service record of the company you’re buying from. Don’t settle for the first software to cross your path.
