5 Things to Look for in Inventory Management Software
Did you know the inventory management software market was worth north of $3 billion in 2022? According to Global Market Insights, the sector is on pace to achieve a 5% compound annual growth rate between this year and 2032.
The good news is tons of inventory management solutions are available for businesses to use. But that doesn’t mean all solutions are the right fit for your business needs. That’s one reason to consider the benefits of using the right inventory management solution.
Continue reading to check out things to look for in an inventory management software platform and the benefits these features can have for your operations.
- Barcoding and Scanning
One feature to look for is barcoding and scanning when considering inventory management software options. It’ll help your business effectively and efficiently manage your parts room by doing cycle counts.
You can use the solution on your smartphone or tablet to conduct counts that will enhance accuracy and efficiency by eliminating the need for paper and registering real-time updates to counts. Features you’ll want with barcoding and scanning include count history, bin list, access to part details, count sheet with a list of components to count, and barcode scanning for components and bins. So, don’t overlook the value of barcoding and scanning.
- Inventory Control, Projection, and Forecasting
You must also find a solution to facilitate better inventory control, projection, and forecasting. You’ll want optimal control over managing and controlling your inventory of products. Consider things like the thoroughness of the SKU item master file. Look into the data available courtesy of SKU — like product details and product costing methods.
Also, consider if the inventory management software keeps track of when product supplies should be replenished based on the rate of sale and demand for the products. Failing to properly control your inventory will jeopardize customer satisfaction and can lead to reputational harm if consumers can’t get what they want when they want it.
- Integrations
You’ll also want to find an inventory management solution that supports essential integrations. It’s probable that your company uses other software for things ranging from shipping to e-commerce. These applications need to be able to “talk” with each other without requiring costly or complicated intermediary solutions. So, you’ll want an inventory management tool that seamlessly works with the tools your employees use day in and day out.
- Reports
Getting an inventory management platform with reporting functionality is also vital. You need to get information and analysis on products, sales, and warehouse facilities. You’ll want to get this sort of information to facilitate more informed decisions about your inventory. If your inventory is spread out among various warehouses and facilities, reports will be all the more vital. Decisions need to be based on real-time data, which you can get from reports.
- Multi-Warehouse Support
If you have multiple locations where your inventory is kept, you’ll want an inventory management system to support multiple warehouses. Trying to keep track of your products manually will be difficult, especially if you want to avoid running out of products. Effectively managing inventory levels across several facilities means getting inventory management software.
With so many inventory management solutions, how should you find the right one for your company? The first thing you should do is focus on options that have the features you need. And once you find some, ensure you check out demos for any inventory management solutions on your shortlist of candidates. Putting these applications through their paces will help you see which one is the best fit for your business. Finding the right inventory management solution will make you realize what you’ve been missing.
