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Whatever the size of your company, if you have a large amount of inventory you're going to sell to customers, then you need inventory management software. If you're still manual management of your inventory by hand, using paper, and Excel spreadsheets then you're ready for a range of risks like shrinkage of inventory as well as overstock, shipping delays inaccurate records, and inaccuracy. These are the main factors to consider if you're contemplating the use of an automated inventory system.

1. Your needs

Before you talk to a vendor you need to understand your requirements first. Identify the problems that you're facing with managing inventory and the solutions you need. Are you trying to keep track of the progress of your items and their delivery? Do you just want to track your inventory? You can find the most advantageous price faster by letting us know your requirements prior to time. You can get more information about inventory software by visiting how to calculate inventory turnover rate website.

2. Cost

The price of software varies according to what you require. It will be great to know the cost of the software so you can decide whether the price offered by an individual vendor is worth it or is excessive.

It is essential to make sure that your company is ready to make the huge investment in inventory management software prior to you make any decisions. Look at your budget and determine whether it is the best time to invest in technology. Since they're cheaper than traditional inventory solutions cloud-based inventory solutions could be a great alternative for small and medium-sized businesses and those who have limited funds.

 

 

3. Customization

You may need to modify your inventory management software when you have complex requirements. So, ensure the software can be customized to your specific needs.

If your current system for managing inventory is not sufficient, you can try to integrate it with a more modern one.

4. Ease of Use

Many business owners do not consider the importance of usability. But, this is what determines how effective the software you use for managing inventory is. If it takes hours for your staff to master the ins and outs of the software, then it's probably not worth buying. If you are trying to streamline the management of your inventory pick the most user-friendly software.

5. Integrations

There is a chance that you won't require automated solutions, other than inventory management software, however you will most likely need these solutions in the future, as your business continues expanding. Many startups are currently using at least four different apps to make their lives easier. You need to make sure that the software you choose to use can be integrated with other systems. Many inventory management software can be integrated with accounting, warehouse management and purchasing, eCommerce, and many other systems.

6. Flexibility

Another important point to consider when choosing the best inventory management software is its flexibility. Find out if the software is compatible with smartphones. Also, check how many users can utilize the software. Find out whether it's web-based or located in-house. Flexibility is crucial especially if you have several warehouses or stores that are far from each other.

7. Support

After you have purchased software for managing inventory You don't want to be out in the cold and struggling to use it. When you can't find your purchase transactions or when staff members don't know how to setup low-level stock alerts, you'll expect someone to provide the solution as soon as possible. So, ensure that you will get full assistance in the form of instruction, warranty, and assistance.