Inventory Management software
Inventory management software: The essential points to know before setting up
Inventory management software: what is it?
Inventory management software allows you to manage the inventory of products held by a company in real time and to control the entry and exit of goods.
The primary objective of inventory management software is to optimize merchandise volumes to minimize costs without ever having the risk of out-of-stock condition.
All companies should ensure that their inventories are well managed because proper inventory management can increase sales.
What must an inventory management software do?
Today, inventory management software must be flexible, mobile and modern to facilitate its internal use and adoption by users within the company.
The software must be able to perform a double entry inventory to facilitate traceability.
Good inventory management software must be able to meet the company's basic needs and must therefore manage delivery notes, adjust inventory, help organize warehouses with multiple locations, manage receipts, scrap and inventory transfers, and packaging.
A good inventory management software must be able to increase the company's productivity by offering the implementation of a customer portal (to track orders, invoices), an accurate activity log and comprehensive reporting tools.
What criteria to check before choosing inventory management software?
There are many stock management software products on the market, so it is important to define what type of software a company needs, and what features are essential for it.
First of all, it is necessary to consider whether the software is integrated software or whether it will be necessary to create bridges between the inventory management software and the rest of the company's information system.
Then it is necessary to verify that the software has a great capacity of adaptation, i.e. that the software can be easily integrated into the company, that it is customizable to the needs and the business of the company.
Finally, it is necessary to ensure that the software chosen allows to improve the company's performance and processing time.
How to set up inventory management software?
It is interesting to use a software integrator before choosing your inventory management software. Indeed, the latter will be able to advise the company on the choice of software and will also be able to assist the company in the implementation, deployment, customization and configuration of the inventory management software.
Inventory Management Software Features
Inventory management software, also known as warehouse management software, keeps yous your business on track with various features all aimed at boosting the efficiency and reliability of your tracked product flows. Most inventory management systems have the same basic functionalities, but when figuring out which inventory management software is best for your company the following features should be thoroughly researched.
Improved Inventory Control and Forecasting/Projection
How extensive is the system? Can it effectively anticipate future inventory demands
Barcoding & Scanning
Is the system capable of properly tracking inventory activities?
Improved, Actionable Inventory Analysis
Is the information provided within the inventory management system presented in a way that allows immediate action to be taken?
How well and how much customization is needed to implement the software without moving too far from existing operational procedures?
Integration and Interfaces
Can the inventory management software connect to other applications? Such as POS, Website, Accounting, etc
On-Premise VS. Software as a Service and Cloud System
This is also a key factor to be taken into account and is contingent upon your specific needs. i.e number of users and data capacity
There are many factors to take into consideration.
The number of users, inventory type and volume, budget, equipment and integrations are also things to consider when choosing your inventory software.
Making a solid choice on which inventory management system would be best for your business can be as easy, or as hard as you make it given the number of different options available. If not for its automation and high level of customization, we recommend Odoo to our clients for its scalability and interconnectivity with other platforms and applications.
Businesses typically cite a lack of adaptability as an issue with most inventory management software. But out of the several inventory management softwares that we know of, Odoo has the most impressive features. Odoo Inventory enables smart, efficient and reliable inventory management by optimizing inventory turnover and avoiding unexpected inventory shortages.
You want to be advised on the choice of inventory management software?
Talk to our business software experts for more information on setting up and choosing business management software.