Inventory management is very crucial for success of your business as it helps in keeping your accounts and finances in check. Furthermore, this also helps in delivering better customer services with fast delivery and low shipping charges. A perfect software solution enables you to track inventory by delivering centralized view of stock across sales channels. By providing knowledge about the stock across multiple locations, inventory management software helps businesses to meet customers’ expectations by eliminating “out-of-stock” situation and late delivery due to stock-outs. However, finding perfect software is a daunting task as market is flooded with range of solutions that are claiming to be the best. Given below are few tips that can help you in finding Best Inventory Management Software.
Understand your pain points – Before selecting a software solution, it is always recommended to understand the pain points of your business. If you’re conducting business across multiple locations, then you need to know how much stock is available at which location. For providing amazing customer service, you also need to track the inventory in transit. It would be good to properly analyze all the problems associated with inventory management.
Budget – Whether you’re big organization or a small business, budget is something that cannot be ignored. Furthermore, to get the right fit solution, it is important to have knowledge about the price range of available options in the market. Typically, two types of software solutions are available, out of which one can be deployed on-premise and other on-the cloud. Cloud-based inventory management software solutions are highly preferred as they don’t require huge investment for servers, hardware, software, infrastructure and IT support. In case of on-premise deployment, you need these things which, in fact, require huge cost.
How to track items – Inventory can be tracked using various methods. However, it is really important which method you want to use. Stock can be tracked with the help of barcodes, serialization, RFID tags, lot control, and kitting. Basic inventory management solutions don’t have all the capabilities. So, it is better to choose the inventory tracking method before selecting the software.
User Interface & Complexity – Before selecting the software solution, it is always recommended to understand how technically savvy you and your employees are on a technical scale. Software usage is important and training of employees is a must to have thing. However, if it takes hours upon hours to learn the basic operational procedures or huge investment is required in training, then this will add up to your worries. So, always select software which is easy to use and doesn’t require much of the training to operate.
Integrations – As inventory management is not an isolated process, it needs to be connected with other aspects of business. Always choose software that perfectly integrates with ecommerce, shipping, accounting and other disparate systems that constitute the whole ecosystem of business. If you’re selling inventory online, then physical and digital world should remain in sync.
Scalability – Some businesses commit mistake by buying an application that caters to their requirements during the purchase while ignoring the future aspects of business. However, migration from one system to another is a really daunting task and involves huge cost. Furthermore, customizations are also involved as per changing business needs. So, it is recommended that select a solution that offers high scalability so that you can scale up the functionality as per changing needs of your business.
These are few points that can help you in finding the best inventory management software.
Inventory Management Software – Our Pick
Oracle NetSuite is a robust cloud-based, true SaaS inventory management software that enables you to track your items in real-time. With NetSuite, you will get comprehensive range of native tools and features that help you tracking inventory at multiple locations, safety stock, re-order points, cycle counts, demand planning and distribution requirements planning. With NetSuite, you can automate preferred stocking levels, lead times and re-order points based on suggestions appearing instantly in the order items list. NetSuite offers more advanced parameters to cater to highly demanding multi-location distribution requirements, enabling you to balance demand and supply across the entire organization. With NetSuite, you can have real-time view of your inventory across organization. Inventory count feature in NetSuite enables you to have an accurate item count that eventually helps in reducing the required safety stock. This will lower your overhead costs. NetSuite also helps in categorizing inventory based on volume of transactions and/or value.
NetSuite empowers organizations with the ability to trace products from receipt back through their entire lifecycle. With NetSuite, businesses can define inventory and assembly items as lot or serial. With this, organizations can easily capture and identify all related information on each transaction to provide full traceability. With real-time view of lot or serial number, you can quickly access all related transactions. Furthermore, NetSuite enables you to track inventory across multiple locations. For this, locations can be broken down into bins. With the help of bins, you can easily get a holistic view of inventory levels across all physical locations.
How can we help you?
inoday is NetSuite Partner Company offering range of accounting and business management solutions. As an authorized vendor for NetSuite ERP, inoday offers licensing, implementation, customization, integration, maintenance & support services. Apart from this, you can also communicate with us for cloud based solutions, data migration, business intelligence and off-shore software development services. With pool of talented professionals, we develop solutions based on your unique business needs. Since our inception, we have been helping retailers, wholesalers, manufacturers and construction firms to leverage digital transformation.
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