It is no secret that inventory management is an important yet complex aspect of running a retail business.
Whether you want to improve your business productivity or mitigate potential revenue losses, inventory management may help you out!
While manual inventory tracking is susceptible to errors, inventory management solutions streamline daily operations and guarantee accurate and timely order fulfilment every time.
But how can you choose the right inventory management solution for your retail business?
Well, don’t panic, this post is here to help! Here are the 5 factors to consider when looking for the best inventory management services.
1. Don’t Overlook the Integration Aspect
It’s essential to take integration into account while looking for a new inventory management system to use. Any new inventory system must seamlessly interact with the must-have integrations, such as eCommerce platforms, marketplaces, shipping, POS, and 3PL. When these various apps can interact with one another via integration, your supply chain becomes more streamlined and you’ll ultimately save time and money.
2. Check its Usability
Always remember that the more complex the software is, the harder it will get for your workers to understand. There are chances that you might require a few less tech-savvy employees to operate your inventory system. Do these users find it relatively simple to learn and interpret the software’s user interface? Select technology that has been praised for being user-friendly and customer-friendly to save stress when it comes to managing your inventory.
For instance, it’s probably not a worthwhile investment on your part if learning the programme will take your staff hours and hours. So, choose wisely!
3. Prioritise Customer Support
Due to the possibility of unforeseen software issues, excellent customer experience is also a crucial thing to take into account. You ought to be able to get in touch with customer service right away in such a situation. Before selecting a system, always take the following into account:
- Is assistance available for the system you’re considering throughout your regular working hours?
- What is the online quality rating like?
- Does this cover chat, phone, or only email support?
Always be sure your vendor will provide you with full support, including training, a warranty, and 24/7 assistance.
4. Check its Pricing
The cost of the system increases as more features and capabilities are needed. There shouldn’t be a sharp increase in the overall cost of utilising and maintaining the programme. It needs to be sufficient to be included in your yearly or monthly budget. Consider your company’s budget before looking for inventory management software. You also need to take into account hardware, installation fees, training costs, and ongoing monthly subscriptions.
5. Consider its Customisation
Lastly, customisation is an essential point to note in inventory management software. Check the software’s fit for your business’ needs and how flexible it is. Even if you can’t currently afford many extra features, you still want something that you can improve as you implement sensible, scalable growth.
An important decision is selecting an inventory management system that is user-friendly and should meet all of your stock requirements. So, when selecting an inventory management system, keep these aspects in mind.