5 Tips for Choosing the Best Inventory Software for Your Small Business

Managing the inventory of a small business isn’t easy. But with the help of inventory software, the task can be made a heck of a lot easier. The problem, though, is that there are so many options to choose from. How are you supposed to know which one is right for your needs?

If you’re in this position, keep reading.

I’m going to share 5 tips that’ll help you find the best inventory software for your small business. Make use of the tips provided and you’ll soon find inventory management a breeze, thanks to the help of your chosen software.

Let’s begin!

1. Consider the Cost of the Software

The first thing you need to think about is the cost of the software. Not so long ago, you’d have to fork out a lot of money if you wanted to invest in inventory management software. But now, with the help of the cloud, you’ll find that software costs are much easier to deal with.

Yet, with that being said, it doesn’t mean that the software is going to be cheap. Whilst it is true that you tend to get what you pay for, it’s important that you keep a few things in mind.

You’ll notice that not every form of inventory software is the same. Some will offer features that the other companies do not offer. You need to take a moment to think about the features that are most important to your business.

One important feature might be mobile use. If you need to access the software on a mobile device, you might also want to think about this too. Consider if there is an app on offer. If not, is the software easy to use, via a mobile browser?

You might come across an inventory management system that costs a lot. But if it contains a lot of features you don’t need then it might be a good idea to find another piece of software instead.

2. Think About the Ease of Use

You also want to think about how easy the software is going to be to use. Now, there are a few things you need to keep in mind here.

For one, it’s important to take advantage of a free trial, if you get the chance. This’ll let you see for yourself, how easy it is to use a certain software suite. If you’re not impressed by the end of the trial then it can be a good sign that you need to move on and consider using another form of software.

If the software doesn’t offer a free trial, this doesn’t have to be too big of an issue. Try using the most basic form of the software for the period of one month. This should give you ample opportunity to see how it works.

Secondly, you want to keep employees in mind. It’s no good if you’re the only person who can work out how to use the software. You want to make sure that it’s easy for your employees to learn what needs to be done.

Similarly, you want to ensure that it’s easy for you to teach them how they should go about using the software. If you’re not able to do this, then it can be a good idea to find another option.

Lastly, you want to put the software through its paces, but slowly. If you have a free trial (or a one-month subscription) of the software, consider using it for just a couple of products. See how the software deals with challenges. Does it create more problems than it solves or does it make things easier for you?

3. Can You Trust the Company?

This is something that a lot of people don’t think about, but it’s a vital aspect of choosing software for your business. You need to think if you can trust the company in question.

More specifically, you want to be sure that the company is dedicated to providing the software you’ve invested in. If the company is just trying to copy someone else and make a quick buck, this can create problems for you.

If the company ever folds, you’re going to end up with software that is not going to be updated. If you’re unable to update software it can create security risks. You may also face problems should you need to migrate your data to another computer system. It can also mean that you won’t be able to get support if there are any issues with the product.

There is no hard and fast way to tell if the company is going to do things this way. The best thing you can consider is how long they’ve already been in business. If they’ve been in business a long time, it probably means that they’re quite profitable. This often means that they’re likely to be in business for a while.

4. Do You Have Access to Analytics?

Another thing you want to think about is data analytics. When you have data related to the inventory management side of your business, it becomes a lot easier to see what is going on in your business. You can then turn this information into actionable steps.

For instance, you might notice that a certain product is consistently in stock. Even when the time has come to order some more.

This can be a sign that you need to take steps to sell more of this product. You might need to introduce a discount to get rid of this stock. Once you’ve done so, you can then think about sourcing a new product to takes its place. Something that’ll consistently sell.

Whilst you can gather these insights manually, doing so is not easy and can take a lot of number crunching. Especially if you’re ordering items in bulk from companies like Sanderson Macleod. But with the help of a suitable inventory management system, it’s a lot easier. You can figure out if the inventory management system can help you with this, during the initial trial month of use.

5. Does It Integrate with Other Systems?

You also want to make sure the inventory management software integrates with your other systems. This can remove the need for you to have to complete manual data entry tasks.

For example, can the software track orders, based on how people are interacting with your eCommerce platform? What about the accounting side of things? Can it use information from your accounting systems to help you make better purchasing decisions in regards to inventory?

So What Is the Best Inventory Software?

If you have trouble managing the inventory side of your small business, investing in inventory management software can be a good idea. But there are a lot of options to choose from and this can make things difficult.

In this post, we’ve reviewed 5 tips that’ll help you find the best inventory software for your needs. You need to think about how easy the software is to use. You also want to consider the cost and features associated with the product. Integration is also a big deal, especially if you want to keep manual data entry to a minimum.

Testing out software for a short period of time can make a big difference. In doing so, you can tell just how good a piece of software is and whether it will be a good fit for your business. If you test enough software, whilst keeping everything mentioned above in mind, it won’t be long before you find something right for you.